Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading civil, building and specialty construction company, reported results today for the second quarter of 2023. Revenue was $1.02 billion,
up 19% compared to $861.0 million for the second quarter of last year. The increase was largely due to contributions from certain Civil segment mass-transit projects in California that have
significant work remaining, as well as the absence of certain prior-year unfavorable adjustments. In addition, customer budgetary constraints induced by the COVID-19 pandemic, combined with certain
political and other factors, resulted in the Company not being awarded certain Civil segment projects over the last few years totaling more than $10.0 billion despite having been the low or
preferred bidder. Not being awarded these projects also impacted revenue for the first two quarters of both 2023 and 2022.
Income from construction operations for the second quarter of 2023 was $2.4 million, compared to loss from construction operations of $90.6 million for the same period in 2022. The improvement was
largely due to strong contributions from certain mass-transit projects in California, including favorable adjustments totaling $58.1 million on one project associated with changes in estimates due
to improved performance, as well as the absence of certain prior-year unfavorable adjustments that negatively impacted income (loss) from construction operations in the 2022 period by an aggregate
$67.5 million. The improvement was partially offset by unfavorable non-cash adjustments of $35.8 million due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical
scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change requests, as well as a non-cash charge of $24.7 million that
resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York. Net loss attributable to the Company for the second quarter of 2023 was $37.5
million, or a $0.72 diluted loss per common share, compared to a net loss of $63.0 million, or a $1.23 diluted loss per common share, for the second quarter of 2022.