Tutor Perini sees FY24 EPS 85c-$1.10, consensus $1.10

“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 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.”