Q2 2024 Tutor Perini Corp Earnings Call Transcript
Key Points
- Tutor Perini Corp (TPC) reported a 10% consolidated revenue growth for the second quarter of 2024.
- The civil segment showed strong profitability with a segment operating margin of 13.8%.
- The company generated $53 million in operating cash flow for the second quarter and $151 million year-to-date, marking the second highest result since the 2008 merger.
- Total debt declined by $223 million or 25% since the end of last year, indicating significant deleveraging.
- TPC's backlog grew to $10.4 billion, with significant new awards and contract adjustments, including major projects like the Connecticut River replacement bridge and the Fort Lauderdale International Airport terminal connector.
- Earnings per share were negatively impacted by $0.19 due to an increase in share-based compensation expense.
- An unfavorable project adjustment related to two completed highway projects in the Northeast impacted earnings by $0.17 per share.
- The specialty contractors segment posted a loss from construction operations of $8 million in the second quarter of 2024.
- Corporate G&A expense increased to $32 million in the second quarter of 2024, up from $19 million the previous year, primarily due to higher share-based compensation expenses.
- The company still faces legacy losses, particularly in Five Star Electric and WDF, which are expected to continue until the end of next year.
Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation second-quarter 2024 earnings conference call. My name is Latanya, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. (Operator Instructions)
I would now like to turn the conference over to your host for today, Mr. Jorge Casado, Vice President of Investor Relations. Please proceed.
Hello, everyone, and thank you for your time and participation today. With us on the call are Ronald Tutor, Chairman and CEO; Gary Smalley, President; and Ryan Soroka, Senior Vice President and CFO.
Before we discuss our results, I will remind everyone that during this call, we will be making forward-looking statements, which are based on management's current assessment of existing trends and information. There is an inherent risk that our actual results could differ materially. You can find our disclosures
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