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As a result of the net charges, the Company expects that it will report a loss from construction operations and negative earnings per share for the third quarter of 2024.
The Company does not expect these net charges to affect compliance with its debt covenants. Excluding the impact of these net charges, the Company believes that the third-quarter results would have been profitable, and it would have been in a position to achieve its previously provided EPS guidance range.
Because of anticipated cash collections resulting from settlements and from other unrelated project activities, some of which are driven by new awards, the Company expects that its operating cash flow for 2024 will be in the range of $425 million to $575 million, meaningfully surpassing the Company's previous record for full-year operating cash generation in 2023 and significantly greater than previous estimates.
The Company expects to use this anticipated cash, in part, to prepay its Term Loan B debt by $100 million to $150 million by the end of 2024, with further prepayments of $50 million to $75 million in the first quarter of 2025.
Posted In: TPC
