TPC Tutor Perini Corporation

• Strong operating cash flow of $53.1 million in Q2 2024 and $151.4 million in the first six months of 2024
• Revenue of $1.1 billion in Q2 2024, up 10% compared to Q2 2023
• Backlog of $10.4 billion at the end of Q2 2024, up modestly compared to the end of Q1 2024; anticipating continued strong backlog growth in 2024 and 2025
• Affirming 2024 EPS guidance in range of $0.85 to $1.10

Tutor Perini Corporation (the "Company") (NYSE: TPC), a leading civil, building and specialty construction company, reported results today for the second quarter of 2024. The Company generated $53.1 million of cash from operating activities in the second quarter of 2024 compared to $56.3 million for the same period of 2023. For the first six months of 2024, the Company generated $151.4 million of cash from operating activities, an increase compared to $77.7 million for the first six months of 2023. The operating cash flow for the first six months of 2024 was the Company's second-highest result for the first six months of any year since the merger between Tutor-Saliba Corporation and Perini Corporation in 2008. The Company continues to anticipate strong operating cash generation over the remainder of 2024 and in 2025.

Revenue for the second quarter of 2024 was $1.1 billion, up 10% compared to $1.0 billion for the second quarter of 2023. The growth was primarily driven by increased project execution activities on various Building and Civil segment projects in California and New York, as well as certain Civil segment projects in the Northern Mariana Islands and British Columbia.

Income from construction operations for the second quarter of 2024 was $40.5 million, an increase of $38.1 million compared to $2.4 million for the same period in 2023. The increase was principally due to contributions related to the increased project execution activities in the current-year quarter discussed above and the absence of certain significant prior-year unfavorable adjustments. The Company's income from construction operations for the second quarter of 2024 was negatively impacted by a $14.3 million ($0.19 per diluted share) increase in share-based compensation expense compared to the second quarter of 2023, primarily due to a substantial increase in the Company’s stock price during the second quarter of 2024, which affected the fair value of liability-classified awards, as well as by an unfavorable adjustment of $12.4 million ($0.17 per diluted share) due to the impact of a settlement of two completed Civil segment highway projects in the Northeast. Net income attributable to the Company for the second quarter of 2024 was $0.8 million, or $0.02 diluted earnings per share ("EPS"), compared to net loss attributable to the Company of $37.5 million, or a $0.72 diluted loss per share, for the second quarter of 2023.

Backlog grew to $10.4 billion as of June 30, 2024 compared to $10.0 billion as of March 31, 2024. The Civil and Building segments were the primary contributors to the new awards activity in the second quarter of 2024. The most significant new awards and contract adjustments in the second quarter of 2024 included the Company's proportionate share of its contract value for a $1.3 billion bridge replacement project in Connecticut; a $216 million airport terminal connectors project at Fort Lauderdale-Hollywood International Airport in Florida; $144 million of additional funding for certain mass-transit projects in California; a $136 million highway and bridge project in the Midwest; a $127 million electrical project in New York; a $74 million military facilities project in Guam; and $71 million of additional funding for various healthcare projects in California.

Outlook and Guidance

“We generated strong operating cash flow in the second quarter, and our operating cash flow for the first half of 2024 was our second-highest result for the first six months of any year,” remarked Ronald Tutor, Chairman and Chief Executive Officer. “In addition, we delivered solid year-over-year revenue growth and significantly improved earnings despite the impact of higher share-based compensation expense that resulted from a substantial increase in our stock price during the second quarter, as well as an unfavorable adjustment due to a project settlement, which will have a significant positive impact on our third-quarter operating cash flow. Our backlog is anticipated to grow significantly during the second half of this year and in 2025, as we pursue and expect to capture our share of various large project opportunities, some of which we have already bid and others that we expect to bid soon.”

Based on the Company's year-to-date results in 2024 and the current outlook for the remainder of the year, the Company is affirming its 2024 EPS guidance and still expects EPS to be in the range of $0.85 to $1.10.

Second Quarter 2024 Conference Call

The Company will host a conference call at 2:00 PM Pacific Time on Thursday, August 1, 2024, to discuss the second 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; 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; possible systems and information technology interruptions and breaches in data security and/or privacy; an inability to obtain bonding, which could have a negative impact on our operations and results; the impact of inclement weather conditions and other events outside of our control on projects; 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; increased competition and failure to secure new contracts; a significant slowdown or decline in economic conditions, such as those presented during a recession; decreases in the level of government spending for infrastructure and other public projects; client cancellations of, or reductions in scope under, contracts reported in our backlog; risks related to government contracts and related procurement regulations; 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; 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; failure to meet our obligations under our debt agreements (especially in a high interest rate environment); downgrades in our credit ratings; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws; public health crises, such as COVID-19, which 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, 2023 filed on February 28, 2024 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)

 

2024

 

2023

 

2024

 

2023

REVENUE

 

$

1,127,470

 

 

$

1,021,751

 

 

$

2,176,457

 

 

$

1,798,051

 

COST OF OPERATIONS

 

 

(1,010,392

)

 

 

(956,790

)

 

 

(1,944,129

)

 

 

(1,757,259

)

GROSS PROFIT

 

 

117,078

 

 

 

64,961

 

 

 

232,328

 

 

 

40,792

 

General and administrative expenses

 

 

(76,585

)

 

 

(62,573

)

 

 

(143,029

)

 

 

(120,349

)

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS

 

 

40,493

 

 

 

2,388

 

 

 

89,299

 

 

 

(79,557

)

Other income, net

 

 

5,838

 

 

 

3,058

 

 

 

11,149

 

 

 

9,475

 

Interest expense

 

 

(23,084

)

 

 

(22,016

)

 

 

(42,391

)

 

 

(43,529

)

INCOME (LOSS) BEFORE INCOME TAXES

 

 

23,247

 

 

 

(16,570

)

 

 

58,057

 

 

 

(113,611

)

Income tax (expense) benefit

 

 

(7,278

)

 

 

(194

)

 

 

(14,586

)

 

 

47,918

 

NET INCOME (LOSS)

 

 

15,969

 

 

 

(16,764

)

 

 

43,471

 

 

 

(65,693

)

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

15,157

 

 

 

20,770

 

 

 

26,899

 

 

 

21,037

 

NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION

 

$

812

 

 

$

(37,534

)

 

$

16,572

 

 

$

(86,730

)

BASIC EARNINGS (LOSS) PER COMMON SHARE

 

$

0.02

 

 

$

(0.72

)

 

$

0.32

 

 

$

(1.68

)

DILUTED EARNINGS (LOSS) PER COMMON SHARE

 

$

0.02

 

 

$

(0.72

)

 

$

0.31

 

 

$

(1.68

)

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

BASIC

 

 

52,327

 

 

 

51,803

 

 

 

52,210

 

 

 

51,678

 

DILUTED

 

 

52,848

 

 

 

51,803

 

 

 

52,682

 

 

 

51,678

 

Tutor Perini Corporation

Segment Information

Unaudited

 

 

 

 

 

 

 

 

 

Reportable Segments

 

 

 

 

(in thousands)

Civil

Building

Specialty

Contractors

Total

 

Corporate

 

Consolidated

Total

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

Total revenue

$

577,519

 

$

433,797

 

$

163,066

 

$

1,174,382

 

 

$

—

 

 

$

1,174,382

 

Elimination of intersegment revenue

 

(31,031

)

 

(15,931

)

 

50

 

 

(46,912

)

 

 

—

 

 

 

(46,912

)

Revenue from external customers

$

546,488

 

$

417,866

 

$

163,116

 

$

1,127,470

 

 

$

—

 

 

$

1,127,470

 

Income (loss) from construction operations

$

75,587

 

$

5,047

 

$

(7,846

)

$

72,788

(a)

$

(32,295

)(b)

$

40,493

 

Capital expenditures

$

9,479

 

$

68

 

$

(30

)

$

9,517

 

 

$

1,401

 

 

$

10,918

 

Depreciation and amortization(c)

$

10,727

 

$

585

 

$

574

 

$

11,886

 

 

$

2,120

 

 

$

14,006

 

 

 

 

 

 

 

 

 

 

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

(d)

$

(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

 

______________________________

(a)

During the three months ended June 30, 2024, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $12.4 million ($9.1 million, or $0.17 per diluted share, after tax) due to the impact of a settlement on two completed Civil segment highway projects in the Northeast.

(b)

Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the three months ended June 30, 2024 and 2023 included share-based compensation expense of $16.9 million ($12.4 million, or $0.23 per diluted share, after tax) and $2.6 million ($1.9 million, or $0.04 per diluted share, after tax), respectively. The increase in share-based compensation expense in the second quarter of 2024 was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings.

(c)

Depreciation and amortization is included in income (loss) from construction operations.

(d)

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.

Tutor Perini Corporation

Segment Information

Unaudited

 

 

 

 

 

 

 

 

 

Reportable Segments

 

 

 

 

(in thousands)

Civil

Building

Specialty

Contractors

Total

 

Corporate

 

Consolidated

Total

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

Total revenue

$

1,080,341

 

$

855,973

 

$

327,946

 

$

2,264,260

 

 

$

—

 

 

$

2,264,260

 

Elimination of intersegment revenue

 

(61,688

)

 

(26,165

)

 

50

 

 

(87,803

)

 

 

—

 

 

 

(87,803

)

Revenue from external customers

$

1,018,653

 

$

829,808

 

$

327,996

 

$

2,176,457

 

 

$

—

 

 

$

2,176,457

 

Income (loss) from construction operations

$

146,330

 

$

21,167

 

$

(26,158

)

$

141,339

(a)

$

(52,040

)(b)

$

89,299

 

Capital expenditures

$

17,610

 

$

285

 

$

273

 

$

18,168

 

 

$

3,184

 

 

$

21,352

 

Depreciation and amortization(c)

$

20,981

 

$

1,170

 

$

1,172

 

$

23,323

 

 

$

4,265

 

 

$

27,588

 

 

 

 

 

 

 

 

 

 

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

)(d)

$

(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

 

______________________________

(a)

During the six months ended June 30, 2024, the Company’s income (loss) from construction operations was impacted by unfavorable adjustments of $12.4 million ($9.1 million, or $0.17 per diluted share, after tax) due to the impact of a settlement on two completed Civil segment highway projects in the Northeast and $12.0 million ($8.8 million, or $0.17 per diluted share, after tax) due to an arbitration ruling that only provided a partial award to the Company pertaining to a completed Specialty Contractors segment electrical project in New York. The period was also impacted by a favorable adjustment of $10.2 million ($7.5 million, or $0.14 per diluted share, after tax) on a Civil segment mass-transit project in California related to a dispute resolution and associated expected cost savings.

(b)

Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the six months ended June 30, 2024 and 2023 included share-based compensation expense of $22.4 million ($16.5 million, or $0.31 per diluted share, after tax) and $5.6 million ($4.1 million, or $0.08 per diluted share, after tax), respectively. The increase in share-based compensation expense in the current-year period was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings.

(c)

Depreciation and amortization is included in income (loss) from construction operations.

(d)

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.

Tutor Perini Corporation

Condensed Consolidated Balance Sheets

Unaudited

(in thousands, except share and per share amounts)

 

As of June 30,

2024

 

As of December 31,

2023

ASSETS

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents ($156,912 and $173,118 related to variable interest entities (“VIEs”))

 

$

267,072

 

 

$

380,564

 

Restricted cash

 

 

12,417

 

 

 

14,116

 

Restricted investments

 

 

134,182

 

 

 

130,287

 

Accounts receivable ($60,049 and $84,014 related to VIEs)

 

 

1,087,369

 

 

 

1,054,014

 

Retention receivable ($157,536 and $161,187 related to VIEs)

 

 

546,668

 

 

 

580,926

 

Costs and estimated earnings in excess of billings ($87,833 and $58,089 related to VIEs)

 

 

1,160,710

 

 

 

1,143,846

 

Other current assets ($18,918 and $26,725 related to VIEs)

 

 

187,822

 

 

 

217,601

 

Total current assets

 

 

3,396,240

 

 

 

3,521,354

 

PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $548,937 and $534,171 (net P&E of $29,449 and $35,135 related to VIEs)

 

 

434,371

 

 

 

441,291

 

GOODWILL

 

 

205,143

 

 

 

205,143

 

INTANGIBLE ASSETS, NET

 

 

67,187

 

 

 

68,305

 

DEFERRED INCOME TAXES

 

 

67,284

 

 

 

74,083

 

OTHER ASSETS

 

 

123,523

 

 

 

119,680

 

TOTAL ASSETS

 

$

4,293,748

 

 

$

4,429,856

 

 

 

 

 

 

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

 

 

 

 

Current maturities of long-term debt

 

$

18,602

 

 

$

117,431

 

Accounts payable ($28,980 and $24,160 related to VIEs)

 

 

622,776

 

 

 

466,545

 

Retention payable ($18,444 and $22,841 related to VIEs)

 

 

223,962

 

 

 

223,138

 

Billings in excess of costs and estimated earnings ($394,866 and $439,759 related to VIEs)

 

 

987,447

 

 

 

1,103,530

 

Accrued expenses and other current liabilities ($10,620 and $18,206 related to VIEs)

 

 

207,877

 

 

 

214,309

 

Total current liabilities

 

 

2,060,664

 

 

 

2,124,953

 

LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $31,387 and $11,000

 

 

657,835

 

 

 

782,314

 

OTHER LONG-TERM LIABILITIES

 

 

259,132

 

 

 

238,678

 

TOTAL LIABILITIES

 

 

2,977,631

 

 

 

3,145,945

 

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 52,389,430 and 52,025,497 shares

 

 

52,389

 

 

 

52,025

 

Additional paid-in capital

 

 

1,148,074

 

 

 

1,146,204

 

Retained earnings

 

 

149,718

 

 

 

133,146

 

Accumulated other comprehensive loss

 

 

(40,226

)

 

 

(39,787

)

Total stockholders' equity

 

 

1,309,955

 

 

 

1,291,588

 

Noncontrolling interests

 

 

6,162

 

 

 

(7,677

)

TOTAL EQUITY

 

 

1,316,117

 

 

 

1,283,911

 

TOTAL LIABILITIES AND EQUITY

 

$

4,293,748

 

 

$

4,429,856

 

Tutor Perini Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

Six Months Ended June 30,

(in thousands)

2024

 

2023

Cash Flows from Operating Activities:

 

 

 

Net income (loss)

$

43,471

 

 

$

(65,693

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

Depreciation

 

26,470

 

 

 

19,636

 

Amortization of intangible assets

 

1,118

 

 

 

1,118

 

Share-based compensation expense

 

22,437

 

 

 

5,637

 

Change in debt discounts and deferred debt issuance costs

 

4,366

 

 

 

2,005

 

Deferred income taxes

 

5,969

 

 

 

(68,256

)

(Gain) loss on sale of property and equipment

 

595

 

 

 

(5,038

)

Changes in other components of working capital

 

49,150

 

 

 

188,761

 

Other long-term liabilities

 

1,188

 

 

 

(2,152

)

Other, net

 

(3,351

)

 

 

1,632

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

151,413

 

 

 

77,650

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

Acquisition of property and equipment

 

(21,352

)

 

 

(30,623

)

Proceeds from sale of property and equipment

 

1,434

 

 

 

6,758

 

Investments in securities

 

(22,073

)

 

 

(14,521

)

Proceeds from maturities and sales of investments in securities

 

17,979

 

 

 

9,227

 

NET CASH USED IN INVESTING ACTIVITIES

 

(24,012

)

 

 

(29,159

)

 

 

 

Cash Flows from Financing Activities:

 

 

 

Proceeds from debt

 

597,900

 

 

 

537,500

 

Repayment of debt

 

(800,819

)

 

 

(571,332

)

Cash payments related to share-based compensation

 

(2,194

)

 

 

(284

)

Distributions paid to noncontrolling interests

 

(12,400

)

 

 

(15,250

)

Contributions from noncontrolling interests

 

—

 

 

 

2,000

 

Debt issuance, extinguishment and modification costs

 

(25,079

)

 

 

(497

)

NET CASH USED IN FINANCING ACTIVITIES

 

(242,592

)

 

 

(47,863

)

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(115,191

)

 

 

628

 

Cash, cash equivalents and restricted cash at beginning of period

 

394,680

 

 

 

273,831

 

Cash, cash equivalents and restricted cash at end of period

$

279,489

 

 

$

274,459

 

Tutor Perini Corporation

Backlog Information

Unaudited

 

(in millions)

 

Backlog at

March 31, 2024

 

New Awards in the

Three Months Ended

June 30, 2024(a)

 

Revenue Recognized in the

Three Months Ended

June 30, 2024

 

Backlog at

June 30, 2024

Civil

 

$

4,096.6

 

$

814.5

 

$

(546.5

)

 

$

4,364.6

Building

 

 

4,169.9

 

 

 

436.7

 

 

 

(417.9

)

 

 

4,188.7

 

Specialty Contractors

 

 

1,715.7

 

 

 

313.0

 

 

 

(163.1

)

 

 

1,865.6

 

Total

 

$

9,982.2

 

 

$

1,564.2

 

 

$

(1,127.5

)

 

$

10,418.9

 

 

(in millions)

 

Backlog at

December 31, 2023

 

New Awards in the

Six Months Ended

June 30, 2024(a)

 

Revenue Recognized in the

Six Months Ended

June 30, 2024

 

Backlog at

June 30, 2024

Civil

 

$

4,240.6

 

 

$

1,142.7

 

 

$

(1,018.7

)

 

$

4,364.6

 

Building

 

 

4,177.5

 

 

 

841.0

 

 

 

(829.8

)

 

 

4,188.7

 

Specialty Contractors

 

 

1,740.3

 

 

 

453.3

 

 

 

(328.0

)

 

 

1,865.6

 

Total

 

$

10,158.4

 

 

$

2,437.0

 

 

$

(2,176.5

)

 

$

10,418.9

 

______________________________

(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/20240801443540/en/

Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice President, Investor Relations & Corporate Communications www.tutorperini.com