Tutor Perini Corporation (NYSE:TPC) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET

Company Participants

Jorge Casado - VP of IR

Ronald Tutor - Chairman and CEO

Gary Smalley - EVP and CFO

Conference Call Participants

Steven Fisher - UBS

Operator

Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation First Quarter 2023 Earnings Conference Call. My name is [Lucia] and I will be your coordinator for today. [Operator Instructions] 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. 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 are filing today 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

Good afternoon and thank you all for joining us. As we disclosed in a form 8-K that we filed on April '21 there was an unfavorable legal ruling recently handed down regarding our claims dispute on the completed George Washington Bridge Bus Station project in New York City, which required us to take a non-cash pre-tax charge of $83.6 million that impacted the building and specialty contractors segments in the first quarter of 2023.

A number of years ago we were in arbitration pursuing recovery of our claim from the project's developer and we're clearly winning in that process. Once it became clear, they would be owing us a significant amount of money. The developer stopped paying their lawyer and immediately filed for bankruptcy. Based on case law and the advice of preeminent bankruptcy counsel, we believed that we would be reimbursed for amounts that we were owed outside of the bankruptcy proceeding.