TPC - Tutor Perini shares down after disappointing 2022 earnings results

March, 16 2023 02:38 PM Tutor Perini Corporation

2023-03-16 14:38:39 ET

Tutor Perini ( NYSE: TPC ) shares plunged after posting weak FY2022 results, due to a lack of major new awards due to the COVID-19 pandemic and customer budgetary constraints.
The company saw sales decline of around 18% for the year
The pandemic and political and other factors resulted in the company not being awarded certain Civil segment projects totaling more than $10 billion, despite being the low or preferred bidder.
Most of these projects impacted revenue in 2022 and are expected to be re-bid in 2023 or 2024.
Loss from construction operations for FY2022 was $204.8M vs. income from construction operations of $226.8M for 2021.
The company has several pending significant new projects with contract awards expected in 2023 with a combined value that could exceed $3B.
The company sets its initial 2023 earnings per share guidance at a range of $0.45 to $0.65.
Due to the anticipated timing of major project activities as well as standard business seasonality, earnings in 2023 are projected to be weighted more heavily towards the second half of the year.
As a result of anticipated robust cash collections, the business anticipates continuing strong operating cash generation in 2023, significantly exceeding consolidated net income for the year.
TPC shares down more than 14% during Thursday's intraday session.

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