Tutor Perini Q3 net loss $100.9M ($1.92/share) on $152M charges; record backlog $14B

TUTOR PERINI CORP

2024-Q3 EPS reported -$1.61 revenue$3,259,273,000

Revenue $1.1B, up slightly YoY; net loss $100.9M ($1.92 diluted EPS) vs loss $36.9M ($0.71) in Q3 2023.
Record backlog $14.0B (+35% vs Q2 2024) driven by $1.66B Hawaii transit, $1.1B NY tunnel, $1B+ Calif. healthcare.
Year-to-date operating cash flow $174M; expects record 2024 OCF $425M-$575M and plans to prepay $100M-$150M Term Loan B by Dec 31.
Dispute resolutions drove $152M net charges but expected to generate ~$180M cash inflow; company returns to profitability in 2025.
Withdrew 2024 guidance due to charges; initial 2025 guidance expected Feb 2025.

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