The following is a summary of the Tutor Perini Corporation (TPC) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Tutor Perini reported a 10% increase in revenue to $1.13 billion.

• Operating cash flow was strong at $53 million for the quarter, and year-to-date cash flow reached $151 million.

• Civil segment operating margin was robust at 13.8%, despite a $12.4 million charge related to settlements.

• Revenue growth was driven by increased activity in healthcare and education facility projects in California, the Brooklyn Jail project in New York, and several Civil segment projects.

• Net income for Q2 2024 was $800,000, compared to a net loss of $38 million in Q2 2023.

Business Progress:

• Substantial backlog growth, reaching $10.4 billion, with expectations to exceed record levels of $11.6 billion over the next six months.

• Significant new awards include a $1.3 billion Amtrak bridge project, among other large infrastructure and building projects.

• Anticipates further backlog growth and strong earnings for 2025 and 2026 due to robust bidding activity and limited competition.

Opportunities:

• The ability to negotiate favorable contract terms due to limited competition on large projects.

• Potential for substantial growth in both revenue and backlog due to the large volume of pending project bids.

Risks:

• Ongoing losses in the specialty construction segment, expected to continue impacting profitability until the end of the following year.

More details: Tutor Perini IR

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