Tutor Perini reports Q4 EPS ($1.80), two estimates 1c

Reports Q4 revenue $906.65M, two estimates $976.17M. "Our results included record operating cash flow despite a continued lack of large new Civil segment awards due, in part, to impacts of the COVID-19 pandemic and customer budgetary constraints. We currently have significant pending awards that are not yet reflected in our backlog, but, if successfully awarded, are expected to increase current backlog by more than $3 billion later this year," remarked Ronald Tutor, Chairman and Chief Executive Officer. "A combination of adverse legal judgments, settlements and other charges negatively impacted our earnings across all segments in 2022, particularly the Specialty Contractors segment. We believe that the strategic changes we made in 2022 will result in improved operational and financial performance for our Specialty Contractors business units in New York. We look forward to delivering revenue growth and profitability in 2023, as well as continued strong operating cash and robust new award bookings that should position us favorably for a return to greater profitability over the next several years. In addition, there are several large bidding opportunities on the horizon that are expected to be funded in part by the new Bipartisan Infrastructure Law, and we anticipate that there will be many more such opportunities for growth over the coming years."