Tutor Perini ( (TPC) ) has released its Q3 earnings. Here is a breakdown of the information Tutor Perini presented to its investors.
Tutor Perini Corporation is a prominent construction company that provides services in civil, building, and specialty construction sectors, recognized for executing significant and complex projects globally.
The third quarter of 2024 showed signs of strong cash flow performance for Tutor Perini, despite facing a net loss due to dispute resolutions. The company reported a substantial operating cash flow of $174 million year-to-date and is on track to achieve record cash flow for the full year.
Key financial highlights include a record backlog of $14 billion at the end of Q3, an increase by 35% from the previous quarter, driven by large project wins such as a $1.66 billion mass-transit project in Hawaii and a $1.1 billion water conveyance tunnel in New York. However, the company’s net loss for this quarter was $100.9 million, primarily impacted by charges from resolving disputed matters, although these resolutions are expected to generate future cash flow of $180 million.
Looking ahead, Tutor Perini is optimistic about returning to profitability in 2025, with expectations of even stronger earnings in 2026. The company plans to use its strong cash flow to continue reducing its debt and focus on securing new major projects to build a sustainable revenue stream over the coming years.
