Tutor Perini Corporation (NYSE:TPC) Q2 2024 Earnings Conference Call August 1, 2024 5:00 PM ET

Company Participants

Jorge Casado - Vice President-Investor Relations
Ronald Tutor - Chairman & Chief Executive Officer
Ryan Soroka - Senior Vice President & Chief Financial Officer
Gary Smalley - President

Conference Call Participants

Steven Fisher - UBS
Min Cho - B. Riley
Adam Thalhimer - Thompson Davis

Operator

Good day ladies and gentlemen, and welcome to the Tutor Perini Corporation Second Quarter 2024 Earnings Conference Call. My name is Latanya 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 would now like to 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 time and participation today. With us on the call 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 filed on February 28, 2024 and in our 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 with that, I will turn the call over to Ronald Tutor.

Ronald Tutor

Thanks Jorge. Good afternoon and thank you all for joining us. Our second quarter results were highlighted by 10% consolidated revenue growth, improved earnings with continued strong profitability for the Civil segment which reported a segment operating margin of 13.8% with backlog growth of 4% compared to the first quarter of 2024 and $53 million of operating cash flow.

Year-to-date, our operating cash flow of $151 million was the second highest result of any 6-month period since the 2008 merger with Tutor-Saliba. Our second quarter earnings were negatively impacted by $0.19 a share due to an increase in share-based compensation expense compared to the second quarter last year, primarily due to the substantial increase in our stock price during the second quarter of 2024 which affected the fair value of liability-classified awards and secondarily by an unfavorable project adjustment due to the fact I settled two completed highway projects in the Northeast which impacted earnings in the settlement by $0.17 a share.