• Revenue of$1,030.4 million, down 6% compared to$1,099.4 millionin Q3 2012
• Diluted EPS of$0.49, down 9% compared to adjusted diluted EPS of$0.54in Q3 2012
• Backlog of$6.9 billion(highest level since Q3 2008), up 24% compared to$5.6 billionin Q3 2012
• Re-affirming FY13 guidance: Revenue$4.5 billion to $5.0 billion; diluted EPS$1.65 to $1.90

SYLMAR, Calif.--(BUSINESS WIRE)--Nov. 4, 2013--Tutor Perini Corporation(NYSE: TPC) (the “Company”), a leading civil and building construction company, today reported results for the third quarter endedSeptember 30, 2013.

Third-Quarter and Nine-Month Results

Revenues were$1,030.4 millionand$3,076.4 millionfor the third quarter and nine months endedSeptember 30, 2013, respectively, compared to$1,099.4 millionand$2,997.3 millionfor the same periods last year. Income from construction operations was$58.1 millionand$133.6 millionfor the third quarter and nine months endedSeptember 30, 2013, respectively, compared to$54.7 millionand a loss from construction operations of$282.5 millionfor the same periods last year. Net income was$23.8 millionand$54.0 millionfor the third quarter and nine months endedSeptember 30, 2013, respectively, compared to$42.6 millionand a net loss of$307.0 millionfor the same periods last year. Diluted earnings per share (EPS) were$0.49and$1.11for the third quarter and nine months endedSeptember 30, 2013, respectively, compared to$0.88and a diluted loss per share of$6.47for the same periods last year.

Excluding a$16.8 milliontax benefit recognized in the third quarter of 2012, associated with the$376.6 milliongoodwill and intangible assets impairment charge recorded in the second quarter of 2012, net income for the third quarter of 2012 was$25.8 million, or$0.54per diluted share. Excluding the impairment charge and related$37.4 milliontax 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 nine months endedSeptember 30, 2012was$37.4 million, or$0.78per 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 decreased 6.3% in the third quarter and increased 2.6% in the nine months endedSeptember 30, 2013, respectively, compared to the same periods last year. The decrease in third quarter revenue was primarily driven by reduced activity on certain large healthcare and office facility projects in the Building segment inCalifornia. The increase in revenue for the nine months endedSeptember 30, 2013was primarily driven by increased activity on certain hospitality and gaming projects inCalifornia,ArizonaandNevada. The decrease in net income for the three months endedSeptember 30, 2013was primarily driven by the aforementioned$16.8 milliontax benefit. The increase in net income for the nine months endedSeptember 30, 2013was primarily driven by the aforementioned impairment charge.

Excluding the impairment charge and other discrete items discussed above, the decrease in net income for the three months endedSeptember 30, 2013was primarily driven by reduced activity on certain large healthcare and office facility projects in the Building segment inCalifornia, and the increase in net income for the nine months endedSeptember 30, 2013was primarily driven by strong operating performance in the Civil segment and Hurricane Sandy-related projects performed in the first quarter inNew York.

The Company generated$27.5 millionof cash from operating activities in the third quarter of 2013 compared to$4.0 millionin the same quarter last year. AtSeptember 30, 2013, working capital was$820.8 million, an increase of$73.2 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 Increased to$6.9 Billionon Continued Strong Volume of New Awards

The backlog of uncompleted construction work atSeptember 30, 2013was$6.9 billion, an increase of$1.3 billionfrom$5.6 billionreported atDecember 31, 2012and atSeptember 30, 2012. Revenue earned during the third quarter partially offset a continued strong volume of new awards and adjustments to contracts in process, which together added approximately$1.3 billion. Significant additions to backlog included the Company’s$511 millionshare of the$1.022 billionjoint venture California High-Speed Rail design-build project, twoWisconsinhighway construction contracts collectively valued at$191 million, a$47 milliontransit station electrical subcontract, and a$24 millionmilitary housing renovation project inGuam. As mentioned last quarter, the$6.9 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 and Guidance

Ronald Tutor , Chairman and Chief Executive Officer, said, “I am pleased with the continued growth in our backlog and our strongest quarterly operating margin in three years, which reflect solid growth and execution in our Civil segment. Our backlog remains at the highest level in five years and it should continue to grow, as we expect to book the$600 millionHudson Yards platform in the fourth quarter. We expect to deliver strong fourth-quarter results driven by the continued ramp-up of several large Civil projects.”

Based on performance to date and the outlook for the remainder of this year, the Company is re-affirming its fiscal 2013 guidance for revenue in the range of$4.5 billion to $5.0 billionand diluted EPS in the range of$1.65 to $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 recorded in the second quarter of 2012 and the related$37.4 milliontax benefit, (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.

Third-Quarter Conference Call

The Company will host a conference call at2:00 PM Pacific TimeonMonday, November 4, 2013, to discuss the third-quarter 2013 results. To participate in the conference call, please dial (866) 515-2915 and enter the passcode 21752835 five to ten minutes prior to the scheduled time. International callers should dial +1 (617) 399-5129 and enter the passcode 21752835.

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 revenue, 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