0000077543false00000775432024-08-012024-08-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): August 1, 2024

Tutor Perini Corporation
(Exact Name of Registrant as Specified in its Charter)
Massachusetts1-631404-1717070
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
 
15901 Olden Street, Sylmar, California 91342-1093
(Address of Principal Executive Offices, and Zip Code)
 
(818) 362-8391
(Registrant’s Telephone Number, Including Area Code)
 
None
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueTPCThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐



Item 2.02.        Results of Operations and Financial Condition
 
On August 1, 2024 Tutor Perini Corporation issued a press release announcing its financial results for the quarter ended June 30, 2024. A copy of that press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in such filing.
 
Item 9.01.        Financial Statements and Exhibits

(d)          Exhibits
Exhibit NumberDescription
104The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).


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SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TUTOR PERINI CORPORATION
Date: August 1, 2024
By:
/s/ Ryan J. Soroka
Ryan J. Soroka
Senior Vice President and Chief Financial Officer

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News Release

Tutor Perini Reports Second Quarter 2024 Results

•Strong operating cash flow of $53.1 million in Q2 2024 and $151.4 million in the first six months of 2024
•Revenue of $1.1 billion in Q2 2024, up 10% compared to Q2 2023
•Backlog of $10.4 billion at the end of Q2 2024, up modestly compared to the end of Q1 2024; anticipating continued strong backlog growth in 2024 and 2025
•Affirming 2024 EPS guidance in range of $0.85 to $1.10

LOS ANGELES – (BUSINESS WIRE) – August 1, 2024 – Tutor Perini Corporation (the "Company") (NYSE: TPC), a leading civil, building and specialty construction company, reported results today for the second quarter of 2024. The Company generated $53.1 million of cash from operating activities in the second quarter of 2024 compared to $56.3 million for the same period of 2023. For the first six months of 2024, the Company generated $151.4 million of cash from operating activities, an increase compared to $77.7 million for the first six months of 2023. The operating cash flow for the first six months of 2024 was the Company's second-highest result for the first six months of any year since the merger between Tutor-Saliba Corporation and Perini Corporation in 2008. The Company continues to anticipate strong operating cash generation over the remainder of 2024 and in 2025.

Revenue for the second quarter of 2024 was $1.1 billion, up 10% compared to $1.0 billion for the second quarter of 2023. The growth was primarily driven by increased project execution activities on various Building and Civil segment projects in California and New York, as well as certain Civil segment projects in the Northern Mariana Islands and British Columbia.

Income from construction operations for the second quarter of 2024 was $40.5 million, an increase of $38.1 million compared to $2.4 million for the same period in 2023. The increase was principally due to contributions related to the increased project execution activities in the current-year quarter discussed above and the absence of certain significant prior-year unfavorable adjustments. The Company's income from construction operations for the second quarter of 2024 was negatively impacted by a $14.3 million ($0.19 per diluted share) increase in share-based compensation expense compared to the second quarter of 2023, primarily due to a substantial increase in the Company’s stock price during the second quarter of 2024, which affected the fair value of liability-classified awards, as well as by an unfavorable adjustment of $12.4 million ($0.17 per diluted share) due to the impact of a settlement of two completed Civil segment highway projects in the Northeast. Net income attributable to the Company for the second quarter of 2024 was $0.8 million, or $0.02 diluted earnings per share ("EPS"), compared to net loss attributable to the Company of $37.5 million, or a $0.72 diluted loss per share, for the second quarter of 2023.

Backlog grew to $10.4 billion as of June 30, 2024 compared to $10.0 billion as of March 31, 2024. The Civil and Building segments were the primary contributors to the new awards activity in the second quarter of 2024. The most significant new awards and contract adjustments in the second quarter of 2024 included the Company's proportionate share of its contract value for a $1.3 billion bridge replacement project in Connecticut; a $216 million airport terminal connectors project at Fort Lauderdale-Hollywood International Airport in Florida; $144 million of additional funding for certain mass-transit projects in California; a $136 million highway and bridge project in the Midwest; a $127 million electrical project in New York; a $74 million military facilities project in Guam; and $71 million of additional funding for various healthcare projects in California.

Outlook and Guidance

“We generated strong operating cash flow in the second quarter, and our operating cash flow for the first half of 2024 was our second-highest result for the first six months of any year,” remarked Ronald Tutor, Chairman and Chief Executive Officer. “In addition, we delivered solid year-over-year revenue growth and significantly improved earnings
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despite the impact of higher share-based compensation expense that resulted from a substantial increase in our stock price during the second quarter, as well as an unfavorable adjustment due to a project settlement, which will have a significant positive impact on our third-quarter operating cash flow. Our backlog is anticipated to grow significantly during the second half of this year and in 2025, as we pursue and expect to capture our share of various large project opportunities, some of which we have already bid and others that we expect to bid soon.”

Based on the Company's year-to-date results in 2024 and the current outlook for the remainder of the year, the Company is affirming its 2024 EPS guidance and still expects EPS to be in the range of $0.85 to $1.10.

Second Quarter 2024 Conference Call

The Company will host a conference call at 2:00 PM Pacific Time on Thursday, August 1, 2024, to discuss the second quarter 2024 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial 1-201-689-8349.

The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay on the website shortly after the call.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget, while adhering to strict quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC).

Forward-Looking Statements

The statements contained in this release, including those set forth in the section “Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential impacts on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; revisions of estimates of contract risks, revenue or costs, economic factors such as inflation, the timing of new awards, or the pace of project execution, which has resulted and may continue to result in losses or lower than anticipated profit; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; possible systems and information technology interruptions and breaches in data security and/or privacy;
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an inability to obtain bonding, which could have a negative impact on our operations and results; the impact of inclement weather conditions and other events outside of our control on projects; risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, labor conditions, and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings; increased competition and failure to secure new contracts; a significant slowdown or decline in economic conditions, such as those presented during a recession; decreases in the level of government spending for infrastructure and other public projects; client cancellations of, or reductions in scope under, contracts reported in our backlog; risks related to government contracts and related procurement regulations; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm; significant fluctuations in the market price of our common stock, which could result in substantial losses for stockholders and potentially subject us to securities litigation; failure to meet our obligations under our debt agreements (especially in a high interest rate environment); downgrades in our credit ratings; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws; public health crises, such as COVID-19, which have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections; physical and regulatory risks related to climate change; impairment of our goodwill or other indefinite-lived intangible assets; the exertion of influence over the Company by our chairman and chief executive officer due to his position and significant ownership interest; and other risks and uncertainties discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 28, 2024 and in other reports that we file with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact:

Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com

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Tutor Perini Corporation
Condensed Consolidated Statements of Operations
Unaudited
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except per common share amounts)2024202320242023
REVENUE$1,127,470 $1,021,751 $2,176,457 $1,798,051 
COST OF OPERATIONS(1,010,392)(956,790)(1,944,129)(1,757,259)
GROSS PROFIT117,078 64,961 232,328 40,792 
General and administrative expenses(76,585)(62,573)(143,029)(120,349)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS40,493 2,388 89,299 (79,557)
Other income, net5,838 3,058 11,149 9,475 
Interest expense(23,084)(22,016)(42,391)(43,529)
INCOME (LOSS) BEFORE INCOME TAXES23,247 (16,570)58,057 (113,611)
Income tax (expense) benefit(7,278)(194)(14,586)47,918 
NET INCOME (LOSS)15,969 (16,764)43,471 (65,693)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS15,157 20,770 26,899 21,037 
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION$812 $(37,534)$16,572 $(86,730)
BASIC EARNINGS (LOSS) PER COMMON SHARE$0.02 $(0.72)$0.32 $(1.68)
DILUTED EARNINGS (LOSS) PER COMMON SHARE$0.02 $(0.72)$0.31 $(1.68)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:    
BASIC52,327 51,803 52,210 51,678 
DILUTED52,848 51,803 52,682 51,678 



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Tutor Perini Corporation
Segment Information
Unaudited
Reportable Segments   
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporate Consolidated
Total
Three Months Ended June 30, 2024       
Total revenue$577,519 $433,797 $163,066 $1,174,382 $— $1,174,382 
Elimination of intersegment revenue(31,031)(15,931)50 (46,912)— (46,912)
Revenue from external customers$546,488 $417,866 $163,116 $1,127,470 $— $1,127,470 
Income (loss) from construction operations$75,587 $5,047 $(7,846)$72,788 
(a)
$(32,295)
(b)
$40,493 
Capital expenditures$9,479 $68 $(30)$9,517 $1,401 $10,918 
Depreciation and amortization(c)
$10,727 $585 $574 $11,886 $2,120 $14,006 
Three Months Ended June 30, 2023
Total revenue$555,553 $321,933 $136,323 $1,013,809 $— $1,013,809 
Elimination of intersegment revenue(1,430)9,409 (37)7,942 — 7,942 
Revenue from external customers$554,123 $331,342 $136,286 $1,021,751 $— $1,021,751 
Income (loss) from construction operations$105,407 $(13,831)$(69,832)$21,744 
(d)
$(19,356)
(b)
$2,388 
Capital expenditures$9,643 $1,458 $256 $11,357 $1,470 $12,827 
Depreciation and amortization(c)
$7,074 $455 $622 $8,151 $2,195 $10,346 
___________________________________________________________________________________________________
(a)During the three months ended June 30, 2024, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $12.4 million ($9.1 million, or $0.17 per diluted share, after tax) due to the impact of a settlement on two completed Civil segment highway projects in the Northeast.
(b)Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the three months ended June 30, 2024 and 2023 included share-based compensation expense of $16.9 million ($12.4 million, or $0.23 per diluted share, after tax) and $2.6 million ($1.9 million, or $0.04 per diluted share, after tax), respectively. The increase in share-based compensation expense in the second quarter of 2024 was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the three months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $58.1 million ($46.1 million, or $0.89 per diluted share, after tax) resulting from changes in estimates due to improved performance on a Civil segment mass-transit project in California; $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders; a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York; and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout.

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Tutor Perini Corporation
Segment Information
Unaudited
Reportable Segments   
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporate Consolidated
Total
Six Months Ended June 30, 2024       
Total revenue$1,080,341 $855,973 $327,946 $2,264,260 $— $2,264,260 
Elimination of intersegment revenue(61,688)(26,165)50 (87,803)— (87,803)
Revenue from external customers$1,018,653 $829,808 $327,996 $2,176,457 $— $2,176,457 
Income (loss) from construction operations$146,330 $21,167 $(26,158)$141,339 
(a)
$(52,040)
(b)
$89,299 
Capital expenditures$17,610 $285 $273 $18,168 $3,184 $21,352 
Depreciation and amortization(c)
$20,981 $1,170 $1,172 $23,323 $4,265 $27,588 
Six Months Ended June 30, 2023
Total revenue$933,777 $551,224 $333,071 $1,818,072 $— $1,818,072 
Elimination of intersegment revenue(29,784)9,771 (8)(20,021)— (20,021)
Revenue from external customers$903,993 $560,995 $333,063 $1,798,051 $— $1,798,051 
Income (loss) from construction operations$123,419 $(84,040)$(82,280)$(42,901)
(d)
$(36,656)
(b)
$(79,557)
Capital expenditures$24,708 $3,475 $700 $28,883 $1,740 $30,623 
Depreciation and amortization(c)
$14,055 $912 $1,241 $16,208 $4,546 $20,754 
___________________________________________________________________________________________________
(a)During the six months ended June 30, 2024, the Company’s income (loss) from construction operations was impacted by unfavorable adjustments of $12.4 million ($9.1 million, or $0.17 per diluted share, after tax) due to the impact of a settlement on two completed Civil segment highway projects in the Northeast and $12.0 million ($8.8 million, or $0.17 per diluted share, after tax) due to an arbitration ruling that only provided a partial award to the Company pertaining to a completed Specialty Contractors segment electrical project in New York. The period was also impacted by a favorable adjustment of $10.2 million ($7.5 million, or $0.14 per diluted share, after tax) on a Civil segment mass-transit project in California related to a dispute resolution and associated expected cost savings.
(b)Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the six months ended June 30, 2024 and 2023 included share-based compensation expense of $22.4 million ($16.5 million, or $0.31 per diluted share, after tax) and $5.6 million ($4.1 million, or $0.08 per diluted share, after tax), respectively. The increase in share-based compensation expense in the current-year period was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the six months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.16 per diluted share, after tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment; $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders; net favorable adjustments of $30.1 million ($23.9 million, or $0.46 per diluted share, after tax) for a Civil segment mass-transit project in California that resulted from changes in estimates due to improved performance; a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York; and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout.

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Tutor Perini Corporation
Condensed Consolidated Balance Sheets
Unaudited
(in thousands, except share and per share amounts)As of June 30,
2024		As of December 31,
2023
ASSETS
CURRENT ASSETS:  
Cash and cash equivalents ($156,912 and $173,118 related to variable interest entities (“VIEs”))$267,072 $380,564 
Restricted cash12,417 14,116 
Restricted investments134,182 130,287 
Accounts receivable ($60,049 and $84,014 related to VIEs)1,087,369 1,054,014 
Retention receivable ($157,536 and $161,187 related to VIEs)546,668 580,926 
Costs and estimated earnings in excess of billings ($87,833 and $58,089 related to VIEs)1,160,710 1,143,846 
Other current assets ($18,918 and $26,725 related to VIEs)187,822 217,601 
Total current assets3,396,240 3,521,354 
PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $548,937 and $534,171 (net P&E of $29,449 and $35,135 related to VIEs)
434,371 441,291 
GOODWILL205,143 205,143 
INTANGIBLE ASSETS, NET67,187 68,305 
DEFERRED INCOME TAXES67,284 74,083 
OTHER ASSETS123,523 119,680 
TOTAL ASSETS$4,293,748 $4,429,856 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:  
Current maturities of long-term debt$18,602 $117,431 
Accounts payable ($28,980 and $24,160 related to VIEs)622,776 466,545 
Retention payable ($18,444 and $22,841 related to VIEs)223,962 223,138 
Billings in excess of costs and estimated earnings ($394,866 and $439,759 related to VIEs)987,447 1,103,530 
Accrued expenses and other current liabilities ($10,620 and $18,206 related to VIEs)207,877 214,309 
Total current liabilities2,060,664 2,124,953 
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $31,387 and $11,000
657,835 782,314 
OTHER LONG-TERM LIABILITIES259,132 238,678 
TOTAL LIABILITIES2,977,631 3,145,945 
COMMITMENTS AND CONTINGENCIES  
EQUITY  
Stockholders' equity:  
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued— — 
Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 52,389,430 and 52,025,497 shares52,389 52,025 
Additional paid-in capital1,148,074 1,146,204 
Retained earnings149,718 133,146 
Accumulated other comprehensive loss(40,226)(39,787)
Total stockholders' equity1,309,955 1,291,588 
Noncontrolling interests6,162 (7,677)
TOTAL EQUITY1,316,117 1,283,911 
TOTAL LIABILITIES AND EQUITY$4,293,748 $4,429,856 
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Tutor Perini Corporation
Condensed Consolidated Statements of Cash Flows
Unaudited
Six Months Ended June 30,
(in thousands)20242023
Cash Flows from Operating Activities:  
Net income (loss)$43,471 $(65,693)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation26,470 19,636 
Amortization of intangible assets1,118 1,118 
Share-based compensation expense22,437 5,637 
Change in debt discounts and deferred debt issuance costs4,366 2,005 
Deferred income taxes5,969 (68,256)
(Gain) loss on sale of property and equipment595 (5,038)
Changes in other components of working capital49,150 188,761 
Other long-term liabilities1,188 (2,152)
Other, net(3,351)1,632 
NET CASH PROVIDED BY OPERATING ACTIVITIES151,413 77,650 
  
Cash Flows from Investing Activities:
Acquisition of property and equipment(21,352)(30,623)
Proceeds from sale of property and equipment1,434 6,758 
Investments in securities(22,073)(14,521)
Proceeds from maturities and sales of investments in securities17,979 9,227 
NET CASH USED IN INVESTING ACTIVITIES(24,012)(29,159)
  
Cash Flows from Financing Activities:
Proceeds from debt597,900 537,500 
Repayment of debt(800,819)(571,332)
Cash payments related to share-based compensation(2,194)(284)
Distributions paid to noncontrolling interests(12,400)(15,250)
Contributions from noncontrolling interests— 2,000 
Debt issuance, extinguishment and modification costs(25,079)(497)
NET CASH USED IN FINANCING ACTIVITIES(242,592)(47,863)
  
Net increase (decrease) in cash, cash equivalents and restricted cash(115,191)628 
Cash, cash equivalents and restricted cash at beginning of period394,680 273,831 
Cash, cash equivalents and restricted cash at end of period$279,489 $274,459 


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Tutor Perini Corporation
Backlog Information
Unaudited
(in millions)Backlog at
March 31, 2024
New Awards in the
Three Months Ended
June 30, 2024(a)
Revenue Recognized in the
Three Months Ended
June 30, 2024
Backlog at
 June 30, 2024
Civil$4,096.6 $814.5 $(546.5)$4,364.6 
Building4,169.9 436.7 (417.9)4,188.7 
Specialty Contractors1,715.7 313.0 (163.1)1,865.6 
Total$9,982.2 $1,564.2 $(1,127.5)$10,418.9 

(in millions)
Backlog at
December 31, 2023
New Awards in the
Six Months Ended
June 30, 2024(a)
Revenue Recognized in the
Six Months Ended
June 30, 2024
Backlog at
 June 30, 2024
Civil$4,240.6 $1,142.7 $(1,018.7)$4,364.6 
Building4,177.5 841.0 (829.8)4,188.7 
Specialty Contractors1,740.3 453.3 (328.0)1,865.6 
Total$10,158.4 $2,437.0 $(2,176.5)$10,418.9 
____________________________________________________________________________________________________
(a)New awards consist of the original contract price of projects added to backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.

9
v3.24.2.u1
Cover
Aug. 01, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 01, 2024
Entity Registrant Name Tutor Perini Corporation
Entity Incorporation, State or Country Code MA
Entity File Number 1-6314
Entity Tax Identification Number 04-1717070
Entity Address, Address Line One 15901 Olden Street
Entity Address, City or Town Sylmar
Entity Address, State or Province CA
Entity Address, Postal Zip Code 91342-1093
City Area Code (818)
Local Phone Number 362-8391
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $1.00 par value
Trading Symbol TPC
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000077543
Amendment Flag false
Tutor Perini (NYSE:TPC)
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