Tutor Perini (NYSE: TPC) reported Q4 EPS of ($1.80), $1.77 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $906.6 million versus the consensus estimate of $974.12 million.

GUIDANCE:

Tutor Perini sees FY2023 EPS of $0.45-$0.65, versus the consensus of $1.03.

• Funding allocations from the Bipartisan Infrastructure Law have already begun and are expected to increase in 2023 and continue over the next several years. This is expected to significantly benefit the Company’s business by funding many new and existing large infrastructure projects that the Company is involved with or will be pursuing. The Company anticipates continued solid revenue contributions in 2023, particularly from its existing backlog of large Civil segment infrastructure projects on the West Coast and other projects in Guam. The Company is pursuing various large prospective projects on the West Coast and in the Northeast, Hawaii and Guam that are expected to be bid and/or awarded in 2023 and 2024.
• Based on our assessment of the current market and business outlook, the Company is establishing its initial EPS guidance for 2023 at a range of $0.45 to $0.65. As in prior years, earnings in 2023 are expected to be weighted more heavily in the second half of the year due to the anticipated timing of large project activities, as well as typical business seasonality. The Company expects continued strong operating cash generation in 2023, well in excess of consolidated net income for the year, as a result of projected solid cash collections, both from project execution activities and the anticipated resolution of various outstanding claims and change orders.

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