Tutor Perini Corp. Files Q2 2024 10-Q

TL;DR

Tutor Perini's Q2 2024 10-Q is in, check financials for construction giant.

AI Summary

Tutor Perini Corp. reported its Q2 2024 financial results, ending June 30, 2024. The company's filing details its financial position and operational segments, including Mass Transit and Civil construction. Specific financial figures and comparative data from prior periods are presented within the report.

Why It Matters

This filing provides investors and stakeholders with an update on Tutor Perini's financial health and operational performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a construction company, Tutor Perini is subject to industry-specific risks, project delays, and economic fluctuations.

Key Players & Entities

• TUTOR PERINI CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240801 (date) — Filing Date
• 15901 OLDEN STREET (address) — Business Address
• SYLMAR (city) — Business Address City
• CA (state) — Business Address State
• 91342 (zip_code) — Business Address Zip

FAQ

Key Financial Figures

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

Filing Documents

• tpc-20240630.htm (10-Q) — 1945KB
• tpc-20240630xexx101rnt20.htm (EX-10.1) — 1KB
• tpc-20240630xexx102separ.htm (EX-10.2) — 3KB
• tpc-20240630x10qexx311.htm (EX-31.1) — 10KB
• tpc-20240630x10qexx312.htm (EX-31.2) — 10KB
• tpc-20240630x10qexx321.htm (EX-32.1) — 5KB
• tpc-20240630x10qexx322.htm (EX-32.2) — 5KB
• tpc-20240630x10qexx95.htm (EX-95) — 23KB
• tpc-20240630xexx101rnt20001.jpg (GRAPHIC) — 183KB
• tpc-20240630xexx102separ001.jpg (GRAPHIC) — 230KB
• tpc-20240630xexx102separ002.jpg (GRAPHIC) — 297KB
• tpc-20240630xexx102separ003.jpg (GRAPHIC) — 285KB
• tpc-20240630xexx102separ004.jpg (GRAPHIC) — 278KB
• tpc-20240630xexx102separ005.jpg (GRAPHIC) — 263KB
• tpc-20240630xexx102separ006.jpg (GRAPHIC) — 283KB
• tpc-20240630xexx102separ007.jpg (GRAPHIC) — 238KB
• tpc-20240630xexx102separ008.jpg (GRAPHIC) — 152KB
• tpc-20240630xexx102separ009.jpg (GRAPHIC) — 56KB
• 0000077543-24-000201.txt ( ) — 15090KB
• tpc-20240630.xsd (EX-101.SCH) — 64KB
• tpc-20240630_cal.xml (EX-101.CAL) — 104KB
• tpc-20240630_def.xml (EX-101.DEF) — 317KB
• tpc-20240630_lab.xml (EX-101.LAB) — 772KB
• tpc-20240630_pre.xml (EX-101.PRE) — 545KB
• tpc-20240630_htm.xml (XML) — 2713KB

Financial Statements

Financial Statements: Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30 , 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30 , 2024 and 2023 (Unaudited) 4 Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 (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 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 Part II. Other Information: Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 43 Signature 44 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 June 30, Six Months Ended June 30, (in thousands, except per common share amounts) 2024 2023 2024 2023 REVENUE $ 1,127,470 $ 1,021,751 $ 2,176,457 $ 1,798,051 COST OF OPERATIONS ( 1,010,392 ) ( 956,790 ) ( 1,944,129 ) ( 1,757,259 ) GROSS PROFIT 117,078 64,961 232,328 40,792 General and administrative expenses ( 76,585 ) ( 62,573 ) ( 143,029 ) ( 120,349 ) INCOME (LOSS) FROM CONSTRUCTION OPERATIONS 40,493 2,388 89,299 ( 79,557 ) Other income, net 5,838 3,058 11,149 9,475 Interest expense ( 23,084 ) ( 22,016 ) ( 42,391 ) ( 43,529 ) INCOME (LOSS) BEFORE INCOME TAXES 23,247 ( 16,570 ) 58,057 ( 113,611 ) Income tax (expense) benefit ( 7,278 ) ( 194 ) ( 14,586 ) 47,918 NET INCOME (LOSS) 15,969 ( 16,764 ) 43,471 ( 65,693 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 15,157 20,770 26,899 21,037 NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 812 $ ( 37,534 ) $ 16,572 $ ( 86,730 ) BASIC EARNINGS (LOSS) PER COMMON SHARE $ 0.02 $ ( 0.72 ) $ 0.32 $ ( 1.68 ) DILUTED EARNINGS (LOSS) PER COMMON SHARE $ 0.02 $ ( 0.72 ) $ 0.31 $ ( 1.68 ) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: BASIC 52,327 51,803 52,210 51,678 DILUTED 52,848 51,803 52,682 51,678 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 NET INCOME (LOSS) $ 15,969 $ ( 16,764 ) $ 43,471 $ ( 65,693 ) OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: Defined benefit pension plan adjustments 321 296 642 597 Foreign currency translation adjustments ( 703 ) 528 ( 1,630 ) 778 Unrealized gain (loss) in fair value of investments 125 ( 592 ) ( 111 ) 737

View Full Filing

View this 10-Q filing on SEC EDGAR