Core Viewpoint - Tutor Perini's stock has shown a modest return of +0.8% over the past month, underperforming the S&P 500's +4% and the Zacks Building Products - Heavy Construction industry's +4% [1] Earnings Estimates Revisions - The consensus earnings estimate for the current quarter is $0.16 per share, reflecting a significant increase of +122.2% year-over-year, with no changes in the estimate over the last 30 days [3] - For the current fiscal year, the consensus earnings estimate stands at $1.10, indicating a +133.3% change from the previous year, also remaining unchanged in the last month [3] - The next fiscal year's consensus earnings estimate is $1.65, showing a +50% increase from the prior year, with no revisions in the past month [4] Revenue Performance - Tutor Perini reported revenues of $1.05 billion in the last quarter, marking a year-over-year increase of +35.1%, and exceeding the Zacks Consensus Estimate of $919.6 million by +14.07% [7] - The consensus sales estimate for the current quarter is $1.18 billion, indicating a year-over-year change of +15.4%, while estimates for the current and next fiscal years are $4.58 billion and $4.98 billion, reflecting changes of +18% and +8.8% respectively [14] Valuation Metrics - Tutor Perini is graded B in terms of valuation, suggesting it is trading at a discount compared to its peers [9] - The Zacks Rank for Tutor Perini is 1 (Strong Buy), indicating a strong potential for near-term price performance based on earnings estimate revisions [5][19] Market Trends - Tutor Perini has been one of the most searched stocks on Zacks.com, indicating increased interest and potential market movement [10] - The correlation between earnings estimate revisions and short-term stock price movements suggests that upward revisions could lead to price increases [2]

Shares of the construction company have appreciated by 5.47% over the course of the past month, outperforming the Construction sector's loss of 4% and the S&P 500's gain of 3.25%. The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, Tutor Perini possesses a Zacks Rank o ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies. Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, in ...

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher." Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ...

A joint venture ("JV") between Tutor Perini Corporation (TPC) and its subsidiary, Black Construction Corporation, won a $74.4 million Child Development Center contract at Andersen Air Force Base, Guam. The contract was awarded by the U.S. Naval Facilities Engineering Systems Command, Pacific District. Per the terms of the contract, the JV will engage in the construction of a Child Development Center facility with privately owned vehicle parking. The facility will house a single-story, reinforced concrete bu ...

Tutor Perini (TPC) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term. Shares of this construction company have returned +31% over the past month versus the Zacks S&P 500 composite's +3.2% change. The Zacks Building Products - Heavy Construction industry, to which Tutor Perini belongs, has gained 14.5% over this period. Now the key question is: Where could the stock be headed in the near ...

Core Viewpoint - The article emphasizes the effectiveness of value investing as a strategy to identify undervalued stocks, highlighting Tutor Perini (TPC) as a strong candidate for value investors due to its favorable metrics and Zacks Rank [2][4][6]. Company Analysis - Tutor Perini (TPC) has a Zacks Rank of 1 (Strong Buy) and an A grade for Value, indicating strong potential for value investors [4]. - The stock's P/E ratio is 15.02, significantly lower than the industry average of 21.04, suggesting it may be undervalued [4]. - TPC's Forward P/E has fluctuated between a high of 1,306.81 and a low of -10,569.95 over the past 12 months, with a median of 9.93, indicating volatility in earnings expectations [4]. - The P/S ratio for TPC is 0.25, compared to the industry average of 0.71, further supporting the notion that TPC is undervalued [5]. - Overall, TPC's strong earnings outlook and key metrics suggest it is an impressive value stock at the moment [6].

Tutor Perini Corporation (NYSE:TPC) Q1 2024 Earnings Conference Call April 25, 2024 5:00 PM ET Company Participants Jorge Casado - VP, IR Ronald Tutor - Chairman and CEO Gary Smalley - President Ryan Soroka - SVP and CFO Conference Call Participants Alex Rygiel - B. Riley FBR Steven Fisher - UBS Ethan Kalis - Bank of America Operator Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation First Quarter 2024 Earnings Conference Call. My name is Maria, and I'll be your coordinator for toda ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Tutor Perini Corporation for the quarter ended March 31, 2024, including Statements of Operations, Balance Sheets, and Cash Flows, with detailed notes on accounting policies and financial items [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company achieved a net income of $27.5 million in Q1 2024, a significant turnaround from a $48.9 million loss in Q1 2023, with revenue increasing 35% year-over-year Q1 2024 vs Q1 2023 Statement of Operations Highlights | Metric (in thousands, except per share) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Revenue** | $1,048,987 | $776,300 | | **Gross Profit (Loss)** | $115,251 | $(24,169) | | **Income (Loss) from Construction Operations** | $48,806 | $(81,945) | | **Net Income (Loss) Attributable to Tutor Perini** | $15,760 | $(49,196) | | **Diluted Earnings (Loss) Per Common Share** | $0.30 | $(0.95) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were $4.37 billion, total liabilities $3.07 billion, and total equity $1.30 billion, reflecting shifts in working capital and debt Balance Sheet Summary (in thousands) | Metric | As of March 31, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $3,466,714 | $3,521,354 | | **Total Assets** | $4,370,407 | $4,429,856 | | **Total Current Liabilities** | $2,043,207 | $2,124,953 | | **Total Liabilities** | $3,067,173 | $3,145,945 | | **Total Equity** | $1,303,234 | $1,283,911 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated $98.3 million in net cash from operating activities in Q1 2024, driven by net income and working capital, despite a $109.6 million use in financing activities Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $98,274 | $21,328 | | **Net Cash Used in Investing Activities** | $(10,321) | $(6,887) | | **Net Cash Provided by (Used in) Financing Activities** | $(109,580) | $14,369 | | **Net Increase (Decrease) in Cash** | $(21,627) | $28,810 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details financial statement line items, covering revenue recognition, contract assets, debt, legal contingencies, segment performance, and subsequent events like new senior note issuance Q1 2024 Revenue by Segment (in thousands) | Segment | Q1 2024 Revenue | Q1 2023 Revenue | | :--- | :--- | :--- | | Civil | $472,165 | $349,870 | | Building | $411,942 | $229,653 | | Specialty Contractors | $164,880 | $196,777 | | **Total** | **$1,048,987** | **$776,300** | - As of March 31, 2024, total contract assets were **$1.81 billion**, including **$519.4 million** in claims and **$558.5 million** in unapproved change orders[28](index=28&type=chunk) - Subsequent to the quarter end, on April 22, 2024, the company issued **$400.0 million** of 11.875% Senior Notes due 2029. The proceeds, along with cash on hand, will be used to redeem the existing **$500.0 million** 6.875% Senior Notes due 2025, resulting in a **$100.0 million** net reduction in principal debt[132](index=132&type=chunk)[135](index=135&type=chunk) Q1 2024 Income (Loss) from Construction Operations by Segment (in thousands) | Segment | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Civil | $70,743 | $18,012 | | Building | $16,120 | $(70,209) | | Specialty Contractors | $(18,312) | $(12,448) | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, noting a 35% revenue increase to $1.05 billion, a swing to $48.8 million in construction income, and a strong $10.0 billion backlog, supported by solid liquidity and debt refinancing [Executive Overview](index=34&type=section&id=Executive%20Overview) Q1 2024 performance significantly improved with consolidated revenue reaching $1.05 billion, construction operations turning profitable at $48.8 million, and a strong $10.0 billion backlog Q1 2024 Key Performance Indicators | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $1.05 billion | $776.3 million | | Income (Loss) from Construction Operations | $48.8 million | $(81.9) million | | Diluted EPS | $0.30 | $(0.95) | | New Awards | $872.8 million | $766.7 million | - Consolidated backlog was **$10.0 billion** as of March 31, 2024, slightly down from **$10.2 billion** at year-end 2023. The backlog mix is **41% Civil**, **42% Building**, and **17% Specialty Contractors**[150](index=150&type=chunk) - The outlook remains favorable, supported by long-term capital spending plans, voter-approved measures like Los Angeles County's Measure M, and the federal Bipartisan Infrastructure Law[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) [Results of Segment Operations](index=35&type=section&id=Results%20of%20Segment%20Operations) Civil segment revenue increased 35% with a 293% jump in income, Building segment revenue grew 79% turning profitable, while Specialty Contractors saw a 16% revenue decline and increased operating loss - **Civil Segment:** Revenue grew **35%** to **$472.2 million** and income from operations increased **293%** to **$70.7 million**, primarily due to increased activity on a mass-transit project in California and the absence of a prior-year unfavorable adjustment[157](index=157&type=chunk)[158](index=158&type=chunk) - **Building Segment:** Revenue increased **79%** to **$411.9 million**, swinging to an income of **$16.1 million** from a loss of **$70.2 million** in the prior year. The improvement was principally due to the absence of a prior-year **$72.2 million** non-cash charge from an adverse legal ruling[162](index=162&type=chunk)[163](index=163&type=chunk) - **Specialty Contractors Segment:** Revenue decreased **16%** to **$164.9 million**, with the loss from operations widening to **$18.3 million** from **$12.4 million**. The change was primarily due to a **$12.0 million** unfavorable adjustment from an arbitration ruling on a completed project in New York[167](index=167&type=chunk)[168](index=168&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains solid liquidity with $98.3 million in Q1 2024 operating cash flow, $1.4 billion working capital, and recently refinanced debt to reduce outstanding principal by $100 million - Generated **$98.3 million** in net cash from operating activities in Q1 2024, the second-largest first-quarter result since 2008[179](index=179&type=chunk) - Working capital was **$1.4 billion** at March 31, 2024, with a current ratio of **1.70**, compared to **1.66** at December 31, 2023[184](index=184&type=chunk) - In February 2024, made a mandatory principal prepayment of **$91.0 million** on the Term Loan B from annual excess cash flow[191](index=191&type=chunk) - Post-quarter end, issued **$400 million** of 2024 Senior Notes and will redeem **$500 million** of 2017 Senior Notes, resulting in a **$100 million** net debt reduction and extending maturities[194](index=194&type=chunk)[198](index=198&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risk exposure since the Annual Report on Form 10-K for the year ended December 31, 2023 - There has been no material change in the company's exposure to market risk since the year-end 2023 report[202](index=202&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[203](index=203&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[204](index=204&type=chunk) [Part II. Other Information](index=42&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11 of the Condensed Consolidated Financial Statements for detailed information on pending legal matters, including the Alaskan Way Viaduct case - For information on pending legal matters, the report refers to Note 11 of the Notes to Condensed Consolidated Financial Statements[205](index=205&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 - There have been no material changes to the company's risk factors as disclosed in the 2023 Annual Report on Form 10-K[206](index=206&type=chunk) [Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company provides required mine safety disclosures in Exhibit 95 to Form 10-Q, as its construction services to the mining industry may classify it as a mine operator under the Mine Act - The company provides mine safety disclosures as required by the Dodd-Frank Act because it provides construction services to the mining industry, which may classify it as a mine operator[207](index=207&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20Information) During Q1 2024, no directors or Section 16 officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No directors or Section 16 officers adopted or terminated any Rule 10b5-1 trading plans during the first quarter of 2024[208](index=208&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including the indenture for new 2024 Senior Notes, an amendment to the 2020 Credit Agreement, and Sarbanes-Oxley certifications - Key exhibits filed include the Indenture for the 2024 Senior Notes (4.1), the Fifth Amendment to the Credit Agreement (10.2), and Sarbanes-Oxley certifications (31.1, 31.2, 32.1, 32.2)[209](index=209&type=chunk)

News Release Tutor Perini Reports First Quarter 2024 Results LOS ANGELES – (BUSINESS WIRE) – April 25, 2024 – Tutor Perini Corporation (the "Company") (NYSE: TPC), a leading civil, building and specialty construction company, reported results today for the first quarter of 2024. The Company generated $98.3 million of cash from operating activities in the first quarter of 2024, up 361% compared to $21.3 million for the same period of 2023. The operating cash flow for the first quarter of 2024 was the Company ...