Tutor Perini Corp Files 2023 Annual Report on Form 10-K

Ticker: TPC · Form: 10-K · Filed: Feb 28, 2024 · CIK: 77543

Tutor Perini Corp 10-K Filing Summary
FieldDetail
CompanyTutor Perini Corp (TPC)
Form Type10-K
Filed DateFeb 28, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$1.00, $1.2, $550 billion, $4 b
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Tutor Perini Corp, Construction, Annual Report, Financials

TL;DR

<b>Tutor Perini Corp has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

TUTOR PERINI CORP (TPC) filed a Annual Report (10-K) with the SEC on February 28, 2024. Tutor Perini Corp filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is General Building Contractors - Nonresidential Buildings. Tutor Perini Corp is incorporated in Massachusetts. The company's principal executive offices are located in Sylmar, California.

Why It Matters

For investors and stakeholders tracking TUTOR PERINI CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Tutor Perini Corp's financial health, operational activities, and strategic positioning for the past fiscal year, which is crucial for investors and stakeholders to assess the company's performance and future prospects. As a major player in the General Building Contractors sector, the details within this filing offer insights into industry trends, project pipelines, and potential risks and opportunities that could impact the broader construction market.

Risk Assessment

Risk Level: medium — TUTOR PERINI CORP shows moderate risk based on this filing. The company's financial performance and future outlook are subject to the inherent risks and cyclical nature of the construction industry, which can be influenced by economic conditions, project delays, and competition.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factors outlined in the 10-K to understand Tutor Perini Corp's operational performance and potential challenges.

Key Numbers

  • 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
  • 2024-02-28 — Filing Date (FILED AS OF DATE)
  • 1540 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

  • TUTOR PERINI CORP (company) — COMPANY CONFORMED NAME
  • GENERAL BUILDING CONTRACTORS - NONRESIDENTIAL BUILDINGS (company) — STANDARD INDUSTRIAL CLASSIFICATION
  • MA (company) — STATE OF INCORPORATION
  • SYLMAR (company) — CITY
  • CA (company) — STATE
  • 91342 (company) — ZIP
  • 818-362-8391 (company) — BUSINESS PHONE

FAQ

When did TUTOR PERINI CORP file this 10-K?

TUTOR PERINI CORP filed this Annual Report (10-K) with the SEC on February 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by TUTOR PERINI CORP (TPC).

Where can I read the original 10-K filing from TUTOR PERINI CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by TUTOR PERINI CORP.

What are the key takeaways from TUTOR PERINI CORP's 10-K?

TUTOR PERINI CORP filed this 10-K on February 28, 2024. Key takeaways: Tutor Perini Corp filed its 2023 Form 10-K on February 28, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is General Building Contractors - Nonresidential Buildings..

Is TUTOR PERINI CORP a risky investment based on this filing?

Based on this 10-K, TUTOR PERINI CORP presents a moderate-risk profile. The company's financial performance and future outlook are subject to the inherent risks and cyclical nature of the construction industry, which can be influenced by economic conditions, project delays, and competition.

What should investors do after reading TUTOR PERINI CORP's 10-K?

Investors should carefully review the detailed financial statements and risk factors outlined in the 10-K to understand Tutor Perini Corp's operational performance and potential challenges. The overall sentiment from this filing is neutral.

How does TUTOR PERINI CORP compare to its industry peers?

Tutor Perini Corp operates within the General Building Contractors sector, focusing on nonresidential construction projects. This industry is characterized by large-scale projects, significant capital requirements, and sensitivity to economic cycles.

Are there regulatory concerns for TUTOR PERINI CORP?

As a publicly traded company, Tutor Perini Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K, which mandates detailed disclosure of financial performance and business operations.

Industry Context

Tutor Perini Corp operates within the General Building Contractors sector, focusing on nonresidential construction projects. This industry is characterized by large-scale projects, significant capital requirements, and sensitivity to economic cycles.

Regulatory Implications

As a publicly traded company, Tutor Perini Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K, which mandates detailed disclosure of financial performance and business operations.

What Investors Should Do

  1. Review Tutor Perini Corp's detailed financial statements and management discussion for the fiscal year 2023.
  2. Analyze the risk factors section to understand potential challenges and their impact on the company's operations.
  3. Compare Tutor Perini Corp's performance against industry benchmarks and competitors based on the disclosed information.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
  • 2024-02-28: Filing Date — The date Tutor Perini Corp officially submitted its 2023 Form 10-K to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Filing Stats: 4,379 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-02-28 17:07:16

Key Financial Figures

  • $1.00 — ange on which registered Common Stock, $1.00 par value TPC The New York Stock Exchan
  • $1.2 — "BIL") was enacted into law, providing $1.2 trillion of federal infrastructure fund
  • $550 billion — deral infrastructure funding, including $550 billion in new spending for improvements to the
  • $4 b — aterial. We estimate that approximately $4 billion, or approximately 40%, of our bac

Filing Documents

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6. [Reserved] 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32 Item 9A.

Controls and Procedures

Controls and Procedures 32 Item 9B. Other Information 35 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 PART III. Item 10. Directors, Executive Officers and Corporate Governance 35 Item 11.

Executive Compensation

Executive Compensation 35 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 35 Item 13. Certain Relationships and Related Transactions, and Director Independence 35 Item 14. Principal Accountant Fees and Services 36 PART IV. Item 15. Exhibits and Financial Statement Schedules 37 Item 16. Form 10-K Summary 39

Signatures

Signatures 40 2 Table of Contents PART I.

Forward-Looking Statements

Forward-Looking Statements The statements contained in this Annual Report on Form 10-K that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including without limitation, statements regarding our management's expectations, anticipations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effects on us. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These material risks and uncertainties are listed and discussed in Item 1A. Risk Factors , below. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

BUSINESS

ITEM 1. BUSINESS General Tutor Perini Corporation (together with its consolidated subsidiaries, "Tutor Perini," the "Company," "we," "us," and "our," unless the context indicates otherwise) is a leading construction company offering diversified general contracting, construction management and design-build services to private customers and public agencies throughout the world. The Company was formed through the 2008 merger between Tutor-Saliba Corporation and Perini Corporation ("Perini") and our legacy dates to 1894, when Perini's predecessor businesses began providing construction services. Our corporate headquarters are in Los Angeles (Sylmar), California, and we have various other principal offices throughout the United States and its territories (see Item 2. Properties for a listing of our major facilities). Our common stock is listed on the New York Stock Exchange under the symbol "TPC." We are incorporated in the Commonwealth of Massachusetts. We have established a strong reputation within our markets for executing large, complex projects on time and within budget while adhering to strict quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work; concrete forming and placement; steel erection; electrical; mechanical; plumbing; heating, ventilation and air conditioning (HVAC); and fire protection. During 2023, we performed work on approximately 1,500 construction projects. We are recognized as one of the leading civil contractors in the United States, as evidenced by our performance on several of the country's largest mass-transit and transportation projects, such as Newark Liberty International Airport Terminal A ("Newark Airport Terminal A"), various components of the East Side Access project in New

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