Tutor Perini expects Q3 net loss due to adverse arbitration; record backlog $14B, strong cash flow

TUTOR PERINI CORP

Q3 2024 net loss expected; ~$102M pre-tax charge from adverse arbitration ruling on CA bridge project plus ~$43M net charge from other settlements.
Full-year 2024 operating cash flow guided to $425M-$575M, well above prior record of $308M in 2023.
Plans to prepay $100M-$150M of Term Loan B by Dec 31, 2024, and additional $50M-$75M in Q1 2025.
Record backlog of ~$14B as of Sep 30, 2024, up 35% from June 30, 2024, driven by new awards including $1.66B Honolulu project.
Withdraws 2024 EPS guidance; expects return to profitability in 2025 with guidance in Feb 2025.

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