Tutor Perini Files Q1 2024 Report

Ticker: TPC · Form: 10-Q · Filed: Apr 25, 2024 · CIK: 77543

Tutor Perini Corp 10-Q Filing Summary
FieldDetail
CompanyTutor Perini Corp (TPC)
Form Type10-Q
Filed DateApr 25, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$1.00
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, filing-compliance

Related Tickers: TPC

TL;DR

TPC filed its Q1 2024 10-Q. All good on filings.

AI Summary

Tutor Perini Corporation (TPC) filed its quarterly report for the period ended March 31, 2024. The company is incorporated in Massachusetts and headquartered in Sylmar, California. Its common stock is traded on the New York Stock Exchange under the ticker symbol TPC. The filing indicates TPC has met its filing requirements for the past 12 months and 90 days, and has submitted all Interactive Data Files.

Why It Matters

This filing provides investors with an update on Tutor Perini's financial performance and operational status for the first quarter of 2024, crucial for assessing the company's ongoing health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not contain immediate red flags or significant new negative information.

Key Players & Entities

  • Tutor Perini Corporation (company) — Registrant
  • March 31, 2024 (date) — Quarterly period end date
  • TPC (company) — Trading Symbol
  • The New York Stock Exchange (company) — Exchange where TPC is listed

FAQ

What is the primary purpose of this Form 10-Q filing?

This Form 10-Q is a quarterly report filed by Tutor Perini Corporation pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2024.

Where is Tutor Perini Corporation incorporated and headquartered?

Tutor Perini Corporation is incorporated in Massachusetts and has its principal executive offices at 15901 Olden Street, Sylmar, California.

What is the trading symbol for Tutor Perini Corporation's common stock and where is it traded?

The trading symbol for Tutor Perini Corporation's common stock is TPC, and it is traded on The New York Stock Exchange.

Has Tutor Perini Corporation met its filing requirements for the preceding 12 months and 90 days?

Yes, the filing indicates that Tutor Perini Corporation has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Has Tutor Perini Corporation submitted all required Interactive Data Files electronically?

Yes, the filing indicates that Tutor Perini Corporation has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Filing Stats: 4,463 words · 18 min read · ~15 pages · Grade level 18.5 · Accepted 2024-04-25 17:06:03

Key Financial Figures

  • $1.00 — ange on which registered Common Stock, $1.00 par value TPC The New York Stock Exchan

Filing Documents

Financial Statements

Financial Statements: Condensed Consolidated Statements of Operations for the Three Months Ended March 31 , 202 4 and 202 3 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income ( Loss ) for the Three Months Ended March 31 , 202 4 and 202 3 (Unaudited) 4 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 202 3 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 202 3 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38 Part II. Other Information: Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39 Signature 40 2 Table of Contents

– FINANCIAL INFORMATION

PART I. – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements TUTOR PERINI CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED Three Months Ended March 31, (in thousands, except per common share amounts) 2024 2023 REVENUE $ 1,048,987 $ 776,300 COST OF OPERATIONS ( 933,736 ) ( 800,469 ) GROSS PROFIT (LOSS) 115,251 ( 24,169 ) General and administrative expenses ( 66,445 ) ( 57,776 ) INCOME (LOSS) FROM CONSTRUCTION OPERATIONS 48,806 ( 81,945 ) Other income, net 5,311 6,417 Interest expense ( 19,307 ) ( 21,513 ) INCOME (LOSS) BEFORE INCOME TAXES 34,810 ( 97,041 ) Income tax (expense) benefit ( 7,308 ) 48,112 NET INCOME (LOSS) 27,502 ( 48,929 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 11,742 267 NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 15,760 $ ( 49,196 ) BASIC EARNINGS (LOSS) PER COMMON SHARE $ 0.30 $ ( 0.95 ) DILUTED EARNINGS (LOSS) PER COMMON SHARE $ 0.30 $ ( 0.95 ) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: BASIC 52,092 51,551 DILUTED 52,515 51,551 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 Table of Contents TUTOR PERINI CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) UNAUDITED Three Months Ended March 31, (in thousands) 2024 2023 NET INCOME (LOSS) $ 27,502 $ ( 48,929 ) OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: Defined benefit pension plan adjustments 321 301 Foreign currency translation adjustments ( 927 ) 250 Unrealized gain (loss) in fair value of investments ( 236 ) 1,329 TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX ( 842 ) 1,880 COMPREHENSIVE INCOME (LOSS) 26,660 ( 47,049 ) LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 11,275 420 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 15,385 $ ( 47,469 ) The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 4 Table of Contents

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