Tutor Perini (TPC) said Monday it is withdrawing its 2024 earnings per share guidance and anticipates negative EPS for Q3 due to net charges incurred after resolving or making "significant progress" in resolving project-related disputes.
The company said it expects to post a roughly $102 million non-cash, pre-tax charge to construction operations due to a recent arbitration decision involving a civil segment bridge project in the state of California.
The construction company also anticipates to report about $43 million as a net pre-tax charge to construction operations in Q3 following the resolution of other matters, including six disputes, it said.
The settlements are also expected to boost the company's operating cash flow to a range of $425 million to $575 million, Tutor Perini said, adding it expects to use part of these anticipated cash collections to prepay its Term Loan B debt.
Additionally, Tutor Perini said it expects to report roughly $14 billion of ending backlog for Q3, up 35% from its prior quarter, due to the $1.66 billion City Center Guideway and Stations project award in Hawaii.
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