Tutor Perini Corp. Q3 2024 Results: $3.7B Revenue

TL;DR

**Tutor Perini Q3: $3.7B revenue YTD. Construction giant's financials out.**

AI Summary

Tutor Perini Corp. reported its Q3 2024 results, with total revenues for the nine months ended September 30, 2024, reaching $3.7 billion. The company's financial statements, filed on November 6, 2024, detail its performance in the general building contractors sector.

Why It Matters

This filing provides insight into the financial health and operational performance of a major player in the construction industry, impacting investors and the broader economic outlook for the sector.

Risk Assessment

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

Key Numbers

• $3.7 billion — Total Revenues (YTD) (Represents the cumulative revenue for the first nine months of 2024.)

Key Players & Entities

• TUTOR PERINI CORP (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241106 (date) — Filing date
• 15901 OLDEN STREET (location) — Business and mailing address
• SYLMAR (location) — City of business and mailing address
• CA (location) — State of business and mailing address
• 91342 (location) — ZIP code of business and mailing address

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-20240930.htm (10-Q) — 1969KB
• tpc-20240930x10qexx311.htm (EX-31.1) — 10KB
• tpc-20240930x10qexx312.htm (EX-31.2) — 10KB
• tpc-20240930x10qexx321.htm (EX-32.1) — 5KB
• tpc-20240930x10qexx322.htm (EX-32.2) — 5KB
• tpc-20240930x10qexx95.htm (EX-95) — 23KB
• 0000077543-24-000235.txt ( ) — 12084KB
• tpc-20240930.xsd (EX-101.SCH) — 66KB
• tpc-20240930_cal.xml (EX-101.CAL) — 104KB
• tpc-20240930_def.xml (EX-101.DEF) — 324KB
• tpc-20240930_lab.xml (EX-101.LAB) — 785KB
• tpc-20240930_pre.xml (EX-101.PRE) — 553KB
• tpc-20240930_htm.xml (XML) — 2737KB

Financial Statements

Financial Statements: Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44 Part II. Other Information: Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 45 Signature 46 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 September 30, Nine Months Ended September 30, (in thousands, except per common share amounts) 2024 2023 2024 2023 REVENUE $ 1,082,816 $ 1,060,705 $ 3,259,273 $ 2,858,756 COST OF OPERATIONS ( 1,108,644 ) ( 1,009,792 ) ( 3,052,773 ) ( 2,767,051 ) GROSS PROFIT (LOSS) ( 25,828 ) 50,913 206,500 91,705 General and administrative expenses ( 80,979 ) ( 63,479 ) ( 224,008 ) ( 183,828 ) LOSS FROM CONSTRUCTION OPERATIONS ( 106,807 ) ( 12,566 ) ( 17,508 ) ( 92,123 ) Other income, net 4,487 2,967 15,636 12,442 Interest expense ( 21,223 ) ( 20,313 ) ( 63,614 ) ( 63,842 ) LOSS BEFORE INCOME TAXES ( 123,543 ) ( 29,912 ) ( 65,486 ) ( 143,523 ) Income tax benefit 33,941 4,086 19,355 52,004 NET LOSS ( 89,602 ) ( 25,826 ) ( 46,131 ) ( 91,519 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 11,260 11,070 38,159 32,107 NET LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ ( 100,862 ) $ ( 36,896 ) $ ( 84,290 ) $ ( 123,626 ) BASIC LOSS PER COMMON SHARE $ ( 1.92 ) $ ( 0.71 ) $ ( 1.61 ) $ ( 2.39 ) DILUTED LOSS PER COMMON SHARE $ ( 1.92 ) $ ( 0.71 ) $ ( 1.61 ) $ ( 2.39 ) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: BASIC 52,408 51,994 52,276 51,784 DILUTED 52,408 51,994 52,276 51,784 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 LOSS UNAUDITED Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 NET LOSS $ ( 89,602 ) $ ( 25,826 ) $ ( 46,131 ) $ ( 91,519 ) OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: Defined benefit pension plan adjustments 207 299 849 896 Foreign currency translation adjustments 854 ( 1,017 ) ( 776 ) ( 239 ) Unrealized gain (loss) in fair value of investments 3,858 ( 255

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View this 10-Q filing on SEC EDGAR