Tutor Perini Reports Third Quarter 2024 Results
Tutor Perini (NYSE: TPC) reported Q3 2024 results with revenue of $1.1 billion, slightly up from Q3 2023. The company posted a net loss of $100.9 million ($1.92 per share) due to $152 million in net charges from dispute resolutions. Notable highlights include record backlog of $14.0 billion, up 35% from Q2 2024, and strong year-to-date operating cash flow of $174.0 million. The company expects record full-year 2024 operating cash flow of $425-575 million and plans to prepay $100-150 million of Term Loan B debt by year-end, with additional $50-75 million prepayment in Q1 2025. Management anticipates return to profitability in 2025.
Tutor Perini (NYSE: TPC) ha riportato i risultati del terzo trimestre 2024 con un fatturato di 1,1 miliardi di dollari, leggermente superiore rispetto al terzo trimestre 2023. L'azienda ha registrato una perdita netta di 100,9 milioni di dollari (1,92 dollari per azione) a causa di 152 milioni di dollari in oneri netti derivanti da risoluzioni di controversie. Punti salienti includono un portafoglio ordini record di 14,0 miliardi di dollari, in aumento del 35% rispetto al secondo trimestre 2024, e un forte flusso di cassa operativo da inizio anno di 174,0 milioni di dollari. L'azienda prevede un flusso di cassa operativo per l'intero anno 2024 tra 425 e 575 milioni di dollari e prevede di rimborsare anticipatamente tra 100 e 150 milioni di dollari di debito del Term Loan B entro la fine dell'anno, con un ulteriore rimborso anticipato di 50-75 milioni di dollari nel primo trimestre 2025. La direzione si aspetta di tornare alla redditività nel 2025.
Tutor Perini (NYSE: TPC) reportó los resultados del tercer trimestre de 2024 con ingresos de 1,1 mil millones de dólares, ligeramente superiores a los del tercer trimestre de 2023. La compañía presentó una pérdida neta de 100,9 millones de dólares (1,92 dólares por acción) debido a 152 millones de dólares en cargos netos por resoluciones de disputas. Entre los puntos destacados se incluye un portafolio de pedidos récord de 14,0 mil millones de dólares, un aumento del 35% desde el segundo trimestre de 2024, y un fuerte flujo de caja operativo acumulado de 174,0 millones de dólares. La empresa espera un flujo de caja operativo récord para todo el año 2024 de entre 425 y 575 millones de dólares y planea pagar por adelantado entre 100 y 150 millones de dólares de la deuda del Préstamo B a finales de año, con un pago anticipado adicional de 50-75 millones de dólares en el primer trimestre de 2025. La dirección anticipa un regreso a la rentabilidad en 2025.
튜터 페리니 (NYSE: TPC)는 2024년 3분기 실적을 보고하며 수익이 11억 달러로 2023년 3분기보다 약간 증가했다고 발표했습니다. 이 회사는 분쟁 해결로 인한 1억 909만 달러(주당 1.92달러)의 순손실을 기록했습니다. 주목할 만한 하이라이트로는 140억 달러의 기록적인 미착공 물량이 있으며, 이는 2024년 2분기보다 35% 증가한 수치입니다. 년 초부터의 강력한 운영 현금 흐름은 1억 7400만 달러에 이릅니다. 이 회사는 2024년 전체 운영 현금 흐름이 4억 2500만에서 5억 7500만 달러에 이를 것이라고 예상하고 있으며, 연말까지 1억에서 1억 5000만 달러의 상환을 계획하고 있습니다. 또한 2025년 1분기에는 추가로 5000만에서 7500만 달러의 조기 상환을 할 예정입니다. 경영진은 2025년에는 수익성으로 돌아올 것을 예상하고 있습니다.
Tutor Perini (NYSE: TPC) a publié ses résultats du troisième trimestre 2024 avec un chiffre d'affaires de 1,1 milliard de dollars, en légère hausse par rapport au troisième trimestre 2023. L'entreprise a affiché une perte nette de 100,9 millions de dollars (1,92 dollar par action) en raison de 152 millions de dollars de charges nettes liées à des résolutions de litige. Parmi les faits marquants, on note un portefeuille de commandes record de 14,0 milliards de dollars, en hausse de 35% par rapport au deuxième trimestre 2024, et un solide flux de trésorerie opérationnel de 174,0 millions de dollars depuis le début de l'année. La société prévoit un flux de trésorerie opérationnel record pour l'ensemble de l'année 2024 compris entre 425 et 575 millions de dollars et prévoit de rembourser à l'avance entre 100 et 150 millions de dollars de dettes de Term Loan B d'ici la fin de l'année, avec un remboursement anticipé supplémentaire de 50 à 75 millions de dollars au premier trimestre 2025. La direction anticipe un retour à la rentabilité en 2025.
Tutor Perini (NYSE: TPC) hat die Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Umsatz von 1,1 Milliarden Dollar, was einem leichten Anstieg im Vergleich zum 3. Quartal 2023 entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 100,9 Millionen Dollar (1,92 Dollar pro Aktie) aufgrund von 152 Millionen Dollar an Nettokosten aus Streitbeilegungen. Zu den bemerkenswerten Höhepunkten gehören ein rekordverdächtiger Auftragsbestand von 14,0 Milliarden Dollar, was einem Anstieg von 35% gegenüber dem 2. Quartal 2024 entspricht, sowie ein starker operativer Cashflow von 174,0 Millionen Dollar seit Jahresbeginn. Das Unternehmen erwartet für das Gesamtjahr 2024 einen rekordverdächtigen operativen Cashflow zwischen 425 und 575 Millionen Dollar und plant, bis zum Jahresende zwischen 100 und 150 Millionen Dollar der Term Loan B Schulden vorzeitig zurückzuzahlen, mit zusätzlichen 50-75 Millionen Dollar Rückzahlung im 1. Quartal 2025. Das Management rechnet damit, 2025 wieder profitabel zu sein.
- Record backlog of $14.0 billion, up 35% from Q2 2024
- Strong operating cash flow of $174.0 million YTD through Q3 2024
- Expected record full-year 2024 operating cash flow of $425-575 million
- Revenue increased to $1.1 billion in Q3 2024
- Anticipated $180 million future cash inflow from dispute resolutions
- Q3 2024 net loss of $100.9 million ($1.92 per share)
- Loss from construction operations of $106.8 million in Q3 2024
- $152 million in net charges from dispute resolutions
- Increased share-based compensation expense of $16.5 million due to stock price increase
Insights
The Q3 results reveal significant developments for Tutor Perini. The company achieved
The substantial backlog growth signals robust market demand and successful project acquisition strategy. Key wins include a
-
Strong year-to-date operating cash flow of
through September 30, 2024$174.0 million -
Expecting record full-year 2024 operating cash flow in the range of
to$425 million $575 million -
Planning to utilize anticipated strong 2024 cash collections to prepay
to$100 million of Term Loan B debt by December 31, 2024 ($150 million of which has already been prepaid in Q4 2024), with further prepayments of$50 million to$50 million expected in Q1 2025$75 million -
Record backlog of
at the end of Q3 2024, up$14.0 billion 35% compared to the end of Q2 2024 and substantially higher than the previous record of set in Q1 2019, with the potential for significant further growth by year-end pending owners' decisions and awards for various large projects$11.6 billion -
The Company's considerable progress in resolving seven of its largest disputed matters is expected to generate approximately
of future operating cash flow, however these resolutions also resulted in net charges that drove a diluted loss of$180 million per share in Q3 2024$1.92 - Expecting to return to profitability in 2025, with even stronger earnings anticipated in 2026 and beyond
With the significant operating cash flow expected in the fourth quarter of 2024, the Company anticipates prepaying
Revenue for the third quarter of 2024 was
Loss from construction operations for the third quarter of 2024 was
The financial impacts of those resolutions masked otherwise solid operational performance in the third quarter of 2024, driven by increased project execution activities in the Building and Civil segments. While the net charges resulted in a net loss for the third quarter of 2024, these resolutions are expected to result in a substantial net cash inflow to the Company of approximately
The Company's loss from construction operations for the third quarter of 2024 was also negatively impacted by
Management Remarks
Ronald Tutor, Chairman and Chief Executive Officer, commented, “We have tremendous momentum with several large new project wins in the third quarter that resulted in a new record backlog of
Gary Smalley, President, added, “We are on track to shatter our previous annual operating cash flow record this year due to strong anticipated cash collections from new and existing projects, as well as from recent dispute resolutions. We have already paid down
Backlog Update
As noted above, backlog grew to
The largest new awards and contract adjustments during the third quarter of 2024 included:
-
mass-transit project in$1.66 billion Hawaii ; -
water conveyance tunnel project in$1.1 billion New York ; -
-plus healthcare campus project in$1 billion California ; -
of additional funding for certain mass-transit projects in$138 million California ; and -
military facility project in$113 million Guam .
In the fourth quarter of 2024, the Company announced the following:
-
The multi-billion-dollar
Manhattan Jail project inNew York , for which a joint venture led by the Company has been identified as the Apparent Selected Proposer; and -
(with up to$330.6 million of options) for the award of the Apra Harbor Waterfront Repairs project in$230 million Guam .
In addition, the Company is anticipating owners' decisions and potential awards in the fourth quarter of 2024 for other large projects that it has recently bid or will be bidding on shortly, including the
Outlook and Guidance
As previously announced on October 21, 2024, the Company withdrew its 2024 guidance due to the adverse earnings impact of the net charges recorded in the third quarter of 2024 related to several dispute resolutions as described above. The Company expects a return to profitability in 2025 and anticipates issuing its initial guidance for 2025 in February, when it reports its results for the full year of 2024.
Third Quarter 2024 Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, November 6, 2024, to discuss the third quarter 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 on the website shortly after the call.
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 quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC).
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 impacts 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, 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; 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; an inability to obtain bonding, which could have a negative impact on our operations and results; possible systems and information technology interruptions and breaches in data security and/or privacy; 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; the impact of inclement weather conditions, disasters and other catastrophic events outside of our control on projects; risks related to our international operations, such as uncertainty of
Tutor Perini Corporation |
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
Unaudited |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||||
(in thousands, except per common share amounts) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
REVENUE |
|
$ |
1,082,816 |
|
|
$ |
1,060,705 |
|
|
$ |
3,259,273 |
|
|
$ |
2,858,756 |
|
COST OF OPERATIONS |
|
|
(1,108,644 |
) |
|
|
(1,009,792 |
) |
|
|
(3,052,773 |
) |
|
|
(2,767,051 |
) |
GROSS PROFIT (LOSS) |
|
|
(25,828 |
) |
|
|
50,913 |
|
|
|
206,500 |
|
|
|
91,705 |
|
General and administrative expenses(a) |
|
|
(80,979 |
) |
|
|
(63,479 |
) |
|
|
(224,008 |
) |
|
|
(183,828 |
) |
LOSS FROM CONSTRUCTION OPERATIONS |
|
|
(106,807 |
) |
|
|
(12,566 |
) |
|
|
(17,508 |
) |
|
|
(92,123 |
) |
Other income, net |
|
|
4,487 |
|
|
|
2,967 |
|
|
|
15,636 |
|
|
|
12,442 |
|
Interest expense |
|
|
(21,223 |
) |
|
|
(20,313 |
) |
|
|
(63,614 |
) |
|
|
(63,842 |
) |
LOSS BEFORE INCOME TAXES |
|
|
(123,543 |
) |
|
|
(29,912 |
) |
|
|
(65,486 |
) |
|
|
(143,523 |
) |
Income tax benefit |
|
|
33,941 |
|
|
|
4,086 |
|
|
|
19,355 |
|
|
|
52,004 |
|
NET LOSS |
|
|
(89,602 |
) |
|
|
(25,826 |
) |
|
|
(46,131 |
) |
|
|
(91,519 |
) |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
11,260 |
|
|
|
11,070 |
|
|
|
38,159 |
|
|
|
32,107 |
|
NET LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION |
|
$ |
(100,862 |
) |
|
$ |
(36,896 |
) |
|
$ |
(84,290 |
) |
|
$ |
(123,626 |
) |
BASIC LOSS PER COMMON SHARE |
|
$ |
(1.92 |
) |
|
$ |
(0.71 |
) |
|
$ |
(1.61 |
) |
|
$ |
(2.39 |
) |
DILUTED LOSS PER COMMON SHARE |
|
$ |
(1.92 |
) |
|
$ |
(0.71 |
) |
|
$ |
(1.61 |
) |
|
$ |
(2.39 |
) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
||||||||
BASIC |
|
|
52,408 |
|
|
|
51,994 |
|
|
|
52,276 |
|
|
|
51,784 |
|
DILUTED |
|
|
52,408 |
|
|
|
51,994 |
|
|
|
52,276 |
|
|
|
51,784 |
|
____________________________ | ||
(a) |
General and administrative expenses for the three and nine months ended September 30, 2024 include share-based compensation expense of |
Tutor Perini Corporation |
||||||||||||||||||||||||||
Segment Information |
||||||||||||||||||||||||||
Unaudited |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Reportable Segments |
|
|
|
|
||||||||||||||||||||||
(in thousands) |
Civil |
Building |
Specialty Contractors |
Total |
|
Corporate |
|
Consolidated Total |
||||||||||||||||||
Three Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
||||||||||||||||||
Total revenue |
$ |
569,080 |
|
$ |
457,141 |
|
$ |
101,206 |
|
$ |
1,127,427 |
|
|
$ |
— |
|
|
$ |
1,127,427 |
|
||||||
Elimination of intersegment revenue |
|
(23,185 |
) |
|
(21,426 |
) |
|
— |
|
|
(44,611 |
) |
|
|
— |
|
|
|
(44,611 |
) |
||||||
Revenue from external customers |
$ |
545,895 |
|
$ |
435,715 |
|
$ |
101,206 |
|
$ |
1,082,816 |
|
|
$ |
— |
|
|
$ |
1,082,816 |
|
||||||
Loss from construction operations |
$ |
(12,545 |
) |
$ |
(3,895 |
) |
$ |
(56,911 |
) |
$ |
(73,351 |
)(a) |
$ |
(33,456 |
)(b) |
$ |
(106,807 |
) |
||||||||
Capital expenditures |
$ |
4,237 |
|
$ |
238 |
|
$ |
53 |
|
$ |
4,528 |
|
|
$ |
2,386 |
|
|
$ |
6,914 |
|
||||||
Depreciation and amortization(c) |
$ |
10,718 |
|
$ |
579 |
|
$ |
569 |
|
$ |
11,866 |
|
|
$ |
1,644 |
|
|
$ |
13,510 |
|
||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Three Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
||||||||||||||||||
Total revenue |
$ |
543,776 |
|
$ |
368,244 |
|
$ |
174,933 |
|
$ |
1,086,953 |
|
|
$ |
— |
|
|
$ |
1,086,953 |
|
||||||
Elimination of intersegment revenue |
|
(23,282 |
) |
|
(2,795 |
) |
|
(171 |
) |
|
(26,248 |
) |
|
|
— |
|
|
|
(26,248 |
) |
||||||
Revenue from external customers |
$ |
520,494 |
|
$ |
365,449 |
|
$ |
174,762 |
|
$ |
1,060,705 |
|
|
$ |
— |
|
|
$ |
1,060,705 |
|
||||||
Income (loss) from construction operations |
$ |
46,889 |
|
$ |
123 |
|
$ |
(38,429 |
) |
$ |
8,583 |
(d) |
$ |
(21,149 |
)(b) |
$ |
(12,566 |
) |
||||||||
Capital expenditures |
$ |
11,941 |
|
$ |
241 |
|
$ |
391 |
|
$ |
12,573 |
|
|
$ |
2,394 |
|
|
$ |
14,967 |
|
||||||
Depreciation and amortization(c) |
$ |
7,698 |
|
$ |
743 |
|
$ |
615 |
|
$ |
9,056 |
|
|
$ |
2,175 |
|
|
$ |
11,231 |
|
____________________________ | ||
(a) |
During the three months ended September 30, 2024, the Company’s loss from construction operations was impacted by unfavorable adjustments of |
|
(b) |
Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the three months ended September 30, 2024 and 2023 included share-based compensation expense of |
|
(c) |
Depreciation and amortization is included in income (loss) from construction operations. |
|
(d) |
During the three months ended September 30, 2023, the Company’s income (loss) from construction operations was adversely impacted by |
Tutor Perini Corporation |
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Segment Information (continued) |
||||||||||||||||||||||||||
Unaudited |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Reportable Segments |
|
|
|
|
||||||||||||||||||||||
(in thousands) |
Civil |
Building |
Specialty Contractors |
Total |
|
Corporate |
|
Consolidated Total |
||||||||||||||||||
Nine Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
||||||||||||||||||
Total revenue |
$ |
1,649,421 |
|
$ |
1,313,114 |
|
$ |
429,152 |
|
$ |
3,391,687 |
|
|
$ |
— |
|
|
$ |
3,391,687 |
|
||||||
Elimination of intersegment revenue |
|
(84,873 |
) |
|
(47,591 |
) |
|
50 |
|
|
(132,414 |
) |
|
|
— |
|
|
|
(132,414 |
) |
||||||
Revenue from external customers |
$ |
1,564,548 |
|
$ |
1,265,523 |
|
$ |
429,202 |
|
$ |
3,259,273 |
|
|
$ |
— |
|
|
$ |
3,259,273 |
|
||||||
Income (loss) from construction operations |
$ |
133,785 |
|
$ |
17,272 |
|
$ |
(83,069 |
) |
$ |
67,988 |
(a) |
$ |
(85,496 |
)(b) |
$ |
(17,508 |
) |
||||||||
Capital expenditures |
$ |
21,847 |
|
$ |
523 |
|
$ |
326 |
|
$ |
22,696 |
|
|
$ |
5,570 |
|
|
$ |
28,266 |
|
||||||
Depreciation and amortization(c) |
$ |
31,699 |
|
$ |
1,749 |
|
$ |
1,741 |
|
$ |
35,189 |
|
|
$ |
5,909 |
|
|
$ |
41,098 |
|
||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Nine Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
||||||||||||||||||
Total revenue |
$ |
1,477,553 |
|
$ |
919,468 |
|
$ |
508,004 |
|
$ |
2,905,025 |
|
|
$ |
— |
|
|
$ |
2,905,025 |
|
||||||
Elimination of intersegment revenue |
|
(53,066 |
) |
|
6,976 |
|
|
(179 |
) |
|
(46,269 |
) |
|
|
— |
|
|
|
(46,269 |
) |
||||||
Revenue from external customers |
$ |
1,424,487 |
|
$ |
926,444 |
|
$ |
507,825 |
|
$ |
2,858,756 |
|
|
$ |
— |
|
|
$ |
2,858,756 |
|
||||||
Income (loss) from construction operations |
$ |
170,308 |
|
$ |
(83,917 |
) |
$ |
(120,709 |
) |
$ |
(34,318 |
)(d) |
$ |
(57,805 |
)(b) |
$ |
(92,123 |
) |
||||||||
Capital expenditures |
$ |
36,649 |
|
$ |
3,716 |
|
$ |
1,091 |
|
$ |
41,456 |
|
|
$ |
4,134 |
|
|
$ |
45,590 |
|
||||||
Depreciation and amortization(c) |
$ |
21,753 |
|
$ |
1,655 |
|
$ |
1,856 |
|
$ |
25,264 |
|
|
$ |
6,721 |
|
|
$ |
31,985 |
|
____________________________ | ||
(a) |
During the nine months ended September 30, 2024, the Company’s income (loss) from construction operations was impacted by unfavorable adjustments of |
|
(b) |
Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the nine months ended September 30, 2024 and 2023 included share-based compensation expense of |
|
(c) |
Depreciation and amortization is included in income (loss) from construction operations. |
|
(d) |
During the nine months ended September 30, 2023, the Company’s income (loss) from construction operations was impacted by an adverse legal ruling on a completed mixed-use project in |
Tutor Perini Corporation |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
Unaudited |
||||||||
(in thousands, except share and per share amounts) |
|
As of September 30,
|
|
As of December 31,
|
||||
ASSETS |
||||||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents ( |
|
$ |
287,403 |
|
|
$ |
380,564 |
|
Restricted cash |
|
|
13,994 |
|
|
|
14,116 |
|
Restricted investments |
|
|
135,493 |
|
|
|
130,287 |
|
Accounts receivable ( |
|
|
1,310,683 |
|
|
|
1,054,014 |
|
Retention receivable ( |
|
|
549,736 |
|
|
|
580,926 |
|
Costs and estimated earnings in excess of billings ( |
|
|
966,251 |
|
|
|
1,143,846 |
|
Other current assets ( |
|
|
188,220 |
|
|
|
217,601 |
|
Total current assets |
|
|
3,451,780 |
|
|
|
3,521,354 |
|
PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of |
|
|
427,053 |
|
|
|
441,291 |
|
GOODWILL |
|
|
205,143 |
|
|
|
205,143 |
|
INTANGIBLE ASSETS, NET |
|
|
66,628 |
|
|
|
68,305 |
|
DEFERRED INCOME TAXES |
|
|
111,367 |
|
|
|
74,083 |
|
OTHER ASSETS |
|
|
124,530 |
|
|
|
119,680 |
|
TOTAL ASSETS |
|
$ |
4,386,501 |
|
|
$ |
4,429,856 |
|
LIABILITIES AND EQUITY |
||||||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
25,724 |
|
|
$ |
117,431 |
|
Accounts payable ( |
|
|
651,676 |
|
|
|
466,545 |
|
Retention payable ( |
|
|
226,033 |
|
|
|
223,138 |
|
Billings in excess of costs and estimated earnings ( |
|
|
1,052,007 |
|
|
|
1,103,530 |
|
Accrued expenses and other current liabilities ( |
|
|
276,690 |
|
|
|
214,309 |
|
Total current liabilities |
|
|
2,232,130 |
|
|
|
2,124,953 |
|
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling |
|
|
655,706 |
|
|
|
782,314 |
|
OTHER LONG-TERM LIABILITIES |
|
|
266,976 |
|
|
|
238,678 |
|
TOTAL LIABILITIES |
|
|
3,154,812 |
|
|
|
3,145,945 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
||||
EQUITY |
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock - authorized 1,000,000 shares ( |
|
|
— |
|
|
|
— |
|
Common stock - authorized 112,500,000 shares ( |
|
|
52,435 |
|
|
|
52,025 |
|
Additional paid-in capital |
|
|
1,148,196 |
|
|
|
1,146,204 |
|
Retained earnings |
|
|
48,856 |
|
|
|
133,146 |
|
Accumulated other comprehensive loss |
|
|
(35,984 |
) |
|
|
(39,787 |
) |
Total stockholders' equity |
|
|
1,213,503 |
|
|
|
1,291,588 |
|
Noncontrolling interests |
|
|
18,186 |
|
|
|
(7,677 |
) |
TOTAL EQUITY |
|
|
1,231,689 |
|
|
|
1,283,911 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
4,386,501 |
|
|
$ |
4,429,856 |
|
Tutor Perini Corporation |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
Unaudited |
||||||||
Nine Months Ended September 30, |
||||||||
(in thousands) |
2024 |
|
2023 |
|||||
Cash Flows from Operating Activities: |
|
|
|
|||||
Net loss |
$ |
(46,131 |
) |
|
$ |
(91,519 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|||||
Depreciation |
|
39,421 |
|
|
|
30,308 |
|
|
Amortization of intangible assets |
|
1,677 |
|
|
|
1,677 |
|
|
Share-based compensation expense |
|
38,961 |
|
|
|
9,103 |
|
|
Change in debt discounts and deferred debt issuance costs |
|
5,887 |
|
|
|
2,992 |
|
|
Deferred income taxes |
|
(39,396 |
) |
|
|
(61,146 |
) |
|
(Gain) loss on sale of property and equipment |
|
555 |
|
|
|
(5,077 |
) |
|
Changes in other components of working capital |
|
172,298 |
|
|
|
296,839 |
|
|
Other long-term liabilities |
|
4,376 |
|
|
|
(2,976 |
) |
|
Other, net |
|
(3,678 |
) |
|
|
610 |
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
173,970 |
|
|
|
180,811 |
|
|
|
|
|
||||||
Cash Flows from Investing Activities: |
|
|
|
|||||
Acquisition of property and equipment |
|
(28,266 |
) |
|
|
(45,590 |
) |
|
Proceeds from sale of property and equipment |
|
2,941 |
|
|
|
9,006 |
|
|
Investments in securities |
|
(25,783 |
) |
|
|
(17,986 |
) |
|
Proceeds from maturities and sales of investments in securities |
|
23,812 |
|
|
|
11,134 |
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(27,296 |
) |
|
|
(43,436 |
) |
|
|
|
|
||||||
Cash Flows from Financing Activities: |
|
|
|
|||||
Proceeds from debt |
|
642,833 |
|
|
|
702,427 |
|
|
Repayment of debt |
|
(842,127 |
) |
|
|
(758,473 |
) |
|
Cash payments related to share-based compensation |
|
(3,257 |
) |
|
|
(737 |
) |
|
Distributions paid to noncontrolling interests |
|
(12,400 |
) |
|
|
(26,500 |
) |
|
Contributions from noncontrolling interests |
|
87 |
|
|
|
4,500 |
|
|
Debt issuance, extinguishment and modification costs |
|
(25,093 |
) |
|
|
(500 |
) |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
(239,957 |
) |
|
|
(79,283 |
) |
|
|
|
|
||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(93,283 |
) |
|
|
58,092 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
394,680 |
|
|
|
273,831 |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
301,397 |
|
|
$ |
331,923 |
|
Tutor Perini Corporation |
||||||||||||||||
Backlog Information |
||||||||||||||||
Unaudited |
||||||||||||||||
(in millions) |
Backlog at
|
|
New Awards in the
Three Months Ended
|
|
Revenue Recognized in the
Three Months Ended
|
|
Backlog at
|
|||||||||
Civil |
$ |
4,364.6 |
|
$ |
3,076.2 |
|
$ |
(545.8 |
) |
$ |
6,895.0 |
|
||||
Building |
|
4,188.7 |
|
|
1,385.1 |
|
|
(435.8 |
) |
|
5,138.0 |
|
||||
Specialty Contractors |
|
1,865.6 |
|
|
227.8 |
|
|
(101.2 |
) |
|
1,992.2 |
|
||||
Total |
$ |
10,418.9 |
|
$ |
4,689.1 |
|
$ |
(1,082.8 |
) |
$ |
14,025.2 |
|
||||
(in millions) |
Backlog at
|
|
New Awards in the
Nine Months Ended
|
|
Revenue Recognized in the
Nine Months Ended
|
|
Backlog at
|
|||||||||
Civil |
$ |
4,240.6 |
|
$ |
4,218.9 |
|
$ |
(1,564.5 |
) |
$ |
6,895.0 |
|
||||
Building |
|
4,177.5 |
|
|
2,226.1 |
|
|
(1,265.6 |
) |
|
5,138.0 |
|
||||
Specialty Contractors |
|
1,740.3 |
|
|
681.1 |
|
|
(429.2 |
) |
|
1,992.2 |
|
||||
Total |
$ |
10,158.4 |
|
$ |
7,126.1 |
|
$ |
(3,259.3 |
) |
$ |
14,025.2 |
|
____________________________ | ||
(a) |
New awards consist of the original contract price of projects added to 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/20241106899343/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation
FAQ
What was Tutor Perini's (TPC) revenue in Q3 2024?
How much was Tutor Perini's (TPC) backlog as of Q3 2024?
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