Tutor Perini Corporation (TPC), a leading civil, building and specialty construction company, saw its stock surge 9.74% in the after-hours trading session on Thursday, following the release of its fourth quarter and full-year 2024 financial results.

The company reported a net loss of $79.4 million, or $1.51 per diluted share, for the fourth quarter, compared to a net loss of $47.5 million, or $0.91 per diluted share, in the same period last year. However, the loss was primarily driven by judgments and settlements associated with resolving disputed matters, masking the strong performance of newer projects.

Notably, Tutor Perini generated a record operating cash flow of $503.5 million in 2024, up 63% year-over-year, allowing the company to significantly reduce its total debt by $477 million or 52% since the end of 2023. The company's consolidated backlog also reached a new all-time high of $18.7 billion as of December 31, 2024, up 84% compared to the previous year, driven by $12.8 billion of new awards and contract adjustments.

The surge in backlog was fueled by major project wins, including a $3.76 billion Manhattan Jail project, a $1.66 billion City Center Guideway and Stations project in Hawaii, and a $1.4 billion healthcare campus project in California. Management expressed confidence in the company's ability to secure additional attractive projects and deliver significant revenue growth and improved profitability in the coming years.