• Revenue of$1,053.1 million, up 7% compared to$985.3 millionin Q2 2012
• Diluted EPS of$0.32, up 100% compared to adjusted diluted EPS of$0.16in Q2 2012
• Backlog of$6.6 billion(highest level since 2008), up 12% compared to$5.9 billionin Q2 2012
• Re-affirming FY13 guidance: Revenue$4.5 billion to $5.0 billion; diluted EPS$1.65 to $1.90

SYLMAR, Calif.--(BUSINESS WIRE)--Aug. 9, 2013--Tutor Perini Corporation(NYSE: TPC) (the “Company”), a leading civil and building construction company, today reported results for the second quarter endedJune 30, 2013.

Second-Quarter and Six-Month Results

Revenues were$1,053.1 millionand$2,046.0 millionfor the second quarter and six months endedJune 30, 2013, respectively, compared to$985.3 millionand$1,897.9 millionfor the same periods last year. Income from construction operations was$39.5 millionand$75.6 millionfor the second quarter and six months endedJune 30, 2013, respectively, compared to a loss from construction operations of$354.2 millionand$337.2 millionfor the same periods last year. Net income was$15.5 millionand$30.3 millionfor the second quarter and six months endedJune 30, 2013, respectively, compared to a net loss of$348.4 millionand$349.6 millionfor the same periods last year. Diluted earnings per share (EPS) were$0.32and$0.62for the second quarter and six months endedJune 30, 2013, respectively, compared to a diluted loss per share of$7.35and$7.38for the same periods last year. Excluding a$376.6 milliongoodwill and intangible assets impairment charge and a$20.7 milliontax benefit provided on the impairment charge, both of which were recorded in the second quarter of 2012, net income for the second quarter of 2012 was$7.5 million, or$0.16per diluted share. Excluding the impairment charge and related tax benefit, together with a$2.7 millionrealized loss on the sale of certain auction rate securities and$3.6 millionin discrete tax adjustments recorded in the first quarter of 2012, net income for the six months endedJune 30, 2012was$11.6 million, or$0.24per diluted share. Net income and diluted EPS excluding these adjustments are non-GAAP financial measures, which are discussed below and are reconciled to the most directly comparable GAAP measures in the financial tables attached hereto.

Revenues increased 6.9% and 7.8% in the second quarter and six months endedJune 30, 2013, respectively, compared to the same periods last year due primarily to activity in new hospitality and gaming projects inCalifornia,Arizona, andNevada. The increase in net income in the current second quarter and six-month periods was due primarily to the increased revenues described above and contributions from higher-margin pipeline work in the Midwest, and Hurricane Sandy-related projects performed inNew Yorkin the first quarter.

The Company generated$45.9 millionof cash from operating activities in the second quarter of 2013 compared to the use of$6.8 millionin the same quarter last year. AtJune 30, 2013, working capital was$791.8 million, an increase of$44.2 millionfrom$747.6 millionatDecember 31, 2012. The Company believes its financial position and available borrowing under existing credit arrangements are sufficient to support the Company’s current backlog and anticipated new work.

Backlog up to$6.6 Billionon Strong Volume of New Awards

The backlog of uncompleted construction work atJune 30, 2013was$6.6 billion, an increase of$1.0 billionfrom$5.6 billionreported atDecember 31, 2012and an increase of$0.7 billionfrom$5.9 billionreported atJune 30, 2012. Revenues earned during the second quarter partially offset a strong volume of new awards and adjustments to contracts in process, which together added approximately$2.1 billion. Significant additions to backlog included an$840 millionSan Francisco Central Subwayconstruction project and the following projects inNew York: a$143 millionconcrete placement contract, a$133 millionunderground concrete casing project, and a$56 millionelectrical subcontract, all for work at Hudson Yards; a$103 millionbridge replacement project; a$100 millionbus terminal renovation project; and the Company’s share of a$61 millionjoint venture runway rehabilitation project. Importantly, the$6.6 billionbacklog excludes more than$400 millionof work related to construction of theSouth Towerat Hudson Yards, for which the Company will earn a profit despite not recognizing revenue due to the customer’s direct contracts for certain externally subcontracted services. The Company continues to target a number of attractive civil infrastructure and building projects which could be awarded in the balance of this year or first half of next year.

Outlook

Ronald Tutor , Chairman and Chief Executive Officer, remarked, “I am satisfied with the Company’s second-quarter results—in particular our 12% backlog growth, which was driven by$1.3 billionof new awards in our Civil segment. Our Civil business fuels our growth, and this quarter’s strong Civil backlog growth provides the foundation needed for higher revenue and improved margins over the next few years. Our backlog now stands at the highest level since 2008. In addition, we anticipate a continued strong volume of new awards in the third quarter, driven by our share of the$1 billionjoint venture California High-Speed Rail project and both the platform andNorth Towercontracts for Hudson Yards. Our second-quarter financial results were in-line with our projections and we continue to foresee stronger results in the second half of 2013 and in 2014 as we ramp up work on several mega-projects.” Tutor continued, “Based on our outlook for the remainder of this year, we are re-affirming our fiscal 2013 guidance for revenue in the range of$4.5 billion to $5.0 billionand diluted EPS in the range of$1.65to$1.90.”

Non-GAAP Financial Measures

To supplement our consolidated financial statements presented based on accounting principles generally accepted inthe United States of America(“GAAP”), we sometimes use non-GAAP measures of income from operations, net income, EPS and other measures that we believe are appropriate to enhance an overall understanding of our historical financial performance and future prospects. The Company is providing these measures to provide additional information to facilitate the comparison of past and present operations, and they are among the indicators management uses as a basis for evaluating its financial performance as well as for forecasting future periods. For these reasons, management believes these non-GAAP measures can be useful operating performance measures to be considered by investors, potential investors, and others. These measures are not intended to replace the presentation of our financial results in accordance with GAAP, and they should be considered in addition to, and not in lieu of, our GAAP results. The non-GAAP financial measures that we provide may not be comparable to other similarly titled measures of other companies. A table reconciling reported income/loss from construction operations, net income/loss, and diluted earnings/loss per share under GAAP to adjusted income from operations, net income and diluted EPS in 2012 is attached. Included in the adjustments to GAAP are the impacts of: (i) the$376.6 milliongoodwill and intangible assets impairment charge and related$20.7 milliontax benefit, both recorded in the second quarter of 2012, (ii)$3.6 millionof discrete tax expense items related to an increase in unrecognized tax benefits and an adjustment, both associated with certain stock-based compensation items identified during the first quarter of 2012, and (iii) the$2.7 millionrealized loss on the sale of auction rate securities in the first quarter of 2012.

Second-Quarter Conference Call

The Company will host a conference call at10:00 AM Pacific TimeonFriday, August 9, 2013, to discuss the second-quarter 2013 results. To participate in the conference call, please dial (800) 798-2864 and enter the passcode 66953912 five to ten minutes prior to the scheduled time. International callers should dial +1 (617) 614-6206 and enter the passcode 66953912.

The conference call will be webcasted live over the internet and can be accessed onTutor Perini'swebsite atwww.tutorperini.com. To listen to the webcast, please visitTutor Perini'swebsite at least fifteen minutes prior to the start of the call to register, download, and install any necessary software. For those unable to participate during the live call, the webcast will be available for replay shortly after the call onTutor Perini'swebsite for 90 days.

AboutTutor Perini Corporation

Tutor Perini Corporationis a leading civil and building construction company offering diversified general contracting and design-build services to private clients 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 the planning and scheduling of the manpower, equipment, materials, and subcontractors required for a project. We also offer self-performed construction services including excavation, concrete forming and placement, steel erection, electrical and mechanical services, plumbing, and 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 clients throughout the world.

The statements contained in this Release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, 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. 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 Company's ability to successfully and timely complete construction projects; the Company’s ability to win new contracts and convert backlog into revenue; the Company’s ability to realize the anticipated economic and business benefits of its acquisitions and its strategy to assemble and operate aSpecialty Contractorsbusiness segment; the potential delay, suspension, termination, or reduction in scope of a construction project; the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; the availability of borrowed funds on terms acceptable to the Company; the ability to retain certain members of management; the ability to obtain surety bonds to secure its performance under certain construction contracts; possible labor disputes or work stoppages within the construction industry; changes in federal and state appropriations for infrastructure projects and the impact of changing economic conditions on federal, state and local funding for infrastructure projects; possible changes or developments in international or domestic political, social, economic, business, industry, market and regulatory conditions or circumstances; and actions taken or not taken by third parties, including the Company’s customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials; and other risks and uncertainties discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year endedDecember 31, 2012filed with theSecurities and Exchange CommissiononFebruary 25, 2013. 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.

Source:Tutor Perini Corporation

Tutor Perini Corporation
Jorge Casado, 818-362-8391
Director, Investor Relations
www.tutorperini.com