Tutor Perini Corporation (NYSE:TPC) Q4 2023 Earnings Conference Call February 28, 2024 5:00 PM ET
Company Participants
Jorge Casado - VP, IR
Ronald Tutor - Chairman & CEO
Gary Smalley - President
Ryan Soroka - SVP & CFO
Conference Call Participants
Steven Fisher - UBS
Kevin Lee - Western Alliance Bancorp
Michael Odell - MidOcean Partners
Abe Landa - Bank of America
Operator
Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation Fourth Quarter 2023 Earnings Conference Call. My name is Camilla, 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 call over to your host for today, Mr. Jorge Casado, Vice President of Investor Relations. Please proceed.
Jorge Casado
Hello, everyone, and thank you for joining us. With us today are Ronald Tutor, Chairman and CEO; Gary Smalley, President; and Ryan Soroka, Senior 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
Thank you, Jorge. Good day and thank you all for joining us. Please pardon my raspy voice, I've had a head cold for a couple of days, but I'll survive.
Before I discuss our results for the year, I'd like to mention for those of you that may not have heard or recall, that last November, we announced that our Board of Directors approved the appointment of Gary Smalley, our former CFO, as President of Tutor Perini, and that Gary is expected to succeed me as CEO effective January 1 of next year.
Turning now to our results, we had another year of mixed results in 2023, highlighted by record operating cash flow that was nearly 50% better than last year, as well as backlog that grew 28% year-over-year to a $10.2 billion figure. We generated $308 million of operating cash in 2023, compared to $207 million in 2022, with both years setting records as the highest results of any year since the 2008 merger between Tutor-Saliba and Perini Corporation.