Tutor Perini reports 2023 net loss $171.2M but record operating cash flow $308.5M; backlog up 28% to $10.2B

TUTOR PERINI CORP

2023-FY EPS reported -$3.30 revenue$3,880,227,000

Full-year revenue $3.9B, flat YoY; net loss $171.2M ($3.30 diluted loss) vs $210.0M loss in 2022.
Record operating cash flow $308.5M in 2023, up 49% from prior record $207.0M in 2022.
Backlog grew 28% to $10.2B; largest award: $2.95B Brooklyn Jail project in New York.
Initial 2024 EPS guidance $0.85-$1.10; anticipates double-digit revenue growth and return to positive earnings.
Term Loan B paid down $91M on Feb 23, 2024; Senior Notes refinancing expected by end of April 2024.

item 2.02 item 9.01

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 year ended December 31, 2023 results: revenue $3.9 billion, net income -$171.2 million, EPS -$3.30.

Period: year ended December 31, 2023
Revenue: $3.9 billion
Net income: -$171.2 million
EPS: -$3.30
Result: reported results

Exact text from the filing

Revenue for 2023 was $3.9 billion, up slightly compared to 2022, primarily due to a lower amount of net unfavorable impacts from settlements, litigation results and other project charges in 2023 as compared to 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TUTOR PERINI CORP reported 2024 results: EPS $0.85 to $1.10. Guidance initiated.

Period: 2024
EPS: $0.85 to $1.10
Guidance: initiated
Result: guidance update

Exact text from the filing

The Company is establishing its initial EPS guidance for 2024 at a range of $0.85 to $1.10.

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Source: SEC EDGAR

accession 0000077543-24-000013

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