Tutor Perini Reports Fourth Quarter and Full Year 2024 Results
-
Record operating cash flow of
$503.5 million 63% Y/Y -
Successfully accelerated debt reduction, reducing total debt by
$477 million 52% , from the end of 2023 through February 27, 2025, including the full payoff of the Term Loan B -
Record backlog of
$18.7 billion 84% Y/Y, driven by$12.8 billion -
Revenue of
$4.3 billion 12% Y/Y -
Company’s considerable progress in resolving many of its largest legacy disputes generated significant operating cash flow in 2024; however, these resolutions also resulted in net charges that drove a diluted loss of
$3.13 -
Provides 2025 guidance, including double-digit revenue growth and EPS range of
$1.50 $1.90 - Preliminary estimates point to significantly stronger earnings in 2026 and 2027 that are more than double the EPS guidance for 2025
Record Operating Cash Flow Enabled Substantial Debt Reduction
Tutor Perini delivered a third consecutive year of record operating cash flow, generating
As anticipated, the Company generated very strong operating cash flow of
Record Backlog Driven by a Massive Volume of New Awards
Consolidated backlog grew to
New awards and contract adjustments in 2024 totaled
-
$3.76 billion Manhattan Jail project inNew York ; -
$1.66 billion Hawaii ; -
$1.4 billion California ; -
$1.13 billion New Jersey ; -
$1.1 billion New York ; -
$479 million California ; -
$449 million California ; -
$331 million Guam ; -
$229 million Florida ; and -
The Company’s proportionate share of the
$1.3 billion Connecticut .
New awards continue to be strong in the first quarter of 2025, as highlighted by the Company’s recently announced awards of the
The Company still has considerable Civil and Building segment bidding opportunities that it expects to pursue in 2025, including the multi-billion-dollar Midtown Bus Terminal Replacement project in
This record backlog enables Tutor Perini to be more selective around future bidding as the Company prioritizes opportunities focused on margin enhancement moving forward.
Management Remarks
“With an unprecedented
“Our record backlog and ample future bidding opportunities should serve as the catalyst for significant double-digit revenue growth and a return to solid profitability in 2025, followed by substantially higher earnings in 2026 and 2027,” added Mr. Smalley. “With our short-term debt reduction goals attained and solid future operating cash flow expected, our capital allocation priorities will turn to creating long-term value through the return of capital to shareholders.”
Revenue Growth Driven by Strength in Civil and Building Markets
Revenue for 2024 was
Significant Judgments and Settlements Resulted in an Operating Loss
Loss from construction operations for 2024 was
The Company's loss from construction operations for 2024 was also negatively impacted by
2025 Outlook and Guidance
The Company’s record backlog provides excellent visibility and confidence for significant revenue growth and improved profitability over the next several years.
Based on its assessment of the current market and business outlook, the Company anticipates double-digit revenue growth in 2025 and a return to solid earnings, with substantially higher earnings expected in 2026 and 2027, by which time newer large projects should be in the construction phase. For 2025, the Company expects EPS of
The Company believes that its record backlog is setting the stage for significantly better results over the next several years. Based on its current projections, the Company’s preliminary EPS estimates for 2026 and 2027 are more than double its EPS guidance for 2025.
The Company also continues to expect strong operating cash generation in 2025 and beyond as a result of increased project execution activities and the anticipated resolution of remaining legacy disputes.
Additionally, despite concerns in the market over federal budget scrutiny and tariffs imposed by the Trump administration, customer demand remains strong with substantial funding in place at the state and local levels, boosted by the
Fourth Quarter 2024 Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on Thursday, February 27, 2025, to discuss the fourth quarter and full year 2024 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.
The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay shortly after the call on the website.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.
Forward-Looking Statements
The statements contained in this release, including those set forth in the section “Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; revisions of estimates of contract risks, revenue or costs, economic factors such as inflation, tariffs, the timing of new awards, or the pace of project execution, which has resulted and may continue to result in losses or lower than anticipated profit; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; possible systems and information technology interruptions and breaches in data security and/or privacy; the impact of inclement weather conditions, disasters and other catastrophic events outside our control on projects; risks related to our international operations, such as uncertainty of
Tutor Perini Corporation |
||||||||||||||||
Consolidated Statements of Operations |
||||||||||||||||
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Quarter Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
(in thousands, except per common share amounts) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
REVENUE |
|
$ |
1,067,649 |
|
|
$ |
1,021,471 |
|
|
$ |
4,326,922 |
|
|
$ |
3,880,227 |
|
COST OF OPERATIONS |
|
|
(1,077,111 |
) |
|
|
(972,552 |
) |
|
|
(4,129,884 |
) |
|
|
(3,739,603 |
) |
GROSS PROFIT |
|
|
(9,462 |
) |
|
|
48,919 |
|
|
|
197,038 |
|
|
|
140,624 |
|
General and administrative expenses(a) |
|
|
(76,783 |
) |
|
|
(71,393 |
) |
|
|
(300,791 |
) |
|
|
(255,221 |
) |
LOSS FROM CONSTRUCTION OPERATIONS |
|
|
(86,245 |
) |
|
|
(22,474 |
) |
|
|
(103,753 |
) |
|
|
(114,597 |
) |
Other income, net |
|
|
4,242 |
|
|
|
4,758 |
|
|
|
19,878 |
|
|
|
17,200 |
|
Interest expense |
|
|
(25,519 |
) |
|
|
(21,315 |
) |
|
|
(89,133 |
) |
|
|
(85,157 |
) |
LOSS BEFORE INCOME TAXES |
|
|
(107,522 |
) |
|
|
(39,031 |
) |
|
|
(173,008 |
) |
|
|
(182,554 |
) |
Income tax benefit |
|
|
31,314 |
|
|
|
2,953 |
|
|
|
50,669 |
|
|
|
54,957 |
|
NET LOSS |
|
|
(76,208 |
) |
|
|
(36,078 |
) |
|
|
(122,339 |
) |
|
|
(127,597 |
) |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
3,223 |
|
|
|
11,451 |
|
|
|
41,382 |
|
|
|
43,558 |
|
NET LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION |
|
$ |
(79,431 |
) |
|
$ |
(47,529 |
) |
|
$ |
(163,721 |
) |
|
$ |
(171,155 |
) |
BASIC LOSS PER COMMON SHARE |
|
$ |
(1.51 |
) |
|
$ |
(0.91 |
) |
|
$ |
(3.13 |
) |
|
$ |
(3.30 |
) |
DILUTED LOSS PER COMMON SHARE |
|
$ |
(1.51 |
) |
|
$ |
(0.91 |
) |
|
$ |
(3.13 |
) |
|
$ |
(3.30 |
) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
||||||||
BASIC |
|
|
52,460 |
|
|
|
52,024 |
|
|
|
52,322 |
|
|
|
51,845 |
|
DILUTED |
|
|
52,460 |
|
|
|
52,024 |
|
|
|
52,322 |
|
|
|
51,845 |
|
______________________________ |
|
| (a) |
General and administrative expenses for the three and twelve months ended December 31, 2024 include share-based compensation expense of |
Tutor Perini Corporation |
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Segment Information |
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|
|
|
|
|
|
||||||||||||||||
Reportable Segments |
|
|
|
|
|||||||||||||||||||
(in thousands) |
Civil |
Building |
Specialty Contractors |
Total |
|
Corporate |
|
Consolidated Total |
|||||||||||||||
Quarter ended December 31, 2024 |
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue |
$ |
599,238 |
|
$ |
353,748 |
|
$ |
161,670 |
|
$ |
1,114,656 |
|
|
$ |
— |
|
|
$ |
1,114,656 |
|
|||
Elimination of intersegment revenue |
|
(44,833 |
) |
|
(1,734 |
) |
|
(440 |
) |
|
(47,007 |
) |
|
|
— |
|
|
|
(47,007 |
) |
|||
Revenue from external customers |
$ |
554,405 |
|
$ |
352,014 |
|
$ |
161,230 |
|
$ |
1,067,649 |
|
|
$ |
— |
|
|
$ |
1,067,649 |
|
|||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
Less: Segment expenses(a) |
$ |
549,929 |
|
$ |
393,423 |
|
$ |
181,506 |
|
$ |
1,124,858 |
|
|
$ |
29,036 |
|
|
$ |
1,153,894 |
|
|||
Income (loss) from construction operations |
$ |
4,476 |
|
$ |
(41,409 |
) |
$ |
(20,276 |
) |
$ |
(57,209 |
) |
|
$ |
(29,036 |
)(b) |
|
$ |
(86,245 |
) |
|||
Capital expenditures |
$ |
5,193 |
|
$ |
90 |
|
$ |
204 |
|
$ |
5,487 |
|
|
$ |
3,656 |
|
|
$ |
9,143 |
|
|||
Depreciation and amortization(c) |
$ |
10,822 |
|
$ |
521 |
|
$ |
592 |
|
$ |
11,935 |
|
|
$ |
754 |
|
|
$ |
12,689 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||||||||||
Quarter ended December 31, 2023 |
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue |
$ |
493,641 |
|
$ |
383,168 |
|
$ |
186,034 |
|
$ |
1,062,843 |
|
|
$ |
— |
|
|
$ |
1,062,843 |
|
|||
Elimination of intersegment revenue |
|
(34,263 |
) |
|
(7,073 |
) |
|
(36 |
) |
|
(41,372 |
) |
|
|
— |
|
|
|
(41,372 |
) |
|||
Revenue from external customers |
$ |
459,378 |
|
$ |
376,095 |
|
$ |
185,998 |
|
$ |
1,021,471 |
|
|
$ |
— |
|
|
$ |
1,021,471 |
|
|||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
Less: Segment expenses(a) |
$ |
431,077 |
|
$ |
383,384 |
|
$ |
210,111 |
|
$ |
1,024,572 |
|
|
$ |
19,373 |
|
|
$ |
1,043,945 |
|
|||
Income (loss) from construction operations |
$ |
28,301 |
|
$ |
(7,289 |
) |
$ |
(24,113 |
) |
$ |
(3,101 |
) |
|
$ |
(19,373 |
)(b) |
|
$ |
(22,474 |
) |
|||
Capital expenditures |
$ |
4,669 |
|
$ |
216 |
|
$ |
159 |
|
$ |
5,044 |
|
|
$ |
2,319 |
|
|
$ |
7,363 |
|
|||
Depreciation and amortization(c) |
$ |
9,932 |
|
$ |
572 |
|
$ |
589 |
|
$ |
11,093 |
|
|
$ |
2,151 |
|
|
$ |
13,244 |
|
|||
______________________________ |
|
| (a) | Segment expenses include the total expenses that are deducted from revenue to determine income (loss) from construction operations. |
| (b) | Consists primarily of corporate general and administrative expenses. |
| (c) | Depreciation and amortization is included in income (loss) from construction operations. |
Tutor Perini Corporation |
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Segment Information (continued) |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
Reportable Segments |
|
|
|
|
|||||||||||||||||||
(in thousands) |
Civil |
Building |
Specialty Contractors |
Total |
|
Corporate |
|
Consolidated Total |
|||||||||||||||
Year ended December 31, 2024 |
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue |
$ |
2,248,659 |
|
$ |
1,666,862 |
|
$ |
590,822 |
|
$ |
4,506,343 |
|
|
$ |
— |
|
|
$ |
4,506,343 |
|
|||
Elimination of intersegment revenue |
|
(129,706 |
) |
|
(49,325 |
) |
|
(390 |
) |
|
(179,421 |
) |
|
|
— |
|
|
|
(179,421 |
) |
|||
Revenue from external customers |
$ |
2,118,953 |
|
$ |
1,617,537 |
|
$ |
590,432 |
|
$ |
4,326,922 |
|
|
$ |
— |
|
|
$ |
4,326,922 |
|
|||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
Less: Segment expenses(a) |
$ |
1,980,692 |
|
$ |
1,641,674 |
|
$ |
693,777 |
|
$ |
4,316,143 |
|
|
$ |
114,532 |
|
|
$ |
4,430,675 |
|
|||
Income (loss) from construction operations |
$ |
138,261 |
|
$ |
(24,137 |
) |
$ |
(103,345 |
) |
$ |
10,779 |
|
|
$ |
(114,532 |
)(b) |
|
$ |
(103,753 |
) |
|||
Capital expenditures |
$ |
27,040 |
|
$ |
613 |
|
$ |
530 |
|
$ |
28,183 |
|
|
$ |
9,226 |
|
|
$ |
37,409 |
|
|||
Depreciation and amortization(c) |
$ |
42,521 |
|
$ |
2,270 |
|
$ |
2,333 |
|
$ |
47,124 |
|
|
$ |
6,663 |
|
|
$ |
53,787 |
|
|||
|
|
|
|
|
|
|
|
||||||||||||||||
Year ended December 31, 2023 |
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue |
$ |
1,971,194 |
|
$ |
1,302,636 |
|
$ |
694,038 |
|
$ |
3,967,868 |
|
|
$ |
— |
|
|
$ |
3,967,868 |
|
|||
Elimination of intersegment revenue |
|
(87,329 |
) |
|
(97 |
) |
|
(215 |
) |
|
(87,641 |
) |
|
|
— |
|
|
|
(87,641 |
) |
|||
Revenue from external customers |
$ |
1,883,865 |
|
$ |
1,302,539 |
|
$ |
693,823 |
|
$ |
3,880,227 |
|
|
$ |
— |
|
|
$ |
3,880,227 |
|
|||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
Less: Segment expenses(a) |
$ |
1,685,256 |
|
$ |
1,393,745 |
|
$ |
838,645 |
|
$ |
3,917,646 |
|
|
$ |
77,178 |
|
|
$ |
3,994,824 |
|
|||
Income (loss) from construction operations |
$ |
198,609 |
|
$ |
(91,206 |
) |
$ |
(144,822 |
) |
$ |
(37,419 |
) |
|
$ |
(77,178 |
)(b) |
|
$ |
(114,597 |
) |
|||
Capital expenditures |
$ |
41,318 |
|
$ |
3,932 |
|
$ |
1,250 |
|
$ |
46,500 |
|
|
$ |
6,453 |
|
|
$ |
52,953 |
|
|||
Depreciation and amortization(c) |
$ |
31,685 |
|
$ |
2,227 |
|
$ |
2,445 |
|
$ |
36,357 |
|
|
$ |
8,872 |
|
|
$ |
45,229 |
|
|||
______________________________ |
|
| (a) | Segment expenses include the total expenses that are deducted from revenue to determine income (loss) from construction operations. |
| (b) | Consists primarily of corporate general and administrative expenses. |
| (c) | Depreciation and amortization is included in income (loss) from construction operations. |
Tutor Perini Corporation |
||||||||
Consolidated Balance Sheets |
||||||||
|
||||||||
|
|
As of December 31, |
||||||
(in thousands, except share and per share amounts) |
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents ( |
|
$ |
455,084 |
|
|
$ |
380,564 |
|
Restricted cash |
|
|
9,104 |
|
|
|
14,116 |
|
Restricted investments |
|
|
139,986 |
|
|
|
130,287 |
|
Accounts receivable ( |
|
|
986,893 |
|
|
|
1,054,014 |
|
Retention receivable ( |
|
|
560,163 |
|
|
|
580,926 |
|
Costs and estimated earnings in excess of billings ( |
|
|
942,522 |
|
|
|
1,143,846 |
|
Other current assets ( |
|
|
192,915 |
|
|
|
217,601 |
|
Total current assets |
|
|
3,286,667 |
|
|
|
3,521,354 |
|
PROPERTY AND EQUIPMENT: |
|
|
|
|
||||
Land |
|
|
44,132 |
|
|
|
44,127 |
|
Building and improvements |
|
|
138,799 |
|
|
|
132,639 |
|
Construction equipment |
|
|
609,495 |
|
|
|
613,166 |
|
Other equipment |
|
|
196,870 |
|
|
|
185,530 |
|
|
|
|
989,296 |
|
|
|
975,462 |
|
Less accumulated depreciation |
|
|
(566,308 |
) |
|
|
(534,171 |
) |
Total property and equipment, net ( |
|
|
422,988 |
|
|
|
441,291 |
|
GOODWILL |
|
|
205,143 |
|
|
|
205,143 |
|
INTANGIBLE ASSETS, NET |
|
|
66,069 |
|
|
|
68,305 |
|
DEFERRED INCOME TAXES |
|
|
143,289 |
|
|
|
74,083 |
|
OTHER ASSETS |
|
|
118,554 |
|
|
|
119,680 |
|
TOTAL ASSETS |
|
$ |
4,242,710 |
|
|
$ |
4,429,856 |
|
LIABILITIES AND EQUITY |
||||||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
24,113 |
|
|
$ |
117,431 |
|
Accounts payable ( |
|
|
631,468 |
|
|
|
466,545 |
|
Retention payable ( |
|
|
240,971 |
|
|
|
223,138 |
|
Billings in excess of costs and estimated earnings ( |
|
|
1,216,623 |
|
|
|
1,103,530 |
|
Accrued expenses and other current liabilities ( |
|
|
219,525 |
|
|
|
214,309 |
|
Total current liabilities |
|
|
2,332,700 |
|
|
|
2,124,953 |
|
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling |
|
|
510,025 |
|
|
|
782,314 |
|
DEFERRED INCOME TAXES |
|
|
— |
|
|
|
956 |
|
OTHER LONG-TERM LIABILITIES |
|
|
241,379 |
|
|
|
237,722 |
|
TOTAL LIABILITIES |
|
|
3,084,104 |
|
|
|
3,145,945 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
||||
EQUITY |
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock – authorized 1,000,000 shares ( |
|
|
— |
|
|
|
— |
|
Common stock – authorized 112,500,000 shares ( |
|
|
52,486 |
|
|
|
52,025 |
|
Additional paid-in capital |
|
|
1,146,800 |
|
|
|
1,146,204 |
|
Retained (deficit) earnings |
|
|
(30,575 |
) |
|
|
133,146 |
|
Accumulated other comprehensive loss |
|
|
(33,988 |
) |
|
|
(39,787 |
) |
Total stockholders' equity |
|
|
1,134,723 |
|
|
|
1,291,588 |
|
Noncontrolling interests |
|
|
23,883 |
|
|
|
(7,677 |
) |
TOTAL EQUITY |
|
|
1,158,606 |
|
|
|
1,283,911 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
4,242,710 |
|
|
$ |
4,429,856 |
|
Tutor Perini Corporation |
|||||||
Consolidated Statements of Cash Flows |
|||||||
|
|||||||
Year Ended December 31, |
|||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
Cash Flows from Operating Activities: |
|
|
|
||||
Net loss |
$ |
(122,339 |
) |
|
$ |
(127,597 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
51,551 |
|
|
|
42,992 |
|
Amortization of intangible assets |
|
2,236 |
|
|
|
2,237 |
|
Share-based compensation expense |
|
40,356 |
|
|
|
12,259 |
|
Change in debt discounts and deferred debt issuance costs |
|
14,068 |
|
|
|
5,458 |
|
Deferred income taxes |
|
(78,008 |
) |
|
|
(64,820 |
) |
(Gain) loss on sale of property and equipment |
|
116 |
|
|
|
(5,016 |
) |
Changes in other components of working capital |
|
589,124 |
|
|
|
428,910 |
|
Other long-term liabilities |
|
14,898 |
|
|
|
3,754 |
|
Other, net |
|
(8,458 |
) |
|
|
10,294 |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
503,544 |
|
|
|
308,471 |
|
|
|
|
|
||||
Cash Flows from Investing Activities: |
|
|
|
||||
Acquisition of property and equipment |
|
(37,409 |
) |
|
|
(52,953 |
) |
Proceeds from sale of property and equipment |
|
4,752 |
|
|
|
10,062 |
|
Investments in securities |
|
(35,643 |
) |
|
|
(48,351 |
) |
Proceeds from maturities and sales of investments in securities |
|
27,613 |
|
|
|
12,997 |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(40,687 |
) |
|
|
(78,245 |
) |
|
|
|
|
||||
Cash Flows from Financing Activities: |
|
|
|
||||
Proceeds from debt |
|
787,135 |
|
|
|
712,324 |
|
Repayment of debt |
|
(1,141,765 |
) |
|
|
(773,999 |
) |
Cash payments related to share-based compensation |
|
(5,556 |
) |
|
|
(969 |
) |
Distributions paid to noncontrolling interests |
|
(23,300 |
) |
|
|
(46,500 |
) |
Contributions from noncontrolling interests |
|
15,230 |
|
|
|
2,000 |
|
Debt issuance, extinguishment and modification costs |
|
(25,093 |
) |
|
|
(2,233 |
) |
NET CASH USED IN FINANCING ACTIVITIES |
|
(393,349 |
) |
|
|
(109,377 |
) |
|
|
|
|
||||
Net increase in cash, cash equivalents and restricted cash |
|
69,508 |
|
|
|
120,849 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
394,680 |
|
|
|
273,831 |
|
Cash, cash equivalents and restricted cash at end of year |
$ |
464,188 |
|
|
$ |
394,680 |
|
Tutor Perini Corporation |
||||||||||||||
Backlog Information |
||||||||||||||
Unaudited |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||
(in millions) |
|
Backlog at
|
|
New Awards in the
|
|
Revenue Recognized in the
|
|
Backlog at
|
||||||
Civil |
|
$ |
6,895.0 |
|
$ |
2,495.0 |
|
$ |
(554.4 |
) |
|
$ |
8,835.6 |
|
Building |
|
|
5,138.0 |
|
|
2,240.9 |
|
|
(352.0 |
) |
|
|
7,026.9 |
|
Specialty Contractors |
|
|
1,992.2 |
|
|
980.4 |
|
|
(161.2 |
) |
|
|
2,811.4 |
|
Total |
|
$ |
14,025.2 |
|
$ |
5,716.3 |
|
$ |
(1,067.6 |
) |
|
$ |
18,673.9 |
|
|
|
|
|
|
|
|
|
|||||||
(in millions) |
|
Backlog at
|
|
New Awards in the
|
|
Revenue Recognized in the
|
|
Backlog at
|
||||||
Civil |
|
$ |
4,240.6 |
|
$ |
6,713.9 |
|
$ |
(2,118.9 |
) |
|
$ |
8,835.6 |
|
Building |
|
|
4,177.5 |
|
|
4,467.0 |
|
|
(1,617.6 |
) |
|
|
7,026.9 |
|
Specialty Contractors |
|
|
1,740.3 |
|
|
1,661.5 |
|
|
(590.4 |
) |
|
|
2,811.4 |
|
Total |
|
$ |
10,158.4 |
|
$ |
12,842.4 |
|
$ |
(4,326.9 |
) |
|
$ |
18,673.9 |
|
______________________________ |
|
| (a) | New awards consist of the original contract price of projects added to our backlog plus or minus subsequent changes to the estimated total contract price of existing contracts. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227210877/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation
