Tutor Perini Corporation reported on February 27, 2025, record operating cash flow for the third consecutive year, generating $503.5 million in 2024, a 63% increase from 2023. This strong cash generation enabled the company to reduce its total debt by $477 million, or 52%, since the end of 2023, including the full payoff of its Term Loan B in the first quarter of 2025.
The company also achieved a new all-time record consolidated backlog of $18.7 billion as of December 31, 2024, an 84% increase compared to the end of 2023. New awards and contract adjustments in 2024 totaled $12.8 billion, with record backlogs across the Civil, Building, and Specialty Contractors segments.
For the full year 2024, revenue was $4.3 billion, up 12% compared to 2023. The company reported a net loss attributable to the company of $163.7 million, or $3.13 diluted loss per share, primarily due to judgments and settlements from disputed matters that, while impacting earnings, significantly enhanced operating cash flow.
Looking ahead, Tutor Perini anticipates double-digit revenue growth in 2025 and a return to solid earnings, with an initial EPS guidance range of $1.50 to $1.90. Management conservatively projects that earnings in both 2026 and 2027 will be more than double the midpoint of the increased 2025 EPS guidance, based on the profitable work already secured in the record backlog.
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