Hudson Yards - Multiple Projects - New York, NY - Total $2.3 Billion

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Tutor Perini Reports Strong Third Quarter 2020 Results

11/04/20
  • Revenue of $1.4 billion, up 21% Y/Y and the highest quarterly result in more than ten years, driven by double-digit growth across all segments
  • Income from construction operations of $83.0 million, up 73% Y/Y and the highest Q3 result since the merger in 2008
  • Diluted earnings per share (“EPS”) of $0.72, nearly doubled Y/Y
  • Operating cash flow of $72.7 million (and $131.0 million YTD through Q3-20, the highest nine-month YTD result since the merger in 2008)
  • Affirming 2020 EPS guidance of $1.80 to $2.10

LOS ANGELES--(BUSINESS WIRE)-- Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading civil, building and specialty construction company, reported results today for the third quarter of 2020. Revenue was $1.4 billion, the highest revenue of any quarter in more than ten years and up 21% compared to $1.2 billion for the third quarter of last year. The Company experienced double-digit revenue growth across all segments with only an immaterial impact from the COVID-19 pandemic in the third quarter of 2020. The growth was driven by increased activities on various large infrastructure projects that continue progressing, including the California High-Speed Rail project, the Minneapolis Southwest Light Rail Transit project, Newark Airport Terminal One and the Purple Line projects in Los Angeles.

Income from construction operations for the third quarter of 2020 was $83.0 million, the highest third-quarter result since the merger in 2008 and up 73% compared to $47.9 million for the third quarter of last year. Net income attributable to the Company for the third quarter of 2020 was $36.8 million, or $0.72 per diluted share, compared to $19.3 million, or $0.38 per diluted share, for the third quarter of 2019. The significant growth in income from construction operations for the third quarter of 2020 was principally due to contributions from various large infrastructure projects. The strong increase in net income and EPS was also driven by a nominal tax expense in the third quarter of 2020, which primarily resulted from benefits associated with the Coronavirus Aid, Relief, and Economic Security ("CARES") Act.

Third quarter 2020 backlog remained solid at $9.2 billion compared to $10.0 billion for the second quarter of 2020. Backlog declined sequentially as a result of strong revenue that outpaced new awards in the quarter. New awards totaled $0.6 billion and included $121 million for the Company's share of the South Coast Light Rail project in Massachusetts, $75 million of additional funding for various building projects in California, a $54 million mixed-use building project in California and a $47 million military facilities project in Guam. The Company has submitted several bids and proposals for new large projects and multiple-award government contracts that are pending customers’ decisions and contract awards expected in the coming months. In addition, the Company anticipates bidding on several other significant projects later this year and during the first half of 2021, and expects that backlog will continue to support strong revenue growth.

The Company generated $72.7 million of operating cash in the third quarter of 2020. Through the first nine months of 2020, the Company generated $131.0 million of operating cash, the highest nine-month result since the merger in 2008 and an increase of 18% compared to $111.4 million generated through the first nine months of 2019. Strong cash contributions driven by increased project execution activities on certain higher-margin projects were enhanced by progress made on the resolution and collection of certain disputed balances. Barring any significant impact on cash flows from the COVID-19 pandemic, the Company still anticipates that substantial cash collections associated with large projects and ongoing dispute resolution efforts will contribute to strong operating cash flow throughout the remainder of 2020 and beyond.

Outlook and Guidance

“Our results were outstanding for the third quarter and first nine months of 2020, reflecting double-digit growth that is being driven by large infrastructure projects. Our operating cash flow for the quarter was excellent, as anticipated, and our year-to-date cash flow set a new record since our merger in 2008. Furthermore, our Civil and Building segments are performing extremely well and delivering solid operating results,” remarked Ronald Tutor, Chairman and Chief Executive Officer. Tutor added, “The impacts of the COVID-19 pandemic lessened in the third quarter and are not materially impacting our business at this time, though we will continue to monitor developments and adjust our operations as necessary.”

As mentioned above, the COVID-19 pandemic had an immaterial impact on the Company’s results for the third quarter of 2020. Through the first nine months of 2020, we estimate that the COVID-19 impacts to revenue, income from construction operations and EPS were approximately $230 million, $15 million and $0.21, respectively. The vast majority of the Company’s projects, especially in the Civil segment, have been designated as essential business, which has allowed the Company to continue its work on those projects. However, due to the fluidity of the COVID-19 pandemic, the Company is unable at this time to accurately predict the pandemic’s future impact on the Company’s business, financial condition or performance. Nonetheless, based on the Company’s results to date in 2020 and its current outlook for the remainder of the year, the Company is affirming its EPS guidance and still expects EPS to be in the range of $1.80 to $2.10.

Third Quarter 2020 Conference Call

The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, November 4, 2020, to discuss the third quarter 2020 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.

The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay shortly after the call on the website.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget, while adhering to strict quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC). We are known for our major complex building project commitments, as well as our capacity to perform large and complex transportation and heavy civil construction for government agencies and private customers throughout the world.

Forward-Looking Statements

The statements contained in this release, including those set forth in the section “Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of the COVID-19 pandemic and related events that are beyond our control, including possible effects on our business and operations, customers and suppliers, and employees, contractors and subcontractors, which could affect adversely our projects and the geographic regions in which we conduct business; a significant slowdown or decline in economic conditions; revisions of estimates of contract risks, revenue or costs, the timing of new awards or the pace of project execution, which may result in losses or lower than anticipated profit; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; the requirement to perform extra, or change order, work resulting in disputes or claims or adversely affecting our working capital, profits and cash flows; risks and other uncertainties associated with assumptions and estimates used to prepare financial statements; inability to retain key members of our management, to hire and retain personnel required to complete projects or implement succession plans for key officers; client cancellations of, or reductions in scope under, contracts reported in our backlog; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers; decreases in the level of government spending for infrastructure and other public projects; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses; increased competition and failure to secure new contracts; failure to meet our obligations under our debt agreements; impairment of our goodwill or other indefinite-lived intangible assets; economic, political and other risks, including civil unrest, security issues, labor conditions, corruption and other unforeseeable events in countries where we do business, resulting in unanticipated losses; possible systems and information technology interruptions, including due to cyberattack, systems failures or other similar events; the impact of inclement weather conditions on projects; failure to comply with laws and regulations related to government contracts; potential dilutive impact of our Convertible Notes in our EPS calculation; downgrades in our credit ratings; conversion of our outstanding Convertible Notes that could dilute ownership interests of existing stockholders and could adversely affect the market price of our common stock; uncertainty from the expected discontinuance of the London Interbank Offered Rate and transition to any other interest rate benchmark; and other risks and uncertainties discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 26, 2020 and in other reports that we file with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Tutor Perini Corporation

Condensed Consolidated Statements of Operations

Unaudited

 

 

 

 

 

 

 

 

 



 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

(in thousands, except per common share amounts)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUE

 

$

1,442,091

 

 

 

$

1,189,345

 

 

 

$

3,969,247

 

 

 

$

3,273,107

 

 

COST OF OPERATIONS

 

(1,317,176

)

 

 

(1,074,282

)

 

 

(3,615,498

)

 

 

(2,968,631

)

 

GROSS PROFIT

 

124,915

 

 

 

115,063

 

 

 

353,749

 

 

 

304,476

 

 

General and administrative expenses

 

(41,894

)

 

 

(67,120

)

 

 

(165,805

)

 

 

(195,474

)

 

Goodwill impairment

 

 

 

 

 

 

 

 

 

 

(379,863

)

 

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS

 

83,021

 

 

 

47,943

 

 

 

187,944

 

 

 

(270,861

)

 

Other income (expense)

 

(8,048

)

 

 

1,674

 

 

 

(8,364

)

 

 

2,996

 

 

Interest expense

 

(25,613

)

 

 

(17,305

)

 

 

(58,513

)

 

 

(51,252

)

 

INCOME (LOSS) BEFORE INCOME TAXES

 

49,360

 

 

 

32,312

 

 

 

121,067

 

 

 

(319,117

)

 

Income tax (expense) benefit

 

(37

)

 

 

(5,591

)

 

 

(14,747

)

 

 

35,121

 

 

NET INCOME (LOSS)

 

49,323

 

 

 

26,721

 

 

 

106,320

 

 

 

(283,996

)

 

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

12,504

 

 

 

7,408

 

 

 

33,421

 

 

 

17,577

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION

 

$

36,819

 

 

 

$

19,313

 

 

 

$

72,899

 

 

 

$

(301,573

)

 

BASIC EARNINGS (LOSS) PER COMMON SHARE

 

$

0.72

 

 

 

$

0.38

 

 

 

$

1.44

 

 

 

$

(6.01

)

 

DILUTED EARNINGS (LOSS) PER COMMON SHARE

 

$

0.72

 

 

 

$

0.38

 

 

 

$

1.43

 

 

 

$

(6.01

)

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

BASIC

 

50,787

 

 

 

50,279

 

 

 

50,598

 

 

 

50,201

 

 

DILUTED

 

51,241

 

 

 

50,582

 

 

 

51,004

 

 

 

50,201

 

 

Tutor Perini Corporation

Segment Information

Unaudited



 

 

 

 

 

 

 

 

 

 



Reportable Segments

 

 

 

 

 

 

(in thousands)

Civil

Building

Specialty
Contractors

Total

 

 

Corporate

 

 

Consolidated
Total

Three Months Ended September 30, 2020

Total revenue

$

723,324

 

 

$

552,823

 

 

$

322,091

 

 

$

1,598,238

 

 

 

$

 

 

 

$

1,598,238

 

 

Elimination of intersegment revenue

(111,328

)

 

(44,683

)

 

(136

)

 

(156,147

)

 

 

 

 

 

(156,147

)

 

Revenue from external customers

$

611,996

 

 

$

508,140

 

 

$

321,955

 

 

$

1,442,091

 

 

 

$

 

 

 

$

1,442,091

 

 

Income (loss) from construction operations

$

70,237

 

 

$

15,815

 

 

$

9,700

 

 

$

95,752

 

 

(a)

$

(12,731

)

 

(b)

$

83,021

 

 

Capital expenditures

$

10,996

 

 

$

438

 

 

$

224

 

 

$

11,658

 

 

 

$

352

 

 

 

$

12,010

 

 

Depreciation and amortization(c)

$

26,659

 

 

$

419

 

 

$

1,002

 

 

$

28,080

 

 

 

$

2,778

 

 

 

$

30,858

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2019

Total revenue

$

591,884

 

 

$

421,241

 

 

$

249,453

 

 

$

1,262,578

 

 

 

$

 

 

 

$

1,262,578

 

 

Elimination of intersegment revenue

(67,338

)

 

(5,895

)

 

 

 

(73,233

)

 

 

 

 

 

(73,233

)

 

Revenue from external customers

$

524,546

 

 

$

415,346

 

 

$

249,453

 

 

$

1,189,345

 

 

 

$

 

 

 

$

1,189,345

 

 

Income (loss) from construction operations

$

50,695

 

 

$

7,580

 

 

$

7,247

 

 

$

65,522

 

 

 

$

(17,579

)

 

(b)

$

47,943

 

 

Capital expenditures

$

22,497

 

 

$

144

 

 

$

325

 

 

$

22,966

 

 

 

$

365

 

 

 

$

23,331

 

 

Depreciation and amortization(c)

$

11,953

 

 

$

495

 

 

$

1,018

 

 

$

13,466

 

 

 

$

2,761

 

 

 

$

16,227

 

 

(a)

During the three months ended September 30, 2020, income (loss) from construction operations was positively impacted by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment. This favorable impact was largely offset by an adverse impact of $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment.

(b)

Consists primarily of corporate general and administrative expenses.

(c)

Depreciation and amortization is included in income (loss) from construction operations.

Tutor Perini Corporation

Segment Information (continued)

Unaudited

 

 

 

 

 

 

 

 

 



Reportable Segments

 

 

 

 

 

 

(in thousands)

Civil

Building

Specialty
Contractors

Total

 

 

Corporate

 

 

Consolidated
Total

Nine Months Ended September 30, 2020

Total revenue

$

1,948,095

 

 

$

1,548,223

 

 

$

839,040

 

 

$

4,335,358

 

 

 

$

 

 

 

$

4,335,358

 

 

Elimination of intersegment revenue

(280,494

)

 

(85,298

)

 

(319

)

 

(366,111

)

 

 

 

 

 

(366,111

)

 

Revenue from external customers

$

1,667,601

 

 

$

1,462,925

 

 

$

838,721

 

 

$

3,969,247

 

 

 

$

 

 

 

$

3,969,247

 

 

Income (loss) from construction operations

$

181,756

 

 

$

37,120

 

 

$

6,591

 

 

$

225,467

 

 

(a)

$

(37,523

)

 

(b)

$

187,944

 

 

Capital expenditures

$

41,139

 

 

$

636

 

 

$

952

 

 

$

42,727

 

 

 

$

669

 

 

 

$

43,396

 

 

Depreciation and amortization(c)

$

67,050

 

 

$

1,274

 

 

$

2,990

 

 

$

71,314

 

 

 

$

8,320

 

 

 

$

79,634

 

 



 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2019

Total revenue

$

1,516,623

 

 

$

1,291,043

 

 

$

664,279

 

 

$

3,471,945

 

 

 

$

 

 

 

$

3,471,945

 

 

Elimination of intersegment revenue

(184,925

)

 

(13,913

)

 

 

 

(198,838

)

 

 

 

 

 

(198,838

)

 

Revenue from external customers

$

1,331,698

 

 

$

1,277,130

 

 

$

664,279

 

 

$

3,273,107

 

 

 

$

 

 

 

$

3,273,107

 

 

Income (loss) from construction operations

$

(72,032

)

 

$

6,903

 

 

$

(160,036

)

 

$

(225,165

)

 

(d)

$

(45,696

)

 

(b)

$

(270,861

)

 

Capital expenditures

$

60,948

 

 

$

349

 

 

$

558

 

 

$

61,855

 

 

 

$

822

 

 

 

$

62,677

 

 

Depreciation and amortization(c)

$

31,608

 

 

$

1,495

 

 

$

3,143

 

 

$

36,246

 

 

 

$

8,295

 

 

 

$

44,541

 

 

(a)

During the nine months ended September 30, 2020, income (loss) from construction operations was adversely impacted by $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) in the third quarter of 2020 due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as by $13.2 million (an unfavorable after-tax impact of $9.5 million, or $0.19 per diluted share) in the second quarter of 2020 due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. These adverse impacts were mostly offset by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) in the third quarter of 2020 as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment.

(b)

Consists primarily of corporate general and administrative expenses.

(c)

Depreciation and amortization is included in income (loss) from construction operations.

(d)

During the nine months ended September 30, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from construction operations (an unfavorable after-tax impact of $329.5 million, or $6.56 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019.

Tutor Perini Corporation

Condensed Consolidated Balance Sheets

Unaudited

(in thousands, except share and per share amounts)

 

As of September 30,
2020

 

As of December 31,
2019

ASSETS

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents ($104,955 and $103,850 related to variable interest entities ("VIEs"))

 

$

348,366

 

 

 

$

193,685

 

 

Restricted cash

 

80,974

 

 

 

8,416

 

 

Restricted investments

 

75,475

 

 

 

70,974

 

 

Accounts receivable ($106,085 and $91,090 related to VIEs)

 

1,565,909

 

 

 

1,354,519

 

 

Retainage receivable ($110,794 and $89,132 related to VIEs)

 

621,414

 

 

 

562,375

 

 

Costs and estimated earnings in excess of billings ($39,147 and $22,764 related to VIEs)

 

1,180,215

 

 

 

1,123,544

 

 

Other current assets ($56,504 and $58,128 related to VIEs)

 

239,614

 

 

 

197,473

 

 

Total current assets

 

4,111,967

 

 

 

3,510,986

 

 

PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $424,065 and $388,147 (net P&E of $17,634 and $49,919 related to VIEs)

 

485,861

 

 

 

509,685

 

 

GOODWILL

 

205,143

 

 

 

205,143

 

 

INTANGIBLE ASSETS, NET

 

131,391

 

 

 

155,270

 

 

OTHER ASSETS

 

107,894

 

 

 

104,693

 

 

TOTAL ASSETS

 

$

5,042,256

 

 

 

$

4,485,777

 

 

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

 

 

 

 

Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $3,115 and $0

 

$

99,504

 

 

 

$

124,054

 

 

Accounts payable ($101,034 and $93,848 related to VIEs)

 

811,987

 

 

 

682,699

 

 

Retainage payable ($22,864 and $13,967 related to VIEs)

 

296,200

 

 

 

252,181

 

 

Billings in excess of costs and estimated earnings ($413,659 and $422,847 related to VIEs)

 

911,378

 

 

 

844,389

 

 

Accrued expenses and other current liabilities ($12,581 and $25,402 related to VIEs)

 

233,241

 

 

 

206,533

 

 

Total current liabilities

 

2,352,310

 

 

 

2,109,856

 

 

LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $20,934 and $23,343

 

921,519

 

 

 

710,422

 

 

DEFERRED INCOME TAXES

 

58,416

 

 

 

35,686

 

 

OTHER LONG-TERM LIABILITIES

 

200,714

 

 

 

199,288

 

 

TOTAL LIABILITIES

 

3,532,959

 

 

 

3,055,252

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

EQUITY

 

 

 

 

Stockholders' equity:

 

 

 

 

Preferred stock - authorized 1,000,000 shares ($1 par value), none issued

 

 

 

 

 

 

Common stock - authorized 112,500,000 and 75,000,000 shares ($1 par value), issued and outstanding 50,827,205 and 50,278,816 shares

 

50,827

 

 

 

50,279

 

 

Additional paid-in capital

 

1,125,455

 

 

 

1,117,972

 

 

Retained earnings

 

386,890

 

 

 

313,991

 

 

Accumulated other comprehensive loss

 

(39,816

)

 

 

(42,100

)

 

Total stockholders' equity

 

1,523,356

 

 

 

1,440,142

 

 

Noncontrolling interests

 

(14,059

)

 

 

(9,617

)

 

TOTAL EQUITY

 

1,509,297

 

 

 

1,430,525

 

 

TOTAL LIABILITIES AND EQUITY

 

$

5,042,256

 

 

 

$

4,485,777

 

 

Tutor Perini Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited



Nine Months Ended September 30,

(in thousands)

2020

 

 

2019

 

Cash Flows from Operating Activities:

 

 

 

Net income (loss)

$

106,320

 

 

 

$

(283,996

)

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

Goodwill impairment

 

 

 

379,863

 

 

Depreciation

55,755

 

 

 

41,884

 

 

Amortization of intangible assets

23,879

 

 

 

2,657

 

 

Share-based compensation expense

10,722

 

 

 

14,331

 

 

Change in debt discount and deferred debt issuance costs

18,960

 

 

 

9,790

 

 

Deferred income taxes

22,137

 

 

 

(48,318

)

 

Gain on sale of property and equipment

(2,609

)

 

 

(1,799

)

 

Changes in other components of working capital

(107,786

)

 

 

(7,148

)

 

Other long-term liabilities

3,899

 

 

 

3,979

 

 

Other, net

(309

)

 

 

122

 

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

130,968

 

 

 

111,365

 

 



 

 

 

Cash Flows from Investing Activities:

 

 

 

Acquisition of property and equipment

(43,396

)

 

 

(62,677

)

 

Proceeds from sale of property and equipment

13,320

 

 

 

4,300

 

 

Investment in securities

(22,692

)

 

 

(18,790

)

 

Proceeds from maturities and sales of investments in securities

19,901

 

 

 

11,078

 

 

NET CASH USED IN INVESTING ACTIVITIES

(32,867

)

 

 

(66,089

)

 



 

 

 

Cash Flows from Financing Activities:

 

 

 

Proceeds from debt

1,183,012

 

 

 

649,139

 

 

Repayment of debt

(1,004,259

)

 

 

(583,039

)

 

Cash payments related to share-based compensation

(1,697

)

 

 

(2,363

)

 

Distributions paid to noncontrolling interests

(37,217

)

 

 

(21,500

)

 

Contributions from noncontrolling interests

 

 

 

6,519

 

 

Debt issuance, extinguishment and modification costs

(10,701

)

 

 

(504

)

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

129,138

 

 

 

48,252

 

 



 

 

 

Net increase in cash, cash equivalents and restricted cash

227,239

 

 

 

93,528

 

 

Cash, cash equivalents and restricted cash at beginning of period

202,101

 

 

 

119,863

 

 

Cash, cash equivalents and restricted cash at end of period

$

429,340

 

 

 

$

213,391

 

 

Tutor Perini Corporation

Backlog Information

Unaudited



 

 

 

 

 

 

 

 

(in millions)

 

Backlog at
June 30, 2020

 

New Awards in the

Three Months Ended
September 30, 2020(a)

 

Revenue in the

Three Months Ended
September 30, 2020

 

Backlog at
September 30, 2020

Civil

 

$

5,536.9

 

 

$

282.2

 

 

$

(612.0

)

 

 

$

5,207.1

 

Building

 

2,278.5

 

 

186.4

 

 

(508.1

)

 

 

1,956.8

 

Specialty Contractors

 

2,183.2

 

 

156.9

 

 

(322.0

)

 

 

2,018.1

 

Total

 

$

9,998.6

 

 

$

625.5

 

 

$

(1,442.1

)

 

 

$

9,182.0

 



 

 

 

 

 

 

 

 

(in millions)

 

Backlog at
December 31, 2019

 

New Awards in the
Nine Months Ended
September 30, 2020(a)

 

Revenue in the

Nine Months Ended
September 30, 2020

 

Backlog at
September 30, 2020

Civil

 

$

6,037.2

 

 

$

837.5

 

 

$

(1,667.6

)

 

 

$

5,207.1

 

Building

 

2,790.3

 

 

629.4

 

 

(1,462.9

)

 

 

1,956.8

 

Specialty Contractors

 

2,393.6

 

 

463.2

 

 

(838.7

)

 

 

2,018.1

 

Total

 

$

11,221.1

 

 

$

1,930.1

 

 

$

(3,969.2

)

 

 

$

9,182.0

 

(a)

New awards consist of the original contract price of projects added to our backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.

 

Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com

Source: Tutor Perini Corporation

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