Q3 2024 Tutor Perini Corp Earnings Call Transcript
Key Points
- Tutor Perini Corp (TPC) achieved a record backlog of $14 billion, a 35% increase from the previous quarter.
- The company expects outstanding cash flow in the fourth quarter, potentially breaking last year's record and enabling debt prepayment.
- Several new high-value projects were awarded, including a $1.66 billion project in Honolulu and a $1.1 billion tunnel project in New York.
- The company anticipates significant revenue growth and profitability in 2025 and beyond due to higher-margin projects with improved contractual terms.
- Tutor Perini Corp (TPC) plans to significantly reduce its debt, with expected interest expense savings of $15 million to $22 million annually starting in 2025.
- The third quarter was negatively impacted by $152 million in charges from dispute resolutions, affecting income and EPS.
- The company reported a net loss of $101 million for the third quarter of 2024, compared to a $37 million loss in the same quarter last year.
- Specialty contractor segment revenue decreased significantly due to reduced activities on various projects.
- The company withdrew its EPS guidance for 2024 due to adverse charges from dispute resolutions.
- Share-based compensation expenses increased due to a significant rise in stock price, impacting earnings volatility.
Good day, ladies and gentlemen and welcome to the Tutor Perini Corporation, third quarter, 2024 earnings conference call. My name is Matt and I'll be your coordinator for today.
(Operator Instructions) and now I'll turn the conference over to your host, Mr. Jorge Casado, Vice President of Investor relations. Thank you. You may begin.
(inaudible) 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 about risk factors that could potentially contribute to such differences in our form. 10-K which we filed on February 28, 2024. And in our form 10-Q that we are filing today, the
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