Tutor Perini Corporation (NYSE:TPC) Q1 2024 Earnings Conference Call April 25, 2024 5:00 PM ET

Company Participants

Jorge Casado - VP, IR
Ronald Tutor - Chairman and CEO
Gary Smalley - President
Ryan Soroka - SVP and CFO

Conference Call Participants

Alex Rygiel - B. Riley FBR
Steven Fisher - UBS
Ethan Kalis - Bank of America

Operator

Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation First Quarter 2024 Earnings Conference Call. My name is Maria, and I'll 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 interest and participation. 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 today's 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 filed on February 28, 2024, and in the Form 10-Q that 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 for joining us.

We delivered a very good first quarter result that exceeded our expectations and demonstrates that we are on track for double-digit revenue growth and a return to profitability in 2024, just as we had indicated on our earnings call last quarter.

Our first quarter results featured 35% consolidated revenue growth, strong profitability with operating margins of 15% and 3.9% for our Civil and Building segments, respectively, and $0.30 of diluted earnings per share, which was especially strong given the typical seasonality of our business.

Backlog grew 26% year-over-year and continues to be very healthy at $10 billion and, perhaps most impressively, very strong operating cash flow of $98 million for the quarter, the second highest operating cash flow result of any first quarter since the 2008 merger between Tutor-Saliba and Perini Corp. Ryan will discuss all the financial details a bit later.