Tutor Perini (TPC) FY2022 results: revenue $3.8 billion, down 18.3% on the year

Tutor Perini Corp. (TPC) reported revenue of $3.8 billion for fiscal 2022, the year ended 31 December 2022, down 18.3% on the year before. Net income was -$210 million, and diluted earnings per share $-4.09. The figures are the company's own, from the 10-K it filed with the SEC on 15 March 2023.

Revenue

$3.8 billion

-18.3% on the year

FY2016FY2022

Operating margin

-5.4%

4.9% a year earlier

FY2016FY2022

Net income

-$210 million

FY2016FY2022

Diluted EPS

-$4.09

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,791	4,642	5,319	-18.3%
Cost of revenue	3,761	4,175	4,833	-9.9%
Gross profit	29.6	466	486	-93.7%
Gross margin	0.8%	10.0%	9.1%
Operating income	-205	227	262
Operating margin	-5.4%	4.9%	4.9%
Interest expense	69.6	69.0	76.2	+0.9%
Pre-tax income	-268	160	174
Income tax	-75.1	25.6	21.9
Effective tax rate	n/a	16.0%	12.6%
Net income	-210	91.9	108
Net margin	-5.5%	2.0%	2.0%
Diluted EPS	-$4.09	$1.79	$2.12

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	207	-148	173
Capital expenditure	59.8	38.6	54.8	+54.9%
Free cash flow	147	-187	118
Free cash flow margin	3.9%	-4.0%	2.2%
Cash from investing	-65.6	-37.3	-46.4
Cash from financing	-78.9	-54.7	123
Depreciation and amortisation	64.4	118	107	-45.6%
Share-based compensation	9.1	11.6	11.8	-22.1%
Diluted shares, weighted	51m	51m	51m	-0.1%
Shares outstanding at period end	52m	51m	51m	+0.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,450	1,655	1,554	-12.4%
Non-controlling interest	-7.7	18.8	-10.9
Debt	958	994	1,025	-3.5%
Operating lease liabilities	49.2	50.1	51.3	-1.8%
Other liabilities	2,093	2,007	2,426	+4.3%
Total liabilities and equity	4,543	4,725	5,046	-3.9%
Fixed assets	435	430	489	+1.3%
Goodwill	205	205	205	0.0%
Intangible assets	70.5	85.1	123	-17.1%
Securities held for sale or to maturity	160	143	n/a	+11.6%
Cash and equivalents	259	202	374	+28.3%
Receivables	1,171	1,454	1,415	-19.5%
Other assets	2,242	2,205	2,439	+1.7%
Total assets	4,543	4,725	5,046	-3.9%

10-K for the year ended 31 December 2022, filed 15 March 2023: the filing.