California transit projects and New York prison drive Tutor Perini’s Q1 revenue up 35%

Image: Tutor Perini

The firm revealed that revenue for the period increased to nearly $1.1 billion, up from $776.3 million in the same quarter a year before.

It said that increased project execution activities on two mass-transit projects in California, one in the civils segment and one in the building segment helped to drive revenue upward. Work on a $3 billion design-and-build contract for a prison in Brooklyn also contributed to the increase.

Income from construction operations in the first quarter of 2024 was $48.8 million, up from an $81.9 million loss for the same period in 2023. Tutor Perini said the $130.7 million improvement was mainly due to an absence of significant prior-year unfavourable adjustments.

The company’s backlog as of 31 March 2024 was $10 billion, up 26% on the 7.9 billion of 31 March 2023.

The building and civils segments were the two primary contributors to the new award activity in the first quarter of 2024.

Ronald Tutor, chairman and chief executive officer, said, “We delivered great results that were better than expected for the first quarter of 2024, including solid revenue growth and profitability in our civil and building segments, strong backlog growth compared to the prior year, and the second-highest operating cash flow result of any first quarter since 2008.

“We continue to anticipate that our backlog will grow significantly later this year and in 2025, as we pursue and expect to capture our share of various large project opportunities amid a very strong, multi-year demand environment supported by federal, state and local government funding sources, and limited competition for many of the larger projects.”