Q4 2024 Tutor Perini Corp Earnings Call Transcript
Key Points
- Tutor Perini Corp (TPC) achieved a record backlog of $18.7 billion, representing an 84% year-over-year growth.
- The company generated a record operating cash flow of $504 million in 2024, marking the third consecutive year of record cash flow.
- TPC significantly reduced its total debt by 52% since the end of 2023, enhancing its financial flexibility.
- The company anticipates a return to profitability in 2025 with projected EPS between $1.50 and $1.90, alongside double-digit revenue growth.
- TPC's new awards and contract adjustments totaled $12.8 billion in 2024, including major projects like the Manhattan Jail project and the City Center Guideway and Stations project.
- Tutor Perini Corp (TPC) reported a net loss of $164 million for 2024, slightly improved from a $171 million loss in 2023.
- The company's operating income was negatively impacted by $347 million due to adverse legal judgments and settlements of legacy disputes.
- TPC's building segment posted a loss from construction operations of $24 million in 2024, although improved from a $91 million loss in 2023.
- The specialty contractor segment also reported a loss of $103 million in 2024, despite some improvement from the previous year.
- Corporate G&A expenses increased to $110 million in 2024, primarily due to higher compensation-related expenses linked to share-based compensation.
Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation fourth quarter 2024 earnings conference call. My name is Stacey, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference call 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 go ahead.
Hello everyone, and thank you for joining us. With us today are Gary Smalley, CEO and President; Ron Tutor, Executive Chairman; and Ryan Saroka, Executive 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 disclosures about risk
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