- Revenue of $1.02 billion in Q2 2023, up 19% compared to
$861.0 million in Q2 2022
- Solid operating cash flow of $56.3 million in Q2 2023
compared to $58.0 million in Q2 2022; year-to-date operating cash
flow of $77.7 million was the second-highest result for the first
six months of any year since the merger of Tutor-Saliba Corporation
and Perini Corporation in 2008
- Backlog grew to $10.9 billion, up 27% year-over-year
compared to $8.5 billion at Q2 2022; anticipating continued strong
backlog growth over the next several quarters
Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading
civil, building and specialty construction company, reported
results today for the second quarter of 2023. Revenue was $1.02
billion, up 19% compared to $861.0 million for the second quarter
of last year. The increase was largely due to contributions from
certain Civil segment mass-transit projects in California that have
significant work remaining, as well as the absence of certain
prior-year unfavorable adjustments. In addition, customer budgetary
constraints induced by the COVID-19 pandemic, combined with certain
political and other factors, resulted in the Company not being
awarded certain Civil segment projects over the last few years
totaling more than $10.0 billion despite having been the low or
preferred bidder. Not being awarded these projects also impacted
revenue for the first two quarters of both 2023 and 2022.
Income from construction operations for the second quarter of
2023 was $2.4 million, compared to loss from construction
operations of $90.6 million for the same period in 2022. The
improvement was largely due to strong contributions from certain
mass-transit projects in California, including favorable
adjustments totaling $58.1 million on one project associated with
changes in estimates due to improved performance, as well as the
absence of certain prior-year unfavorable adjustments that
negatively impacted income (loss) from construction operations in
the 2022 period by an aggregate $67.5 million. The improvement was
partially offset by unfavorable non-cash adjustments of $35.8
million due to changes in estimates on the Specialty Contractors
segment's electrical and mechanical scope of a transportation
project in the Northeast associated with a change in the expected
recovery on certain unapproved change requests, as well as a
non-cash charge of $24.7 million that resulted from an adverse
legal ruling on a Specialty Contractors segment educational
facilities project in New York. Net loss attributable to the
Company for the second quarter of 2023 was $37.5 million, or a
$0.72 diluted loss per common share, compared to a net loss of
$63.0 million, or a $1.23 diluted loss per common share, for the
second quarter of 2022.
The Company generated $56.3 million of cash from operating
activities in the second quarter of 2023 compared to $58.0 million
for the same period of 2022, driven by solid collection activities,
including collections associated with certain settlement
negotiations that concluded over the past few quarters. During the
first six months of 2023, the Company generated $77.7 million of
cash from operating activities, the second-highest result for the
first six months of any year since the merger of Tutor-Saliba
Corporation and Perini Corporation in 2008. The Company continues
to anticipate strong operating cash generation over the remainder
of 2023, with operating cash flow for 2023 still expected to exceed
the record amount reported for 2022.
Backlog grew to $10.9 billion as of June 30, 2023, up 27%
compared to $8.5 billion for the same period last year, and up 37%
compared to backlog of $7.9 billion at the end of 2022. The
Building segment was the primary contributor to the new award
activity in the second quarter of 2023. The most notable new awards
and contract adjustments in the second quarter of 2023 included the
$3.0 billion Brooklyn Jail design-build project in New York; a $222
million military facilities project at Tinian International Airport
in the Commonwealth of the Northern Mariana Islands; $206 million
of additional funding for a mass-transit project in California;
$103 million of additional funding for a health care project in
California; $87 million of additional funding for a mass-transit
project in Minnesota; and a $54 million bridge project in
Minnesota.
Outlook and Guidance
“We delivered 19% revenue growth and solid operating cash flow
for the second quarter of 2023. It is noteworthy that our
year-to-date operating cash flow of $77.7 million was the
second-highest result for the first six months of any year since
the merger in 2008. We continue to anticipate that our operating
cash flow for 2023 will exceed the record $207.0 million we
generated last year and are confident that this should enable us to
facilitate a successful refinancing by early next year,” said
Ronald Tutor, Chairman and Chief Executive Officer. Tutor
continued, “We also increased our backlog 27% year-over-year to
$10.9 billion and believe that our strong backlog growth will
continue over the next 12 to 18 months, as we bid and expect to
capture our share of a tremendous pipeline of large new project
opportunities, which is expected to position us favorably for
strong growth and profitability in the years ahead.”
In light of the Company's year-to-date financial results and
continued uncertainties that could cause a wide range of results in
the second half of 2023, the Company is not providing new guidance.
There are still certain positive events that could transpire later
this year, which could offset much of the negative results the
Company has experienced so far in 2023. The Company anticipates a
return to positive EPS performance in 2024.
Second Quarter 2023 Conference Call
The Company will host a conference call at 2:00 PM Pacific Time
on Thursday, August 3, 2023, to discuss the second quarter 2023
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 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). We are known for our major complex
building project commitments, as well as our capacity to perform
large and complex transportation and heavy civil construction for
government agencies and private customers throughout the world.
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, 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; increased competition and failure
to secure new contracts; 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 assumptions and estimates used to prepare our
financial statements; a significant slowdown or decline in economic
conditions, such as those presented during a recession; 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; 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; risks related to our international
operations, such as uncertainty of U.S. government funding, as well
as economic, political, regulatory and other risks, including risks
of loss due to acts of war, labor conditions, and other
unforeseeable events in countries where we do business, which could
adversely affect our revenue and earnings; decreases in the level
of government spending for infrastructure and other public
projects; an inability to obtain bonding could have a negative
impact on our operations and results; possible systems and
information technology interruptions and breaches in data security
and/or privacy; failure to meet our obligations under our debt
agreements, especially in a high interest rate environment;
downgrades in our credit ratings; failure of our joint venture
partners to perform their venture obligations, which could impose
additional financial and performance obligations on us, resulting
in reduced profits or losses and/or reputational harm; the impact
of inclement weather conditions on projects; risks related to
government contracts and related procurement regulations;
significant fluctuations in the market price of our common stock,
which could result in substantial losses for stockholders and
potentially subject us to securities litigation; client
cancellations of, or reductions in scope under, contracts reported
in our backlog; violations of the U.S. Foreign Corrupt Practices
Act and similar worldwide anti-bribery laws; public health crises,
such as COVID-19, have adversely impacted, and could in the future
adversely impact, our business, financial condition and results of
operations by, among other things, delaying the timing of project
bids and/or awards and the timing of dispute resolutions and
associated collections; physical and regulatory risks related to
climate change; impairment of our goodwill or other
indefinite-lived intangible assets; the exertion of influence over
the Company by our chairman and chief executive officer due to his
position and significant ownership interest; and other risks and
uncertainties discussed under the heading “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2022
filed on March 15, 2023 and in other reports that we file with the
Securities and Exchange Commission from time to time. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
Tutor Perini
Corporation
Condensed Consolidated
Statements of Operations
Unaudited
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands, except per common share
amounts)
2023
2022
2023
2022
REVENUE
$
1,021,751
$
861,027
$
1,798,051
$
1,813,181
COST OF OPERATIONS
(956,790
)
(895,250
)
(1,757,259
)
(1,797,059
)
GROSS PROFIT (LOSS)
64,961
(34,223
)
40,792
16,122
General and administrative expenses
(62,573
)
(56,331
)
(120,349
)
(116,583
)
INCOME (LOSS) FROM CONSTRUCTION
OPERATIONS
2,388
(90,554
)
(79,557
)
(100,461
)
Other income, net
3,058
1,020
9,475
4,717
Interest expense
(22,016
)
(16,204
)
(43,529
)
(32,696
)
LOSS BEFORE INCOME TAXES
(16,570
)
(105,738
)
(113,611
)
(128,440
)
Income tax (expense) benefit
(194
)
43,718
47,918
47,607
NET LOSS
(16,764
)
(62,020
)
(65,693
)
(80,833
)
LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
20,770
983
21,037
3,804
NET LOSS ATTRIBUTABLE TO TUTOR PERINI
CORPORATION
$
(37,534
)
$
(63,003
)
$
(86,730
)
$
(84,637
)
BASIC LOSS PER COMMON SHARE
$
(0.72
)
$
(1.23
)
$
(1.68
)
$
(1.65
)
DILUTED LOSS PER COMMON SHARE
$
(0.72
)
$
(1.23
)
$
(1.68
)
$
(1.65
)
WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING:
BASIC
51,803
51,276
51,678
51,192
DILUTED
51,803
51,276
51,678
51,192
Tutor Perini
Corporation
Segment Information
Unaudited
Reportable Segments
(in thousands)
Civil
Building
Specialty
Contractors
Total
Corporate
Consolidated
Total
Three Months Ended June 30,
2023
Total revenue
$
555,553
$
321,933
$
136,323
$
1,013,809
$
—
$
1,013,809
Elimination of intersegment revenue
(1,430
)
9,409
(37
)
7,942
—
7,942
Revenue from external customers
$
554,123
$
331,342
$
136,286
$
1,021,751
$
—
$
1,021,751
Income (loss) from construction
operations
$
105,407
$
(13,831
)
$
(69,832
)
$
21,744
(a)
$
(19,356
)(b)
$
2,388
Capital expenditures
$
9,643
$
1,458
$
256
$
11,357
$
1,470
$
12,827
Depreciation and amortization(c)
$
7,074
$
455
$
622
$
8,151
$
2,195
$
10,346
Three Months Ended June 30,
2022
Total revenue
$
453,215
$
262,556
$
190,464
$
906,235
$
—
$
906,235
Elimination of intersegment revenue
(49,593
)
4,385
—
(45,208
)
—
(45,208
)
Revenue from external customers
$
403,622
$
266,941
$
190,464
$
861,027
$
—
$
861,027
Loss from construction operations
$
(9,767
)
$
(67
)
$
(66,731
)
$
(76,565
)(d)
$
(13,989
)(b)
$
(90,554
)
Capital expenditures
$
15,656
$
50
$
816
$
16,522
$
295
$
16,817
Depreciation and amortization(c)
$
15,025
$
390
$
508
$
15,923
$
2,360
$
18,283
____________________________________________________________________________________________________
(a)
During the three months ended June 30,
2023, the Company’s income (loss) from construction operations was
impacted by favorable adjustments totaling $58.1 million ($46.1
million, or $0.89 per diluted share, after tax) resulting from
changes in estimates due to improved performance on a Civil segment
mass-transit project in California, $35.8 million ($26.0 million,
or $0.50 per diluted share, after tax) of unfavorable non-cash
adjustments due to changes in estimates on the Specialty
Contractors segment's electrical and mechanical scope of a
transportation project in the Northeast associated with a change in
the expected recovery on certain unapproved change orders, a
non-cash charge of $24.7 million ($18.0 million, or $0.35 per
diluted share, after tax) that resulted from an adverse legal
ruling on a Specialty Contractors segment educational facilities
project in New York and a $13.1 million ($10.2 million, or $0.20
per diluted share, after tax) unfavorable adjustment on a
transportation project in the Northeast, split evenly between the
Civil and Building segments, due to the settlement of certain
change orders during project closeout.
(b)
Consists primarily of corporate
general and administrative expenses.
(c)
Depreciation and amortization is
included in income (loss) from construction operations.
(d)
During the three months ended
June 30, 2022, the Company’s income (loss) from construction
operations was adversely impacted by $33.5 million ($24.2 million,
or $0.47 per diluted share, after tax) due to an unfavorable
adjustment related to the unforeseen cost of project close-out
issues, remediation work, extended project supervision and
associated labor inefficiencies on the electrical component of a
transportation project in the Northeast in the Specialty
Contractors segment, a non-cash charge of $17.8 million that
increased cost of operations ($12.8 million, or $0.25 per diluted
share, after tax) associated with an unexpected partial reversal by
an appellate court of previously awarded legal damages related to a
completed electrical project in New York in the Specialty
Contractors segment, and a $16.2 million unfavorable non-cash
impact ($11.6 million, or $0.23 per diluted share, after tax)
related to the settlement of a long-disputed, completed Civil
segment project in Maryland.
Tutor Perini
Corporation
Segment Information
Unaudited
Reportable Segments
(in thousands)
Civil
Building
Specialty
Contractors
Total
Corporate
Consolidated
Total
Six Months Ended June 30, 2023
Total revenue
$
933,777
$
551,224
$
333,071
$
1,818,072
$
—
$
1,818,072
Elimination of intersegment revenue
(29,784
)
9,771
(8
)
(20,021
)
—
(20,021
)
Revenue from external customers
$
903,993
$
560,995
$
333,063
$
1,798,051
$
—
$
1,798,051
Income (loss) from construction
operations
$
123,419
$
(84,040
)
$
(82,280
)
$
(42,901
)(a)
$
(36,656
)(b)
$
(79,557
)
Capital expenditures
$
24,708
$
3,475
$
700
$
28,883
$
1,740
$
30,623
Depreciation and amortization(c)
$
14,055
$
912
$
1,241
$
16,208
$
4,546
$
20,754
Six Months Ended June 30, 2022
Total revenue
$
913,957
$
618,534
$
421,328
$
1,953,819
$
—
$
1,953,819
Elimination of intersegment revenue
(119,540
)
(20,945
)
(153
)
(140,638
)
—
(140,638
)
Revenue from external customers
$
794,417
$
597,589
$
421,175
$
1,813,181
$
—
$
1,813,181
Income (loss) from construction
operations
$
(10,734
)
$
9,397
$
(70,625
)
$
(71,962
)(d)
$
(28,499
)(b)
$
(100,461
)
Capital expenditures
$
26,831
$
52
$
1,454
$
28,337
$
508
$
28,845
Depreciation and amortization(c)
$
32,025
$
791
$
1,010
$
33,826
$
4,695
$
38,521
____________________________________________________________________________________________________
(a)
During the six months ended June 30, 2023,
the Company’s income (loss) from construction operations was
impacted by an adverse legal ruling on a completed mixed-use
project in New York, which resulted in a non-cash, pre-tax charge
of $83.6 million ($60.1 million, or $1.16 per diluted share,
after-tax), of which $72.2 million impacted the Building segment
and $11.4 million impacted the Specialty Contractors segment, $35.8
million ($26.0 million, or $0.50 per diluted share, after tax) of
unfavorable non-cash adjustments due to changes in estimates on the
Specialty Contractors segment's electrical and mechanical scope of
a transportation project in the Northeast associated with a change
in the expected recovery on certain unapproved change orders, net
favorable adjustments of $30.1 million ($23.9 million, or $0.46 per
diluted share, after tax) for a Civil segment mass-transit project
in California that resulted from changes in estimates due to
improved performance, a non-cash charge of $24.7 million ($18.0
million, or $0.35 per diluted share, after tax) that resulted from
an adverse legal ruling on a Specialty Contractors segment
educational facilities project in New York, and a $13.1 million
($10.2 million, or $0.20 per diluted share, after tax) unfavorable
adjustment on a transportation project in the Northeast, split
evenly between the Civil and Building segments, due to the
settlement of certain change orders during project closeout.
(b)
Consists primarily of corporate
general and administrative expenses.
(c)
Depreciation and amortization is
included in income (loss) from construction operations.
(d)
During the six months ended June
30, 2022, the Company’s income (loss) from construction operations
was adversely impacted by $33.5 million ($24.2 million, or $0.47
per diluted share, after tax) due to an unfavorable adjustment
related to the unforeseen cost of project close-out issues,
remediation work, extended project supervision and associated labor
inefficiencies on the electrical component of a transportation
project in the Northeast in the Specialty Contractors segment, and
$29.1 million ($22.9 million, or $0.45 per diluted share, after
tax) on a Civil segment mass-transit project in California, which
resulted from the successful negotiation of significant lower
margin (and lower risk) change orders that increased the project’s
overall estimated profit but reduced the project’s percentage of
completion and overall margin percentage. The Company’s income
(loss) from construction operations was also impacted by a non-cash
charge of $25.5 million ($18.3 million, or $0.36 per diluted share,
after tax) due to an adverse legal ruling on a dispute related to a
Civil segment bridge project in New York, a non-cash charge of
$17.8 million that increased cost of operations ($12.8 million, or
$0.25 per diluted share, after tax) associated with an unexpected
partial reversal by an appellate court of previously awarded legal
damages related to a completed electrical project in New York in
the Specialty Contractors segment, a $16.2 million unfavorable
non-cash impact ($11.6 million, or $0.23 per diluted share, after
tax) related to the settlement of a long-disputed, completed Civil
segment project in Maryland, and a $14.6 million ($11.2 million, or
$0.22 per diluted share, after tax) unfavorable adjustment split
evenly between the Civil and Building segments due to changes in
estimates on a transportation project in the Northeast.
Tutor Perini
Corporation
Condensed Consolidated Balance
Sheets
Unaudited
(in thousands, except share and per share
amounts)
As of June 30,
2023
As of December 31,
2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ($163,088 and
$168,408 related to variable interest entities (“VIEs”))
$
263,545
$
259,351
Restricted cash
10,914
14,480
Restricted investments
97,293
91,556
Accounts receivable ($80,770 and $54,040
related to VIEs)
1,226,636
1,171,085
Retention receivable ($153,699 and
$187,615 related to VIEs)
557,358
585,556
Costs and estimated earnings in excess of
billings ($72,051 and $83,911 related to VIEs)
1,224,663
1,377,528
Other current assets ($30,813 and $33,340
related to VIEs)
165,760
179,215
Total current assets
3,546,169
3,678,771
PROPERTY AND EQUIPMENT ("P&E"),
net of accumulated depreciation of $520,109 and $505,512 (net
P&E of $31,883 and $22,133 related to VIEs)
444,615
435,088
GOODWILL
205,143
205,143
INTANGIBLE ASSETS, NET
69,424
70,542
OTHER ASSETS
203,164
153,256
TOTAL ASSETS
$
4,468,515
$
4,542,800
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt
$
20,634
$
70,285
Accounts payable ($33,178 and $36,484
related to VIEs)
487,769
495,345
Retention payable ($32,589 and $44,859
related to VIEs)
226,036
246,562
Billings in excess of costs and estimated
earnings ($468,399 and $480,839 related to VIEs)
1,025,252
975,812
Accrued expenses and other current
liabilities ($7,181 and $5,082 related to VIEs)
196,450
179,523
Total current liabilities
1,956,141
1,967,527
LONG-TERM DEBT, less current
maturities, net of unamortized discount and debt issuance costs
totaling $12,330 and $13,980
905,623
888,154
OTHER LONG-TERM LIABILITIES
238,550
245,135
TOTAL LIABILITIES
3,100,314
3,100,816
COMMITMENTS AND CONTINGENCIES
EQUITY
Stockholders' equity:
Preferred stock - authorized 1,000,000
shares ($1 par value), none issued
—
—
Common stock - authorized 112,500,000
shares ($1 par value), issued and outstanding 51,969,840 and
51,521,336 shares
51,970
51,521
Additional paid-in capital
1,143,532
1,140,933
Retained earnings
217,571
304,301
Accumulated other comprehensive loss
(45,479
)
(47,037
)
Total stockholders' equity
1,367,594
1,449,718
Noncontrolling interests
607
(7,734
)
TOTAL EQUITY
1,368,201
1,441,984
TOTAL LIABILITIES AND EQUITY
$
4,468,515
$
4,542,800
Tutor Perini
Corporation
Condensed Consolidated
Statements of Cash Flows
Unaudited
Six Months Ended June
30,
(in thousands)
2023
2022
Cash Flows from Operating
Activities:
Net loss
$
(65,693
)
$
(80,833
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation
19,636
28,344
Amortization of intangible assets
1,118
10,177
Share-based compensation expense
5,637
4,814
Change in debt discounts and deferred debt
issuance costs
2,005
1,817
Deferred income taxes
(68,256
)
(61,145
)
Gain on sale of property and equipment
(5,038
)
(168
)
Changes in other components of working
capital
188,761
269,104
Other long-term liabilities
(2,152
)
7,885
Other, net
1,632
(1,297
)
NET CASH PROVIDED BY OPERATING
ACTIVITIES
77,650
178,698
Cash Flows from Investing
Activities:
Acquisition of property and equipment
(30,623
)
(28,845
)
Proceeds from sale of property and
equipment
6,758
6,420
Investments in securities
(14,521
)
(10,409
)
Proceeds from maturities and sales of
investments in securities
9,227
4,919
NET CASH USED IN INVESTING
ACTIVITIES
(29,159
)
(27,915
)
Cash Flows from Financing
Activities:
Proceeds from debt
537,500
412,357
Repayment of debt
(571,332
)
(439,236
)
Cash payments related to share-based
compensation
(284
)
(1,009
)
Distributions paid to noncontrolling
interests
(15,250
)
(24,500
)
Contributions from noncontrolling
interests
2,000
3,961
Debt issuance, extinguishment and
modification costs
(497
)
—
NET CASH USED IN FINANCING
ACTIVITIES
(47,863
)
(48,427
)
Net increase in cash, cash equivalents
and restricted cash
628
102,356
Cash, cash equivalents and restricted
cash at beginning of period
273,831
211,396
Cash, cash equivalents and restricted
cash at end of period
$
274,459
$
313,752
Tutor Perini
Corporation
Backlog Information
Unaudited
(in millions)
Backlog at
March 31, 2023
New Awards in the
Three Months Ended
June 30, 2023(a)
Revenue Recognized in
the
Three Months Ended
June 30, 2023
Backlog at
June 30, 2023
Civil
$
4,445.5
$
689.7
$
(554.1
)
$
4,581.1
Building
2,227.5
2,560.4
(331.4
)
4,456.5
Specialty Contractors
1,246.5
716.3
(136.3
)
1,826.5
Total
$
7,919.5
$
3,966.4
$
(1,021.8
)
$
10,864.1
(in millions)
Backlog at
December 31, 2022
New Awards in the
Six Months Ended
June 30, 2023(a)
Revenue Recognized in
the
Six Months Ended
June 30, 2023
Backlog at
June 30, 2023
Civil
$
4,416.3
$
1,068.8
$
(904.0
)
$
4,581.1
Building
2,223.6
2,793.9
(561.0
)
4,456.5
Specialty Contractors
1,289.2
870.4
(333.1
)
1,826.5
Total
$
7,929.1
$
4,733.1
$
(1,798.1
)
$
10,864.1
____________________________________________________________________________________________________
(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/20230803774410/en/
Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice
President, Investor Relations & Corporate Communications
www.tutorperini.com
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