Tutor Perini Corp

NYSE:TPCUnited States

Nov 6, 2024

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• -- Earnings Flash (TPC) TUTOR PERINI CORPORATION Reports Q3 Revenue $1.1B, from 4:34PM ET on Wednesday Nov 06, 2024 by MT Newswires

  4:34PM ET on Wednesday Nov 06, 2024 by MT Newswires
  Companies Mentioned: TPC
  04:34 PM EST, 11/06/2024 (MT Newswires) -- ...

• *DJ Tutor Perini 3Q Loss/Shr $1.92 >TPC, from 4:15PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:15PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: TPC
  Noncontrolling interests 18,186 (7,677) -------------------------- --------------- --------------- TOTAL EQUITY 1,231,689 1,283,911 -------------------------- --------------- --------------- TOTAL LIABILITIES AND EQUITY $ 4,386,501 $ 4,429,856 ========================== =============== =============== Tutor Perini Corporation Condensed Consolidated Statements of Cash Flows Unaudited Nine Months Ended September 30, --------------------------------------- (in thousands) 2024 2023 ------------------------------ --------------------- ---------------- Cash Flows from Operating Activities: Net loss $ (46,131) $ (91,519) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 39,421 30,308 Amortization of intangible assets 1,677 1,677 Share-based compensation expense 38,961 9,103 Change in debt discounts and deferred debt issuance costs 5,887 2,992 Deferred income taxes (39,396) (61,146) (Gain) loss on sale of property and equipment 555 (5,077) Changes in other components of working capital 172,298 296,839 Other long-term liabilities 4,376 (2,976) Other, net (3,678) 610 ------------------------------- ------------- ------------ NET CASH PROVIDED BY OPERATING ACTIVITIES 173,970 180,811 ------------------------------- ------------- ------------ Cash Flows from Investing Activities: Acquisition of property and equipment (28,266) (45,590) Proceeds from sale of property and equipment 2,941 9,006 Investments in securities (25,783) (17,986) Proceeds from maturities and sales of investments in securities 23,812 11,134 ------------------------------- ------------- ------------ NET CASH USED IN INVESTING ACTIVITIES (27,296) (43,436) ------------------------------- ------------- ------------ Cash Flows from Financing Activities: Proceeds from debt 642,833 702,427 Repayment of debt (842,127) (758,473) Cash payments related to share-based compensation (3,257) (737) Distributions paid to noncontrolling interests (12,400) (26,500) Contributions from noncontrolling interests 87 4,500 Debt issuance, extinguishment and modification costs (25,093) (500) ------------------------------- ------------- ------------ NET CASH USED IN FINANCING ACTIVITIES (239,957) (79,283) ------------------------------- ------------- ------------ Net increase (decrease) in cash, cash equivalents and restricted cash (93,283) 58,092 Cash, cash equivalents and restricted cash at beginning of period 394,680 273,831 ------------------------------- ------------- ------------ Cash, cash equivalents and restricted cash at end of period $ 301,397 $ 331,923 =============================== ============= ============ Tutor Perini Corporation Backlog Information Unaudited New Awards in the Three Revenue Months Recognized in Ended the Three Backlog September Months Ended Backlog at at June 30, September 30, September (in millions) 30, 2024 2024(a) 2024 30, 2024 -------------- --------- ----------- ------------- ----------- Civil $ 4,364.6 $ 3,076.2 $ (545.8) $ 6,895.0 Building 4,188.7 1,385.1 (435.8) 5,138.0 Specialty Contractors 1,865.6 227.8 (101.2) 1,992.2 --------------- -------- ------- -------- -------- Total $10,418.9 $ 4,689.1 $(1,082.8) $14,025.2 =============== ======== ======= ======== ======== New Awards in the Nine Revenue Months Recognized in Backlog Ended the Nine at September Months Ended Backlog at December 30, September 30, September (in millions) 31, 2023 2024(a) 2024 30, 2024 -------------- --------- ----------- ------------- ----------- Civil $ 4,240.6 $ 4,218.9 $(1,564.5) $ 6,895.0 Building 4,177.5 2,226.1 (1,265.6) 5,138.0 Specialty Contractors 1,740.3 681.1 (429.2) 1,992.2 --------------- -------- ------- -------- -------- Total $10,158.4 $ 7,126.1 $(3,259.3) $14,025.2 =============== ======== ======= ======== ======== ____________________________ (a) New awards consist of the original contract price of projects added to backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.