Tutor Perini Corporation reported its financial results for the three and nine months ended September 30, 2024, showing a slight increase in revenue but significant losses in profitability compared to the same periods in 2023.
For the third quarter of 2024, total revenue reached $1,082.8 million, a modest increase from $1,060.7 million in Q3 2023. For the nine months ended September 30, 2024, revenue was $3,259.3 million, up from $2,858.8 million in the prior year, reflecting a 14% growth. This growth was primarily driven by increased project execution in the Civil and Building segments, particularly in healthcare and educational facilities in California, as well as mass-transit projects.
Despite the revenue growth, the company reported a gross loss of $(25.8) million for Q3 2024, a stark contrast to a gross profit of $50.9 million in Q3 2023. The nine-month gross profit improved to $206.5 million from $91.7 million in the previous year. The net loss for Q3 2024 was $(89.6) million, compared to a loss of $(25.8) million in Q3 2023. For the nine months, the net loss narrowed to $(46.1) million from $(91.5) million in the prior year.
The losses in Q3 2024 were significantly impacted by unfavorable adjustments totaling $151.8 million, including $101.6 million from an adverse arbitration decision on a Civil segment bridge project in California. The company plans to appeal this decision. Additionally, share-based compensation expenses rose sharply to $16.5 million in Q3 2024 from $3.5 million in Q3 2023.
The Civil segment reported revenue of $545.9 million for Q3 2024, up from $520.5 million in Q3 2023, while the Building segment saw revenue increase to $435.7 million from $365.4 million. However, the Specialty Contractors segment experienced a significant decline, with revenue dropping to $101.2 million from $174.8 million in the same quarter last year.
As of September 30, 2024, total assets decreased to $4.39 billion from $4.43 billion at the end of 2023. Cash and cash equivalents also fell to $287.4 million from $380.6 million. The company’s total debt decreased to $681.4 million, down from $899.7 million at the end of 2023, following the issuance of $400 million in Senior Notes to redeem previous obligations.
The company’s backlog as of September 30, 2024, was $14.0 billion, a 38% increase from $10.2 billion at the end of 2023, indicating strong future project opportunities. Significant new awards in Q3 2024 included a $1.66 billion mass-transit project in Hawaii and a $1.1 billion water conveyance tunnel project in New York.
About TUTOR PERINI CORP
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