Tutor Perini Corporation (NYSE:TPC) Q4 2022 Earnings Conference Call March 15, 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

Tony Christ - Odyssey Investments

Dhruv Ohri - Vibrant Capital

Operator

Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation Fourth Quarter 2022 Earnings Conference Call. My name is Joe, and I will be your coordinator for today. [Operator Instructions] As a reminder, this conference 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-K, which we are filing today. 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.

We delivered very mixed results in 2022 and experienced a challenging year from both a revenue and earnings perspective. Our revenue was down considerably compared to 2021 due to a lack of large new Civil segment awards over the past few years, primarily caused by the effect of the COVID-19 pandemic delaying bids and awards of various large projects and induced significant budgetary constraints for certain customers whose bids came in significantly higher than their budget but still low.

These factors as well as political and other factors have resulted in us not being awarded large Civil segment projects where we were the low bidder and the pending awardee that totaled more than $10 billion, which, as I had earlier pointed out, we had been the lower preferred bidder.

Most of these projects contributed to revenue decline in 2022 but are expected to be rebid later in this year or in 2024. The lack of new awards has prevented us from replacing revenue associated with certain projects that have completed or are nearing completion. Our lower revenue was all a result of significant delays we faced in 2022 on certain mass transit projects in California occasioned, by, in many ways, acts as the owner of inability to achieve right of ways and easements that further delayed our work performance.