-
Revenue of $4.5 billion in 2014, up 8% compared to $4.2 billion in
2013
-
Income from construction operations of $241.7 million in 2014, up
19% compared to $203.8 million in 2013
-
Diluted EPS of $2.20 in 2014, up 22% compared to $1.80 in 2013
-
Backlog of $7.8 billion at end of 2014, up 13% compared to $7.0
billion at end of 2013
SYLMAR, Calif.--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil
and building construction company, today reported results for the fourth
quarter and fiscal year ended December 31, 2014.
Fourth-Quarter and Fiscal 2014 Results
Revenues were $1.2 billion and $4.5 billion for the fourth quarter and
fiscal 2014, respectively, compared to $1.1 billion and $4.2 billion for
the same periods in 2013. Income from construction operations was $64.4
million and $241.7 million for the fourth quarter and fiscal 2014,
respectively, compared to $70.2 million and $203.8 million for the same
periods in 2013. Net income was $27.7 million and $107.9 million for the
fourth quarter and fiscal 2014, respectively, compared to $33.3 million
and $87.3 million for the same periods in 2013. Diluted earnings per
share (EPS) were $0.56 and $2.20 for the fourth quarter and fiscal 2014,
respectively, compared to $0.68 and $1.80 for the same periods in 2013.
Revenue increased 9.3% in the fourth quarter of 2014 compared to the
same quarter last year due primarily to increased activity on mass
transit projects in California and New York and an industrial building
project in California. The decrease in net income for the fourth quarter
of 2014 was due primarily to decreased activity on certain higher-margin
projects and tunnel projects on the West Coast, which was partially
offset by the increased revenue. Revenue increased 7.6% in fiscal 2014
due primarily to increased activity on projects at Hudson Yards in New
York, electrical and mechanical projects on the East Coast, mass transit
projects in California and New York, and bridge projects in the Midwest
and New York. This increase was partially offset by decreased activity
on hospitality and gaming projects in various states, healthcare
projects in California, and tunnel projects on the West Coast. The
increase in fiscal 2014 net income was due primarily to the increased
revenue and net favorable adjustments to anticipated recoveries
associated with two legal rulings issued in the second quarter of 2014.
The Company generated $86.7 million of cash from operating activities in
the fourth quarter of 2014, compared to $61.8 million in the same
quarter last year, and used $56.7 million of cash from operating
activities in fiscal 2014, compared to generating $50.7 million in
fiscal 2013. The cash generation in the fourth quarter of 2014 was
partly due to payments received related to legal settlements and strong
collections across all segments. The cash usage in 2014 was primarily
driven by the timing of payments across all segments. At December 31,
2014, working capital was $1.1 billion, an increase of $326.5 million
from $787.4 million at December 31, 2013. 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 Remains Strong at $7.8 Billion
The backlog of uncompleted construction work at December 31, 2014, was
approximately $7.8 billion, an increase of $0.8 billion, or 12.6%, from
$7.0 billion reported at December 31, 2013. The Company’s fourth-quarter
revenue of $1.2 billion exceeded the volume of new awards and
adjustments to contracts in process, which together totaled
approximately $948.0 million, resulting in a backlog decline of
approximately $0.3 billion, or 3.1%, compared to the third quarter of
2014. This decline followed a period of six consecutive quarters of
increased backlog. The strong year-over-year increase in backlog was
driven primarily by the awards of two mass transit projects in New York
collectively valued at $844 million, a $255 million multi-unit
residential tower project in Florida, a $243 million runway
reconstruction project in New York, two hospitality and gaming projects
in Mississippi and California collectively valued at $225 million, a
$211 million healthcare facility project in California, three bridge
projects in Wisconsin and Minnesota collectively valued at $181 million,
a $120 million retail development project in California, and a $113
million technology building project in California. Significant awards
received during the fourth quarter included an $88 million mass transit
electrical project in New York, an $87 million mass transit electrical
project in California, two mechanical contracts collectively valued at
$64 million for work at the World Trade Center in New York, and a $63
million educational facility project in California.
Outlook and Guidance
Reflecting on the Company’s results, Ronald Tutor, Chairman and Chief
Executive Officer, remarked, “The Company had another excellent year in
2014 with many successes despite certain delays. I am particularly
pleased with our strong growth in revenue, operating income, and backlog
during the year. Our backlog remains at a very healthy level and
provides a solid foundation and good visibility for continued strong
performance in 2015 and beyond. Our end markets have remained strong,
offering a large pipeline of project opportunities across all of our
segments, and I anticipate continued strength and improvement across
these markets.”
Based on the current market outlook and expectations, the Company is
introducing its fiscal 2015 guidance, with revenue expected in the range
of $5.0 billion to $5.5 billion and diluted EPS expected in the range of
$2.20 to $2.50. As is typical in our business, our earnings in 2015 are
expected to be weighted towards the second half of the year.
Fourth-Quarter Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on
Thursday, February 26, 2015, to discuss the fourth-quarter and full-year
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 webcasted live over the internet and can be
accessed on Tutor Perini's website at www.tutorperini.com.
To listen to the webcast, please visit Tutor Perini's website 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 on Tutor Perini's website.
About Tutor Perini Corporation
Tutor Perini Corporation is 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 a Specialty
Contractors business 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 ended December
31, 2014, filed with the Securities and Exchange Commission on February
26, 2015. 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.
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Tutor Perini Corporation
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Consolidated Balance Sheets
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(Dollars in thousands, except par value)
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At December 31,
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2014
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2013
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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135,583
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$
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119,923
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Restricted cash
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44,370
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42,594
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Accounts receivable, including retainage
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1,479,504
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1,291,246
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Costs and estimated earnings in excess of billings
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726,402
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573,248
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Deferred income taxes
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17,962
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8,240
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Other current assets
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68,735
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50,669
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Total current assets
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2,472,556
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2,085,920
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Long-term investments
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-
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46,283
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Property and equipment, net
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527,602
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498,125
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Goodwill
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585,006
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577,756
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Intangible assets, net
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100,254
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113,740
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Other
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87,897
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75,614
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Total assets
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$
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3,773,315
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$
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3,397,438
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Current maturities of long-term debt
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$
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81,292
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$
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114,658
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Accounts payable, including retainage
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798,174
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758,225
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Billings in excess of costs and estimated earnings
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319,296
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267,586
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Accrued expenses and other current liabilities
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159,814
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158,017
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Total current liabilities
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1,358,576
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1,298,486
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Long-term debt, less current maturities
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784,067
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619,226
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Deferred income taxes
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150,371
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114,333
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Other long-term liabilities
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114,796
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117,858
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Total liabilities
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2,407,810
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2,149,903
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CONTINGENCIES AND COMMITMENTS
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STOCKHOLDERS’ EQUITY:
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Preferred stock, $1 par value:
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Authorized – 1,000,000 shares
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Issued and outstanding – none
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-
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-
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Common stock, $1 par value:
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Authorized – 75,000,000 shares
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Issued and outstanding – 48,671,492 shares and 48,421,467 shares
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48,671
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48,421
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Additional paid-in capital
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1,025,941
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1,007,918
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Retained earnings
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332,511
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224,575
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Accumulated other comprehensive loss
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(41,618
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)
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(33,379
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)
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Total stockholders' equity
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1,365,505
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|
1,247,535
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Total liabilities and stockholders' equity
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|
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$
|
3,773,315
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$
|
3,397,438
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Tutor Perini Corporation
|
Consolidated Statements of Operations
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(In thousands, except per share data)
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Three Months Ended
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Twelve Months Ended
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December 31,
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|
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December 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
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|
2013
|
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Revenues
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|
$
|
1,201,877
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$
|
1,099,291
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$
|
4,492,309
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$
|
4,175,672
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|
|
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|
Cost of operations
|
|
|
|
|
1,072,154
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|
959,556
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3,986,867
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|
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|
|
|
3,708,768
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Gross profit
|
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129,723
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139,735
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505,442
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466,904
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General and administrative expenses
|
|
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|
|
65,327
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|
|
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|
|
69,560
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|
|
|
|
|
263,752
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|
|
|
|
|
263,082
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|
INCOME FROM CONSTRUCTION OPERATIONS
|
|
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|
64,396
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|
|
|
|
|
70,175
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|
|
|
|
|
241,690
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|
|
|
|
|
203,822
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Other income (expense), net
|
|
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|
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1,252
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|
|
|
|
|
(5,026
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)
|
|
|
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(9,536
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)
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|
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|
(18,575
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)
|
Interest expense
|
|
|
|
|
(11,731
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)
|
|
|
|
|
(11,642
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)
|
|
|
|
|
(44,716
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)
|
|
|
|
|
(45,632
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)
|
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|
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|
|
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|
|
|
|
|
|
|
|
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|
Income before income taxes
|
|
|
|
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53,917
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|
|
|
|
|
53,507
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|
|
|
|
|
187,438
|
|
|
|
|
|
139,615
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
|
(26,195
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)
|
|
|
|
|
(20,248
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)
|
|
|
|
|
(79,502
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)
|
|
|
|
|
(52,319
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)
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|
NET INCOME
|
|
|
|
$
|
27,722
|
|
|
|
|
$
|
33,259
|
|
|
|
|
$
|
107,936
|
|
|
|
|
$
|
87,296
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|
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BASIC EARNINGS PER COMMON SHARE
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$
|
0.57
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|
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$
|
0.69
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|
|
|
|
$
|
2.22
|
|
|
|
|
$
|
1.82
|
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|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
$
|
0.56
|
|
|
|
|
$
|
0.68
|
|
|
|
|
$
|
2.20
|
|
|
|
|
$
|
1.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
|
48,671
|
|
|
|
|
|
48,194
|
|
|
|
|
|
48,562
|
|
|
|
|
|
47,851
|
|
Effect of dilutive stock options and restricted stock units
|
|
|
|
|
723
|
|
|
|
|
|
549
|
|
|
|
|
|
552
|
|
|
|
|
|
738
|
|
DILUTED
|
|
|
|
|
49,394
|
|
|
|
|
|
48,743
|
|
|
|
|
|
49,114
|
|
|
|
|
|
48,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
Consolidated Statements of Cash Flows
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
2013
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
107,936
|
|
|
|
|
|
|
|
|
|
$
|
87,296
|
|
Adjustments to reconcile net income to net cash from operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
55,972
|
|
|
|
|
|
|
|
|
|
|
59,410
|
|
Stock-based compensation expense
|
|
|
|
|
18,615
|
|
|
|
|
|
|
|
|
|
|
6,623
|
|
Excess income tax benefit from stock-based compensation
|
|
|
|
|
(787
|
)
|
|
|
|
|
|
|
|
|
|
(1,148
|
)
|
Deferred income taxes
|
|
|
|
|
21,460
|
|
|
|
|
|
|
|
|
|
|
9,009
|
|
Loss on sale of investments
|
|
|
|
|
1,786
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Loss on sale of property and equipment
|
|
|
|
|
801
|
|
|
|
|
|
|
|
|
|
|
49
|
|
Other long-term liabilities
|
|
|
|
|
3,074
|
|
|
|
|
|
|
|
|
|
|
23,107
|
|
Other non-cash items
|
|
|
|
|
3,273
|
|
|
|
|
|
|
|
|
|
|
(3,719
|
)
|
Changes in other components of working capital
|
|
|
|
|
(268,808
|
)
|
|
|
|
|
|
|
|
|
|
(129,899
|
)
|
NET CASH PROVIDED BY (USED) IN OPERATING ACTIVITIES
|
|
|
|
|
(56,678
|
)
|
|
|
|
|
|
|
|
|
|
50,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment excluding financed purchases
|
|
|
|
|
(75,013
|
)
|
|
|
|
|
|
|
|
|
|
(42,360
|
)
|
Proceeds from sale of property and equipment
|
|
|
|
|
5,335
|
|
|
|
|
|
|
|
|
|
|
2,663
|
|
Proceeds from sale of available-for-sale securities
|
|
|
|
|
44,497
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Change in restricted cash
|
|
|
|
|
(1,776
|
)
|
|
|
|
|
|
|
|
|
|
(3,877
|
)
|
NET CASH PROVIDED BY (USED) IN INVESTING ACTIVITIES
|
|
|
|
|
(26,957
|
)
|
|
|
|
|
|
|
|
|
|
(43,574
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from debt
|
|
|
|
|
1,156,739
|
|
|
|
|
|
|
|
|
|
|
653,280
|
|
Repayment of debt
|
|
|
|
|
(1,026,349
|
)
|
|
|
|
|
|
|
|
|
|
(676,795
|
)
|
Business acquisition related payments
|
|
|
|
|
(26,430
|
)
|
|
|
|
|
|
|
|
|
|
(31,038
|
)
|
Excess income tax benefit from stock-based compensation
|
|
|
|
|
787
|
|
|
|
|
|
|
|
|
|
|
1,148
|
|
Issuance of common stock and effect of cashless exercise
|
|
|
|
|
(1,771
|
)
|
|
|
|
|
|
|
|
|
|
(1,882
|
)
|
Debt issuance costs
|
|
|
|
|
(3,681
|
)
|
|
|
|
|
|
|
|
|
|
-
|
|
NET CASH PROVIDED BY (USED) IN FINANCING ACTIVITIES
|
|
|
|
|
99,295
|
|
|
|
|
|
|
|
|
|
|
(55,287
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
|
|
|
15,660
|
|
|
|
|
|
|
|
|
|
|
(48,133
|
)
|
Cash and Cash Equivalents at Beginning of Year
|
|
|
|
|
119,923
|
|
|
|
|
|
|
|
|
|
|
168,056
|
|
Cash and Cash Equivalents at End of Period
|
|
|
|
$
|
135,583
|
|
|
|
|
|
|
|
|
|
$
|
119,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Paid For:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
$
|
45,236
|
|
|
|
|
|
|
|
|
|
$
|
41,207
|
|
Income taxes
|
|
|
|
$
|
75,494
|
|
|
|
|
|
|
|
|
|
$
|
28,898
|
|
Supplemental Disclosure of Non-Cash Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment acquired through financing arrangements not
included above
|
|
|
|
$
|
816
|
|
|
|
|
|
|
|
|
|
$
|
16,689
|
|
Grant date fair value of common stock issued for services
|
|
|
|
$
|
6,261
|
|
|
|
|
|
|
|
|
|
$
|
18,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
Segment Information
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
Three Months Ended
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Totals
|
|
|
|
Corporate
|
|
|
|
Total
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
459,811
|
|
|
|
|
$
|
436,359
|
|
|
|
|
$
|
331,292
|
|
|
|
|
$
|
1,227,462
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
1,227,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of intersegment revenues
|
|
|
|
|
(11,032
|
)
|
|
|
|
|
(14,553
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(25,585
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(25,585
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from external customers
|
|
|
|
$
|
448,779
|
|
|
|
|
$
|
421,806
|
|
|
|
|
$
|
331,292
|
|
|
|
|
$
|
1,201,877
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
1,201,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from construction operations
|
|
|
|
$
|
64,523
|
|
|
|
|
$
|
(3,959
|
)
|
|
|
|
$
|
19,672
|
|
|
|
|
$
|
80,236
|
|
|
|
|
$
|
(15,840
|
)
|
*
|
|
|
$
|
64,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
455,433
|
|
|
|
|
$
|
361,040
|
|
|
|
|
$
|
309,300
|
|
|
|
|
$
|
1,125,773
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
1,125,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of intersegment revenues
|
|
|
|
|
(11,881
|
)
|
|
|
|
|
(14,044
|
)
|
|
|
|
|
(557
|
)
|
|
|
|
|
(26,482
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(26,482
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from external customers
|
|
|
|
$
|
443,552
|
|
|
|
|
$
|
346,996
|
|
|
|
|
$
|
308,743
|
|
|
|
|
$
|
1,099,291
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
1,099,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from construction operations
|
|
|
|
$
|
73,184
|
|
|
|
|
$
|
3,724
|
|
|
|
|
$
|
4,425
|
|
|
|
|
$
|
81,333
|
|
|
|
|
$
|
(11,158
|
)
|
*
|
|
|
$
|
70,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
Twelve Months Ended
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Totals
|
|
|
|
Corporate
|
|
|
|
Total
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
1,730,468
|
|
|
|
|
$
|
1,558,431
|
|
|
|
|
$
|
1,301,328
|
|
|
|
|
$
|
4,590,227
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
4,590,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of intersegment revenues
|
|
|
|
|
(43,324
|
)
|
|
|
|
|
(54,594
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(97,918
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(97,918
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from external customers
|
|
|
|
$
|
1,687,144
|
|
|
|
|
$
|
1,503,837
|
|
|
|
|
$
|
1,301,328
|
|
|
|
|
$
|
4,492,309
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
4,492,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from construction operations
|
|
|
|
$
|
220,554
|
|
|
|
|
$
|
24,697
|
|
|
|
|
$
|
50,998
|
|
|
|
|
$
|
296,249
|
|
|
|
|
$
|
(54,559
|
)
|
*
|
|
|
$
|
241,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
1,519,370
|
|
|
|
|
$
|
1,622,705
|
|
|
|
|
$
|
1,182,844
|
|
|
|
|
$
|
4,324,919
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
4,324,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of intersegment revenues
|
|
|
|
|
(77,954
|
)
|
|
|
|
|
(70,726
|
)
|
|
|
|
|
(567
|
)
|
|
|
|
|
(149,247
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(149,247
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from external customers
|
|
|
|
$
|
1,441,416
|
|
|
|
|
$
|
1,551,979
|
|
|
|
|
$
|
1,182,277
|
|
|
|
|
$
|
4,175,672
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
4,175,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from construction operations
|
|
|
|
$
|
177,667
|
|
|
|
|
$
|
24,579
|
|
|
|
|
$
|
49,008
|
|
|
|
|
$
|
251,254
|
|
|
|
|
$
|
(47,432
|
)
|
*
|
|
|
$
|
203,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Consists primarily of corporate general and administrative
expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
Backlog Information
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog at
September 30, 2014
|
|
|
|
New Business
Awarded (1)
|
|
|
|
Revenues Recognized in the
Three Months Ended
December 31, 2014
|
|
|
|
Backlog at
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Civil
|
|
|
|
$
|
3,886.4
|
|
|
|
$
|
125.5
|
|
|
|
$
|
(448.7
|
)
|
|
|
|
$
|
3,563.2
|
Building
|
|
|
|
|
2,188.0
|
|
|
|
|
421.7
|
|
|
|
|
(421.9
|
)
|
|
|
|
|
2,187.8
|
Specialty Contractors
|
|
|
|
|
2,011.2
|
|
|
|
|
400.8
|
|
|
|
|
(331.3
|
)
|
|
|
|
|
2,080.7
|
Total
|
|
|
|
$
|
8,085.6
|
|
|
|
$
|
948.0
|
|
|
|
$
|
(1,201.9
|
)
|
|
|
|
$
|
7,831.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog at
December 31, 2013
|
|
|
|
New Business
Awarded (1)
|
|
|
|
Revenues Recognized in the
Twelve Months Ended
December 31, 2014
|
|
|
|
Backlog at
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Civil
|
|
|
|
$
|
3,538.1
|
|
|
|
$
|
1,712.2
|
|
|
|
$
|
(1,687.1
|
)
|
|
|
|
$
|
3,563.2
|
Building
|
|
|
|
|
1,755.1
|
|
|
|
|
1,936.6
|
|
|
|
|
(1,503.9
|
)
|
|
|
|
|
2,187.8
|
Specialty Contractors
|
|
|
|
|
1,661.1
|
|
|
|
|
1,720.9
|
|
|
|
|
(1,301.3
|
)
|
|
|
|
|
2,080.7
|
Total
|
|
|
|
$
|
6,954.3
|
|
|
|
$
|
5,369.7
|
|
|
|
$
|
(4,492.3
|
)
|
|
|
|
$
|
7,831.7
|
(1)
|
|
|
New business awarded consists 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.
|
|
|
|
|
|

Source: Tutor Perini Corporation