secwatch.observer — SEC 8-K summary
======================================

Issuer:     TUTOR PERINI CORP (TPC)
CIK:        0000077543
Form:       8-K
Filed at:   2024-10-21T23:59:59+00:00
Accession:  0000077543-24-000217
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/77543/000007754324000217/0000077543-24-000217-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/77543/000007754324000217/tpc-20241021.htm
  HTML page:      https://secwatch.observer/filing/0000077543-24-000217

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer