Tutor Perini posts $210M net loss for 2022; revenue down 18% to $3.8B

TUTOR PERINI CORP

Net loss of $210M ($4.09 diluted loss per share) vs net income of $91.9M ($1.79) in 2021.
Record operating cash flow of $207M in 2022, highest since 2008 merger.
Backlog $7.9B; expects >$3B in new awards in 2023, initial EPS guidance $0.45-$0.65.
Business strategy changes: expediting dispute settlements and leadership changes at New York specialty unit WDF.
Revenue decline of 18% driven by lack of major new awards and project delays.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TUTOR PERINI CORP reported the quarter and year ended December 31, 2022 results: revenue $3.8 billion, net income $210.0 million, or a $4.09 diluted loss per share, EPS $4.09 diluted loss per share.

Period: the quarter and year ended December 31, 2022
Revenue: $3.8 billion
Net income: $210.0 million, or a $4.09 diluted loss per share
EPS: $4.09 diluted loss per share
Result: reported results

Exact text from the filing

quarter and year ended December 31, 2022. The fourth quarter and year ended December 31, 2022 results are included in the tables attached to this release. Revenue for 2022 was $3.8 billion, down 18% compared to 2021. The lower revenue in 2022 was largely attributable to a lack of major new awards over the last three years, which prevented the Company from replacing

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Source: SEC EDGAR

accession 0000077543-23-000022

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