Tutor Perini Corporation (NYSE:TPC) Q2 2023 Earnings Conference Call August 3, 2023 5:00 PM ET
Company Participants
Jorge Casado - Vice President of Investor Relations
Ronald Tutor - Chairman & Chief Executive Officer
Gary Smalley - Executive Vice President & Chief Financial Officer
Conference Call Participants
Alex Rygiel - B. Riley Securities
Steven Fisher - UBS
Operator
Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation Second Quarter 2023 Earnings Conference Call. My name is Doug and I will be your coordinator for today. All participants are currently in a listen-only mode. Following management’s prepared remarks, we will be opening the call for a question-and-answer session. As a reminder this conference call is being recorded for replay purposes. [Operator Instructions]
I will now turn the conference over to your host for today Mr. Jorge Casado, Vice President of Investor Relations. Please proceed.
Jorge Casado
Hello, everyone, and thank you for your participation today. With us on the call are Ronald Tutor, Chairman and CEO; and Gary Smalley, Executive Vice President and CFO.
Before we discuss our results, I will remind everyone that during this call we will be making forward-looking statements, which are based on management's current assessment of existing trends and information. There is an inherent risk that our actual results could differ materially. You can find our disclosures about risk factors that could potentially contribute to such differences in our Form 10-Q, which we will be filing tomorrow and in our most recent Form 10-K, which we filed on March 15 2023. The company assumes no obligation to update forward-looking statements whether due to new information, future events or otherwise other than as required by law.
Thank you and I will now turn the call over to Ronald Tutor.
Ronald Tutor
Thanks, Jorge. Good day and thank you all for joining us. Our second quarter results were highlighted by strong revenue and backlog growth, as well as solid operating cash flow.
Our consolidated revenue was up 19% year-over-year due to contributions from certain civil segment mass transit projects in California that had significant work remaining. Our revenue growth this quarter followed more than two years of quarterly year-over-year declines attributable to COVID. And we believe our revenue has reached an inflection point now that our business is beginning to normalize and we are beyond most major COVID impacts.
As we have discussed in the past, COVID temporarily halted major bids and awards of large civil projects were in the range of two-plus years and prevented the award of four large projects valued at almost $11 billion, which we had been the lower preferred bidder.