Tutor Perini Corporation (NYSE:TPC) Q3 2023 Earnings Conference Call November 9, 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 Third Quarter 2023 Earnings Conference Call. My name is John, 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]

And I will now turn the conference over to your host for today Mr. Jorge Casado, Vice President of Investor Relations. Thank you. Please proceed.

Jorge Casado

Hello, everyone, and thank you for joining us today. With us 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 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

Thank you, Jorge, and thank you all for joining us.

We delivered mixed results for the third quarter of 2023, with very strong cash generation and year-over-year backlog growth, but with challenged earnings due to a number of write-downs that resulted from the resolution of various disputed matters. We generated $103 million of operating cash in the quarter, bringing our year-to-date operating cash flow to $181 million, which is just $26 million short of the full-year record of $207 million that we achieved last year.

Both our third quarter and year-to-date operating cash flows were the second-highest result for each respective period of any year since the 2008 merger between Tudor-Saliba and Perini Corporation.

Our consolidated revenue was level compared to the same quarter last year, with increased contributions from the building and civil segments offset by lower revenue in the specialty contractors segment due to certain projects in the Northeast that have been completed or are very nearly complete. We expect revenue growth in the fourth quarter compared to the fourth quarter of last year, with better revenue growth next year and even stronger growth in 2025, as we should be entering the construction phase of multiple large projects starting in 2024.