Tutor Perini sees 2024 EPS 85c-$1.10, consensus $1.57

The company said, “The Company continues to experience high demand for its services, supported by substantial funding in place at the state and local levels, as well as the $1.2 trillion Bipartisan Infrastructure Law that was passed in 2021 at the federal level. The Company anticipates continued significant backlog growth in 2024 and 2025, as it is currently tracking and expects to capture its share of more than $75 billion of new project opportunities over the next three to four years, of which more than $32 billion are expected in 2024 and 2025. Based on its assessment of the current market and business outlook, the Company anticipates double-digit revenue growth in 2024 and a return to positive earnings, with substantially stronger earnings expected in 2025 and 2026. The Company is establishing its initial EPS guidance for 2024 at a range of $0.85 to $1.10. As in prior years, earnings in 2024 are expected to be weighted more heavily in the second half of the year due to the anticipated timing of large project activities, as well as typical business seasonality. The Company expects continued strong operating cash generation in 2024 and 2025, well in excess of net income for each year, as a result of continuing robust cash collections, both from project execution activities and the anticipated resolution of the majority of the remaining legacy disputed matters.”