Tutor Perini expects $84M charge from adverse appeals court ruling on GW Bridge bus station project

TUTOR PERINI CORP

Second Circuit affirmed denial of TPBC's third-party beneficiary rights under lease agreement.
$84M non-cash pre-tax charge to Q1 2023 income from construction operations.
Company believes it can still collect substantially all amounts from Port Authority or developer managers.
Expects to report loss from operations and negative EPS in Q1 2023; guidance to be revised.
Dispute involves George Washington Bridge Bus Station renovation contract with $113M claim by TPBC.

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