Image: Tutor Perini

The news came as the US-based construction company announced its 2024 full-year results, with revenue up 12% on 2023 to $4.3 billion, due to increased execution activities on various civil and building segment projects.

But the company made a loss from construction operations during the year of $103.8 million, compared to $114.6 million in 2023.

Tutor Perini blamed the losses on the outcome of various judgements and settlements associated with disputed projects. It also had $40.4 million of share-based compensation expense, as a result of a substantial increase in the company鈥檚 stock price in 2024, which increased the expense of certain long-term incentive compensation awards.

New contract awards during the year included: the recently announced $3.8 billion Manhattan Jail project in New York; the $1.7 billion City Center Guideway and Stations project in Hawaii; a $1.4 billion healthcare campus project in California; and the $1.1 billion Newark AirTrain Replacement project in New Jersey.

The company said it was confident of 鈥渟ignificant鈥� revenue growth and improved profitability over the next several years and that its high order backlog meant it could be more selective on contract opportunities.

CEO and president Gary Smalley said the company had used record levels of operating cashflow to reduce its total debt by more than half since the end of 2023. He added, 鈥淥ur record backlog and ample future bidding opportunities should serve as the catalyst for significant double-digit revenue growth and a return to solid profitability in 2025, followed by substantially higher earnings in 2026 and 2027.鈥�