The following is a summary of the Tutor Perini Corporation (TPC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Tutor Perini reported Q1 revenue of $1.05 billion, marking a 35% increase from the same quarter last year, mainly due to increased project activities.

• The firm displayed strong profitability with operating margins of 15% and 3.9% in Civil and Building segments respectively.

• The quarterly earnings per share stood at $0.30.

• The company recorded operating cash flow of $98 million, which is the second highest since the 2008 merger.

• A reduction of $200 million in debt is a noteworthy achievement, and the company plans to persist in lowering this figure with expected strong cash flow.

• The company's backlog has grown 26% year-over-year, currently amounting to $10 billion.

Business Progress:

• Tutor Perini accomplished a successful debt refinancing by issuing new senior notes and redeeming the due ones.

• The corporation expects to resolve the remaining legacy disputes and significant collections this year and the forthcoming one.

• The company forecasts a significant increase in backlog later this year and in 2025, with the win of a major volume of available project opportunities.

• There's a reconfirmation of the 2024 EPS guidance expecting it to be in the $0.85 to $1.10 range.

• Changes in pre-bid discussions with owners are anticipated to maintain a level of about 15% of revenue from owner upfront payment for project mobilization.

• The firm is constantly striving to resolve ongoing disputes to maintain a reasonable Contingent Income Expense (CIE) and expects to settle within the stipulated range.

• The company strategically eliminated unfavorable legacy projects in its specialty segment, reducing operational sizes of units and replacing poor performers with new yet experienced personnel.

More details: Tutor Perini IR

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