Tutor Perini(TPC) - 2024 Q4 - Annual Results

Financial Performance - Tutor Perini generated record operating cash flow of $503.5 million in 2024, up 63% year-over-year, surpassing the previous record of $308.5 million set in 2023[4]. - Revenue for 2024 was $4.3 billion, reflecting a 12% increase year-over-year, driven by strong performance in Civil and Building segments[12]. - Revenue for Q4 2024 reached $1,067,649,000, a 4.5% increase from $1,021,471,000 in Q4 2023[26]. - Total revenue for the year ended December 31, 2024 was $4,326,922,000, up 11.5% from $3,880,227,000 in 2023[26]. - Gross profit for the year ended December 31, 2024 was $197,038,000, compared to $140,624,000 in 2023, reflecting a significant increase of 40%[26]. - The company reported a net loss of $163.7 million for 2024, translating to a diluted loss of $3.13 per share, compared to a net loss of $171.2 million, or $3.30 per share, in 2023[13]. - The net loss attributable to Tutor Perini Corporation for Q4 2024 was $79,431,000, compared to a net loss of $47,529,000 in Q4 2023, indicating a deterioration in performance[26]. - Basic loss per common share for Q4 2024 was $1.51, compared to $0.91 in Q4 2023, indicating a worsening loss per share[26]. - Net loss for 2024 was $122,339,000, slightly improved from a net loss of $127,597,000 in 2023[39]. Debt and Equity - The company reduced total debt by $477 million, or 52%, since the end of 2023, including the full payoff of its Term Loan B in early 2025[5]. - Total stockholders' equity decreased from $1,283,911,000 in 2023 to $1,158,606,000 in 2024, a decline of about 9.8%[36]. Backlog and Awards - Consolidated backlog reached a record $18.7 billion as of December 31, 2024, an increase of 84% compared to $10.2 billion at the end of 2023[6]. - New awards and contract adjustments totaled $12.8 billion in 2024, contributing to the record backlog[7]. - New awards in the backlog for the year ended December 31, 2024, amounted to $12,842,400,000, compared to $5,716,300,000 recognized in the previous year[41]. - The backlog at December 31, 2024, totaled $18,673,900,000, up from $10,158,400,000 at the end of 2023, indicating a substantial increase of approximately 83.8%[41]. Future Outlook - For 2025, the company anticipates double-digit revenue growth and expects earnings per share (EPS) in the range of $1.50 to $1.90[16]. - Preliminary estimates suggest significantly stronger earnings in 2026 and 2027, projected to be more than double the EPS guidance for 2025[17]. - Management emphasized that the record backlog and future bidding opportunities are expected to drive significant revenue growth and improved profitability in the coming years[11]. Segment Performance - The Civil segment generated revenue of $2,248,659,000 for the year ended December 31, 2024, compared to $1,971,194,000 in 2023, marking a growth of 14.1%[32]. - The Building segment reported a revenue of $1,666,862,000 for 2024, up from $1,302,636,000 in 2023, representing a growth of 28%[32]. - The Specialty Contractors segment experienced a revenue decrease to $590,822,000 in 2024 from $694,038,000 in 2023, a decline of 14.9%[32]. Cash Flow and Assets - Cash provided by operating activities increased significantly to $503,544,000 in 2024, compared to $308,471,000 in 2023, representing a growth of approximately 63.2%[39]. - Cash, cash equivalents, and restricted cash at the end of 2024 were $464,188,000, an increase from $394,680,000 at the end of 2023[39]. - Total assets decreased from $4,429,856,000 in 2023 to $4,242,710,000 in 2024, a decline of approximately 4.2%[36]. Capital Expenditures and Expenses - Capital expenditures for the year ended December 31, 2024 totaled $37,409,000, an increase from $52,953,000 in 2023[32]. - The company recognized a depreciation expense of $51,551,000 in 2024, up from $42,992,000 in 2023, reflecting an increase of approximately 19.0%[39]. - The company reported a loss from construction operations of $86,245,000 in Q4 2024, compared to a loss of $22,474,000 in Q4 2023[29]. - The company reported a significant increase in share-based compensation expense, rising to $40,356,000 in 2024 from $12,259,000 in 2023, an increase of approximately 229.5%[39].