Thu, Aug 1, 9:12 PM (88 days ago)
Tutor Perini Corporation's Q2 2024 financial results show an increase in revenue and profitability compared to Q2 2023. Revenue for Q2 2024 was $1.1 billion, up from $1.0 billion in Q2 2023, driven by increased project execution activities in the Building and Civil segments. The company reported a net income of $16.0 million for the first half of 2024, a substantial turnaround from a net loss of $65.7 million in the same period last year. This improvement is attributed to higher project execution activities and the absence of significant prior-year unfavorable adjustments. The Civil segment saw a slight revenue decrease but maintained strong profitability, while the Building and Specialty Contractors segments showed substantial improvements in both revenue and income from construction operations. Corporate expenses increased due to higher share-based compensation expenses linked to a rise in the company's stock price. Consolidated backlog rose slightly to $10.4 billion, indicating a healthy pipeline of future projects. The company's liquidity remains robust, supported by strong operating cash flow and available credit facilities.