Tutor Perini Corporation reported its fourth quarter and full year 2024 results on February 27, 2025, highlighting a third consecutive year of record operating cash flow, generating $503.5 million in 2024, a 63% increase from 2023. The company utilized this strong cash flow 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.
Consolidated backlog reached a new all-time record of $18.7 billion as of December 31, 2024, an 84% increase compared to December 31, 2023. New awards and contract adjustments in 2024 totaled $12.8 billion. Revenue for 2024 was $4.3 billion, up 12% compared to 2023, driven by increased project execution activities in the Civil and Building segments.
The company reported a net loss attributable to the Company of $163.7 million, or a $3.13 diluted loss per share, for 2024, primarily due to judgments and settlements from disputed matters that negatively impacted earnings but significantly enhanced operating cash flow. For 2025, Tutor Perini expects EPS of $1.50 to $1.90 and projects earnings in 2026 and 2027 to be more than double the midpoint of the 2025 EPS guidance, based on the record backlog and anticipated project progression.
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