Tutor Perini Corporation reported a consolidated revenue of $4.3 billion for the fiscal year ending December 31, 2024, marking a 12% increase from $3.9 billion in 2023. The growth was primarily driven by significant contributions from the Building and Civil segments, which benefited from increased project execution activities and successful new work pursuits. However, the Specialty Contractors segment experienced a decline in project execution activities due to the completion of several projects. The company reported a loss from construction operations of $103.8 million, a slight improvement from the $114.6 million loss in the previous year.
The company's backlog reached a record $18.7 billion as of December 31, 2024, an 84% increase from $10.2 billion in 2023. This growth was attributed to new awards totaling $12.8 billion, significantly higher than the $6.1 billion in new awards in 2023. The Civil segment accounted for 47% of the backlog, while the Building segment represented 38%, and Specialty Contractors made up 15%. The increase in backlog reflects strong demand for infrastructure projects, bolstered by government funding initiatives, including the Bipartisan Infrastructure Law, which allocates $1.2 trillion for infrastructure improvements.
Operationally, Tutor Perini engaged in approximately 1,600 construction projects during 2024, with a notable focus on large-scale civil and building projects. The company’s workforce comprised around 7,500 employees, including 3,600 union workers. The company also reported a significant increase in share-based compensation expenses, which rose to $40.4 million in 2024 from $12.3 million in 2023, largely due to a substantial increase in the company's stock price.
Looking ahead, Tutor Perini's management expressed optimism regarding future revenue growth, supported by a strong pipeline of new project awards and ongoing bidding activities. The company anticipates that approximately $4.5 billion of its backlog will be recognized as revenue in 2025. However, management acknowledged potential risks, including project delays and the impact of fluctuating interest rates on demand for certain building projects. The company remains committed to leveraging its competitive advantages in the construction sector to capitalize on the favorable market conditions.
About TUTOR PERINI CORP
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