Tutor Perini expects $43M charge from adverse appellate court ruling on NY project

TUTOR PERINI CORP

Non-cash pre-tax charge of ~$43M in Q4 2022 from adverse appellate court decision on a 2012 NY transportation project.
Charge relates to write-downs of costs and estimated earnings previously accrued for expected recovery on the project.
Company believes it is legally entitled to collect substantially all amounts; intends to appeal to the New York Court of Appeals.
Appeal is subject to the discretion of the New York Court of Appeals to accept the case.
Project is in the Specialty Contractors segment; charge recorded consistent with accounting standards.

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