Tutor Perini Corporation (NYSE:TPC) Q3 2024 Earnings Conference Call November 6, 2024 5:00 PM ET

Company Participants

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

Conference Call Participants

Steven Fisher – UBS
Adam Thalhimer – Thompson Davis & Co
Alex Rygiel – B. Riley Securities
Michael Dudas – Vertical Research Partners

Operator

Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation Third Quarter 2024 Earnings Conference Call. My name is Matt, 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’d now like to turn the conference over to your host Mr. Jorge Casado, Vice President of Investor Relations. Thank you. You may begin.

Jorge Casado

[Technical Difficulty] 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 now turn the call over to Ronald Tutor.

Ronald Tutor

Thank you, Jorge. Good day and thank you all for joining us. As you can tell from our earnings release today, we delivered mixed results for the third quarter of 2024, highlighted by amazing backlog growth in year-to-date operating cash flow, but negatively impacted by certain charges from recent dispute resolutions and litigation. Cash flow for the fourth quarter is expected to be outstanding, should allow us easily to break last year’s record and enable us to prepay certain debt. Our backlog soared to $14 billion, up 35% compared to the prior quarter, setting a new record since the 2008 merger of TutorSaliba and Perini, and substantially above our previous record of $11.6 billion.