Tutor Perini reports Q2 EPS (72c), two estimates (4c)

Reports Q2 revenue $1.02B, two estimates $856.91M. “We delivered 19% revenue growth and solid operating cash flow for the second quarter of 2023. It is noteworthy that our year-to-date operating cash flow of $77.7 million was the second-highest result for the first six months of any year since the merger in 2008. We continue to anticipate that our operating cash flow for 2023 will exceed the record $207.0 million we generated last year and are confident that this should enable us to facilitate a successful refinancing by early next year,” said Ronald Tutor, Chairman and Chief Executive Officer. Tutor continued, “We also increased our backlog 27% year-over-year to $10.9 billion and believe that our strong backlog growth will continue over the next 12 to 18 months, as we bid and expect to capture our share of a tremendous pipeline of large new project opportunities, which is expected to position us favorably for strong growth and profitability in the years ahead.” In light of the Company’s year-to-date financial results and continued uncertainties that could cause a wide range of results in the second half of 2023, the Company is not providing new guidance. There are still certain positive events that could transpire later this year, which could offset much of the negative results the Company has experienced so far in 2023. The Company anticipates a return to positive EPS performance in 2024.