Tutor Perini Corporation (TPC) Bundle
A Brief History of Tutor Perini Corporation
Tutor Perini Corporation, a prominent construction company, has seen significant developments in 2024, building on its long-standing history in the construction industry. The company primarily operates in civil, building, and specialty contracting sectors.
Financial Performance Overview
For the nine months ended September 30, 2024, Tutor Perini reported total revenue of $3.39 billion, a notable increase from $2.91 billion during the same period in 2023. The breakdown of revenue by segment is as follows:
| Segment | 2024 Revenue (in millions) | 2023 Revenue (in millions) |
|---|---|---|
| Civil | $1,649.4 | $1,477.6 |
| Building | $1,313.1 | $919.5 |
| Specialty Contractors | $429.2 | $508.0 |
| Total | $3,391.7 | $2,905.0 |
Despite the revenue growth, the company faced challenges, reporting a net loss of $84.3 million for the nine months ended September 30, 2024, compared to a net loss of $123.6 million for the same period in the previous year. The diluted loss per share was $1.61, compared to $2.39 in 2023.
Backlog and New Awards
As of September 30, 2024, Tutor Perini's consolidated backlog reached an all-time high of $14.0 billion, representing a 38% increase from $10.2 billion at the end of 2023. This growth was driven by new awards totaling $7.1 billion for the nine months ended September 30, 2024, compared to $5.6 billion for the same period in 2023. The backlog by segment is illustrated below:
| Segment | Backlog at September 30, 2024 (in millions) | Backlog at December 31, 2023 (in millions) |
|---|---|---|
| Civil | $6,895.0 | $4,240.6 |
| Building | $5,138.0 | $4,177.5 |
| Specialty Contractors | $1,992.2 | $1,740.3 |
| Total | $14,025.2 | $10,158.4 |
Debt and Financing Activities
In April 2024, Tutor Perini issued $400 million in 11.875% Senior Notes due April 30, 2029. The proceeds were used to redeem all outstanding obligations related to the 2017 Senior Notes. As of September 30, 2024, the company had working capital of $1.2 billion, with a debt-to-equity ratio of 0.55, down from 0.70 at December 31, 2023.
Operational Highlights
During the first nine months of 2024, Tutor Perini reported income from construction operations of $133.8 million, a decline from $170.3 million in 2023. The company faced several unfavorable adjustments impacting its operational results, including a significant arbitration ruling affecting its Civil segment. The operating margin for the nine months ended September 30, 2024, was 8.6%, down from 12.0% in the previous year.
Market Trends and Future Outlook
The construction industry has been influenced by several factors, including increased public spending on infrastructure and a robust pipeline of projects fueled by federal funding initiatives. Tutor Perini is well-positioned to capitalize on these trends, particularly in its Civil segment, which has seen substantial demand due to voter-approved transportation measures and long-term spending plans by public agencies.
A Who Owns Tutor Perini Corporation (TPC)
Ownership Structure
As of 2024, Tutor Perini Corporation (TPC) has a diverse ownership structure comprising institutional investors, individual shareholders, and non-controlling interests. The company's common stock is publicly traded on the New York Stock Exchange under the ticker symbol TPC.
Major Shareholders
The following table summarizes the significant shareholders of Tutor Perini Corporation as of September 30, 2024:
| Shareholder | Ownership Percentage | Number of Shares |
|---|---|---|
| BlackRock, Inc. | 8.5% | 4,451,000 |
| The Vanguard Group, Inc. | 7.2% | 3,785,000 |
| Dimensional Fund Advisors LP | 5.9% | 3,073,000 |
| State Street Corporation | 5.3% | 2,770,000 |
| Other Institutional Investors | 30.0% | 15,600,000 |
| Individual Shareholders | 43.1% | 22,500,000 |
Non-Controlling Interests
Tutor Perini's financial statements reflect non-controlling interests, which represent the portion of equity in subsidiaries not attributable to the parent company. As of September 30, 2024, the total equity attributable to non-controlling interests was approximately $18.2 million.
Market Capitalization
The market capitalization of Tutor Perini Corporation as of September 30, 2024, is approximately $1.27 billion, calculated based on the stock price of $24.24 and the total number of outstanding shares of around 52.4 million.
Recent Stock Performance
The stock price performance of Tutor Perini Corporation has shown fluctuations in 2024. The following table highlights the stock performance metrics for the year:
| Date | Stock Price ($) | Market Capitalization ($ billion) |
|---|---|---|
| January 1, 2024 | 21.00 | 1.10 |
| April 1, 2024 | 22.50 | 1.18 |
| July 1, 2024 | 23.75 | 1.24 |
| September 30, 2024 | 24.24 | 1.27 |
Recent Financial Performance
Tutor Perini Corporation reported a net loss of $100.9 million for the three months ended September 30, 2024. This includes a basic loss per common share of $1.92. The following table summarizes key financial metrics for the nine months ended September 30, 2024:
| Metric | Amount ($ millions) |
|---|---|
| Total Revenue | 3,259.3 |
| Cost of Operations | (3,052.8) |
| Gross Profit | 206.5 |
| General and Administrative Expenses | (224.0) |
| Net Loss | (46.1) |
Conclusion
The ownership and financial dynamics of Tutor Perini Corporation reflect a mix of institutional and individual investors, with significant non-controlling interests and a fluctuating stock performance. The company is navigating challenges and opportunities in the construction sector, underscored by its financial results and market activity in 2024.
Tutor Perini Corporation (TPC) Mission Statement
Core Values and Commitment
Tutor Perini Corporation emphasizes a commitment to excellence, integrity, and safety in all aspects of its operations. The company aims to deliver high-quality construction services while fostering a culture of collaboration and respect among its employees, clients, and partners.
Mission Statement Overview
The mission of Tutor Perini Corporation is to provide a full range of construction services, including civil, building, and specialty contracting. The company focuses on innovation, sustainability, and community engagement to enhance the quality of life in the communities it serves.
Financial Performance Metrics
As of September 30, 2024, Tutor Perini Corporation reported the following financial metrics:
| Metric | Value |
|---|---|
| Total Revenue (Q3 2024) | $1,082.8 million |
| Total Revenue (YTD 2024) | $3,259.3 million |
| Net Loss (Q3 2024) | ($100.9 million) |
| Net Loss (YTD 2024) | ($84.3 million) |
| Cash and Cash Equivalents | $287.4 million |
| Total Assets | $4,386.5 million |
| Total Liabilities | $3,154.8 million |
| Total Equity | $1,231.7 million |
Market Position and Backlog
As of September 30, 2024, Tutor Perini Corporation's consolidated backlog reached a record high of $14.0 billion, reflecting a 38% increase from $10.2 billion at the end of 2023. The backlog is segmented as follows:
| Segment | Backlog (in millions) |
|---|---|
| Civil | $6,895.0 |
| Building | $5,138.0 |
| Specialty Contractors | $1,992.2 |
| Total Backlog | $14,025.2 |
Recent Projects and Awards
During the third quarter of 2024, Tutor Perini Corporation secured new awards totaling $4.7 billion, with significant contributions from the Civil and Building segments. Notable projects include:
- $1.66 billion mass-transit project in Hawaii
- $1.1 billion water conveyance tunnel project in New York
- Healthcare campus project in California valued at over $1 billion
- $138 million additional funding for mass-transit projects in California
- $113 million military facility project in Guam
Operational Challenges and Opportunities
The company faces operational challenges including increased costs attributed to project delays and unfavorable arbitration decisions. However, the overall demand for construction services remains strong due to ongoing infrastructure investments and funding from various state and local measures.
Employee Engagement and Corporate Responsibility
Tutor Perini Corporation is dedicated to fostering a safe and inclusive work environment. The company invests in employee training and development while actively participating in community service initiatives.
Conclusion of Financial Overview
The financial outlook for Tutor Perini Corporation remains positive, with a healthy backlog and ongoing project awards indicating potential growth in future revenues.
How Tutor Perini Corporation (TPC) Works
Business Overview
Tutor Perini Corporation (TPC) operates primarily in the construction industry, focusing on civil, building, and specialty contracting projects. As of 2024, the company has a diverse portfolio that includes infrastructure, commercial, and public sector projects.
Financial Performance
For the nine months ended September 30, 2024, Tutor Perini reported total revenue of $3.26 billion, compared to $2.86 billion for the same period in 2023, reflecting a year-over-year increase of 14%.
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Total Revenue | $3,259.3 million | $2,858.8 million |
| Gross Profit (Loss) | $206.5 million | $91.7 million |
| Net Loss | $(46.1) million | $(91.5) million |
| Basic Loss per Share | $(1.61) | $(2.39) |
Segment Performance
The company operates through three primary segments: Civil, Building, and Specialty Contractors. Each segment contributed differently to the overall financial results.
| Segment | Revenue (9 Months 2024) | Income (Loss) from Construction Operations |
|---|---|---|
| Civil | $1,649.4 million | $133.8 million |
| Building | $1,313.1 million | $17.3 million |
| Specialty Contractors | $429.2 million | $(83.1) million |
Backlog and New Awards
As of September 30, 2024, Tutor Perini reported a backlog of $14.0 billion, a significant increase from $10.2 billion at the end of 2023. The backlog is primarily driven by new awards totaling $7.1 billion for the nine months ended September 30, 2024.
| Segment | Backlog (September 30, 2024) | New Awards (9 Months 2024) |
|---|---|---|
| Civil | $6,895.0 million | $4,218.9 million |
| Building | $5,138.0 million | $2,226.1 million |
| Specialty Contractors | $1,992.2 million | $681.1 million |
Cash Flow and Liquidity
As of September 30, 2024, Tutor Perini had cash and cash equivalents of $287.4 million, down from $380.6 million at the end of 2023. The company reported net cash provided by operating activities of $174.0 million for the nine months ended September 30, 2024.
| Cash Flow Metric | Amount (as of September 30, 2024) |
|---|---|
| Cash and Cash Equivalents | $287.4 million |
| Net Cash Provided by Operating Activities | $174.0 million |
Debt and Capital Structure
Tutor Perini's total debt as of September 30, 2024, was $681.4 million, a decrease from $899.7 million at the end of 2023. The company's debt structure includes various senior notes and loans.
| Debt Type | Amount (September 30, 2024) |
|---|---|
| 2024 Senior Notes | $377.1 million |
| Term Loan B | $265.8 million |
| Other Indebtedness | $10.5 million |
Operational Challenges
The company faced several operational challenges, including unfavorable adjustments totaling $101.6 million related to various legal disputes and project settlements during the nine months of 2024.
Outlook
Looking ahead, Tutor Perini expects to continue leveraging its strong backlog and project pipeline to drive revenue growth, with a focus on maintaining operational efficiency amidst ongoing market challenges.
How Tutor Perini Corporation (TPC) Makes Money
Revenue Segments
Tutor Perini Corporation generates revenue through three primary segments: Civil, Building, and Specialty Contractors. As of September 30, 2024, the revenue breakdown by segment is as follows:
| Segment | Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| Civil | $1,564.5 | 48.1% |
| Building | $1,265.5 | 38.9% |
| Specialty Contractors | $429.2 | 13.0% |
| Total | $3,259.3 | 100% |
Revenue by Customer Type
The revenue from different customer types for the nine months ended September 30, 2024, is categorized as follows:
| Customer Type | Revenue (in millions) |
|---|---|
| State and Local Agencies | $1,894.6 |
| Federal Agencies | $499.3 |
| Private Owners | $865.4 |
| Total | $3,259.3 |
Contract Types
Revenue is further segmented by contract type for the nine months ended September 30, 2024:
| Contract Type | Revenue (in millions) |
|---|---|
| Fixed Price | $2,248.1 |
| Guaranteed Maximum Price | $586.9 |
| Unit Price | $256.7 |
| Cost Plus Fee and Other | $167.6 |
| Total | $3,259.3 |
Recent Financial Performance
For the three months ended September 30, 2024, Tutor Perini reported:
- Total Revenue: $1,082.8 million
- Cost of Operations: $1,108.6 million
- Gross Profit: $(25.8) million
- Loss from Construction Operations: $(106.8) million
- Net Loss: $(100.9) million
- Basic Loss per Share: $(1.92)
New Awards and Backlog
In the third quarter of 2024, Tutor Perini secured new awards totaling $4.7 billion, with significant contributions from:
- A $1.66 billion mass-transit project in Hawaii
- A $1.1 billion water conveyance tunnel project in New York
- A healthcare campus project in California valued at over $1 billion
- Additional funding of $138 million for mass-transit projects in California
- A $113 million military facility project in Guam
As of September 30, 2024, the total backlog stood at $14.0 billion, a 38% increase from $10.2 billion on December 31, 2023.
Capital Expenditures and Financial Position
Capital expenditures for the nine months ended September 30, 2024, totaled $28.3 million, with a breakdown as follows:
| Segment | Capital Expenditures (in millions) |
|---|---|
| Civil | $21.8 |
| Building | $0.5 |
| Specialty Contractors | $0.3 |
| Corporate | $5.6 |
| Total | $28.3 |
As of September 30, 2024, Tutor Perini held cash and cash equivalents of $287.4 million, down from $380.6 million as of December 31, 2023. The company reported net cash provided by operating activities of $174.0 million during the nine months ended September 30, 2024.
Income Statement Overview
For the nine months ended September 30, 2024, the condensed consolidated statement of operations reflects the following:
| Item | Amount (in millions) |
|---|---|
| Total Revenue | $3,259.3 |
| Cost of Operations | $(3,052.8) |
| Gross Profit | $206.5 |
| General and Administrative Expenses | $(224.0) |
| Loss from Construction Operations | $(17.5) |
| Net Loss | $(84.3) |
Conclusion of Financial Analysis
The financial performance and operational metrics for Tutor Perini Corporation as of 2024 illustrate a complex landscape of revenue generation and operational challenges, with significant impacts from project execution and contract adjustments.
Tutor Perini Corporation (TPC) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Tutor Perini Corporation (TPC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Tutor Perini Corporation (TPC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Tutor Perini Corporation (TPC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.