-
Revenue of $1.3 billion, up 21% compared to $1.1 billion in Q2 2014
-
Backlog stable at $7.7 billion compared to $7.8 billion in Q2 2014
SYLMAR, Calif.--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil
and building construction company, today reported results for the second
quarter of 2015.
Second-Quarter and Six-Month Results
Revenues were $1,312.4 million and $2,378.9 million for the three and
six months ended June 30, 2015 compared to $1,084.5 million and $2,039.7
million for the same periods in 2014. Income from construction
operations was $30.9 million and $51.0 million for the three and six
months ended June 30, 2015 compared to $65.4 million and $106.9 million
for the same periods in 2014. Net income for the three and six months
ended June 30, 2015 was $11.8 million and $16.9 million compared to
$28.5 million and $44.5 million for the same periods in 2014. Basic and
diluted earnings per share (EPS) were both $0.24 for the three months
ended June 30, 2015 compared to basic and diluted EPS of $0.59 and $0.58
for the same period in 2014. Basic and diluted EPS were $0.35 and $0.34
for the six months ended June 30, 2015 compared to basic and diluted EPS
of $0.92 and $0.91 for the same period in 2014.
The most significant revenue drivers in the second quarter were
increased activity in the New York area on the JFK runway reconstruction
project, the MTA East Side Access CM006 project, the Hudson Yards
platform, and various electrical and mechanical projects, as well as
increased activity on various bridge projects in the Midwest, the
Scarlet Pearl Casino Resort in Mississippi, two confidential technology
building projects in California, and the San Diego Courthouse project
also in California. Revenue this quarter was impacted by a further delay
on the Alaskan Way Viaduct project in Seattle associated with tunnel
boring machine repairs and a slow start to the California High-Speed
Rail project.
Net income for the second quarter was negatively impacted by a
significant loss on the Hudson Yards 52-story Tower C concrete project.
This loss, which amounted to an $8.7 million reduction in net income and
a corresponding $0.17 reduction in diluted EPS for the second quarter of
2015, was the first major loss for Tutor Perini on a fixed-price
contract in the past 20 years. In addition, decreased activity this year
on the Alaskan Way Viaduct project contributed to the decrease in net
income. The loss was partially offset by positive contributions from the
increased revenue drivers mentioned above, particularly the JFK runway
project.
At June 30, 2015, working capital was $1,158.7 million, an increase of
$44.7 million from $1,114.0 million at December 31, 2014. 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 Stable at $7.7 Billion
The backlog of uncompleted construction work at June 30, 2015 remained
stable at $7.7 billion, a decrease of $0.1 billion from $7.8 billion
reported at both June 30, 2014 and March 31, 2015. New awards and
adjustments to contracts in process totaled approximately $1.3 billion
in the second quarter of 2015. Significant additions to backlog in the
second quarter included $455 million of initial funding for a technology
research and development facility project and $72 million of incremental
funding for a biotechnology facility project, both in California, and
three electrical projects totaling $97 million in New York.
Outlook and Guidance
“Our second-quarter results were highlighted by strong revenue growth
and stable backlog which were balanced by lower-than-expected operating
income largely due to the significant loss on the Hudson Yards Tower C
concrete project,” remarked Ronald Tutor, Chairman and Chief Executive
Officer. Tutor continued, “Our strong revenue growth this quarter
reflects a continued healthy end market environment. We expect improved
performance later this year when tunneling work is anticipated to resume
on the Alaskan Way Viaduct project and as our work increases on the
California High-Speed Rail and other large projects. Furthermore, I
remain confident in our long-term growth trajectory based on our strong
backlog and level of pending awards.”
Based on the year-to-date results and the outlook for the remainder of
the year, the Company is maintaining its fiscal 2015 guidance for
revenue in the range of $5.0 billion to $5.5 billion. However, due to
the loss on the Hudson Yards Tower C concrete project and delays on the
Alaskan Way Viaduct project, the Company is reducing its fiscal 2015
diluted EPS guidance to a range of $1.90 to $2.10. In addition, the
Company expects to favorably resolve certain settlements and legal
proceedings by the end of this year, which may enable it to achieve the
low end of its previous EPS guidance.
Second-Quarter Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on
Thursday, August 6, 2015, to discuss the second-quarter 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
|
Consolidated Condensed Balance Sheets (Unaudited)
|
(in thousands, except par value)
|
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June 30, 2015
|
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December 31, 2014
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
106,917
|
|
|
|
|
|
|
|
|
|
|
$
|
135,583
|
|
Restricted cash
|
|
|
|
|
39,493
|
|
|
|
|
|
|
|
|
|
|
|
44,370
|
|
Accounts receivable, including retainage
|
|
|
|
|
1,553,514
|
|
|
|
|
|
|
|
|
|
|
|
1,479,504
|
|
Costs and estimated earnings in excess of billings
|
|
|
|
|
816,480
|
|
|
|
|
|
|
|
|
|
|
|
726,402
|
|
Deferred income taxes
|
|
|
|
|
17,952
|
|
|
|
|
|
|
|
|
|
|
|
17,962
|
|
Other current assets
|
|
|
|
|
103,243
|
|
|
|
|
|
|
|
|
|
|
|
68,735
|
|
Total current assets
|
|
|
|
|
2,637,599
|
|
|
|
|
|
|
|
|
|
|
|
2,472,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
537,833
|
|
|
|
|
|
|
|
|
|
|
|
527,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
585,006
|
|
|
|
|
|
|
|
|
|
|
|
585,006
|
|
Intangible assets, net
|
|
|
|
|
98,368
|
|
|
|
|
|
|
|
|
|
|
|
100,254
|
|
Other
|
|
|
|
|
84,830
|
|
|
|
|
|
|
|
|
|
|
|
87,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
3,943,636
|
|
|
|
|
|
|
|
|
|
|
$
|
3,773,315
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
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|
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|
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|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
|
$
|
86,101
|
|
|
|
|
|
|
|
|
|
|
$
|
81,292
|
|
Accounts payable, including retainage
|
|
|
|
|
963,230
|
|
|
|
|
|
|
|
|
|
|
|
798,174
|
|
Billings in excess of costs and estimated earnings
|
|
|
|
|
263,400
|
|
|
|
|
|
|
|
|
|
|
|
319,296
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
166,198
|
|
|
|
|
|
|
|
|
|
|
|
159,814
|
|
Total current liabilities
|
|
|
|
|
1,478,929
|
|
|
|
|
|
|
|
|
|
|
|
1,358,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current maturities
|
|
|
|
|
806,652
|
|
|
|
|
|
|
|
|
|
|
|
784,067
|
|
Deferred income taxes
|
|
|
|
|
150,193
|
|
|
|
|
|
|
|
|
|
|
|
150,371
|
|
Other long-term liabilities
|
|
|
|
|
113,284
|
|
|
|
|
|
|
|
|
|
|
|
114,796
|
|
Total liabilities
|
|
|
|
|
2,549,058
|
|
|
|
|
|
|
|
|
|
|
|
2,407,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTINGENCIES AND COMMITMENTS
|
|
|
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|
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|
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|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY:
|
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|
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|
|
|
Preferred stock, $1 par value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorized – 1,000,000 shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued and outstanding – none
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
Common stock, $1 par value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorized – 75,000,000 shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued and outstanding – 49,069,589 shares and 48,671,492 shares
|
|
|
|
|
49,070
|
|
|
|
|
|
|
|
|
|
|
|
48,671
|
|
Additional paid-in capital
|
|
|
|
|
1,039,425
|
|
|
|
|
|
|
|
|
|
|
|
1,025,941
|
|
Retained earnings
|
|
|
|
|
349,414
|
|
|
|
|
|
|
|
|
|
|
|
332,511
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(43,331
|
)
|
|
|
|
|
|
|
|
|
|
|
(41,618
|
)
|
Total stockholders' equity
|
|
|
|
|
1,394,578
|
|
|
|
|
|
|
|
|
|
|
|
1,365,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
3,943,636
|
|
|
|
|
|
|
|
|
|
|
$
|
3,773,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
Consolidated Condensed Statements of Operations (Unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
$
|
1,312,438
|
|
|
|
|
$
|
|
1,084,510
|
|
|
|
|
$
|
2,378,903
|
|
|
|
|
$
|
2,039,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
|
|
|
1,213,818
|
|
|
|
|
|
|
954,979
|
|
|
|
|
|
2,189,524
|
|
|
|
|
|
1,804,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
98,620
|
|
|
|
|
|
|
129,531
|
|
|
|
|
|
189,379
|
|
|
|
|
|
234,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
|
|
67,739
|
|
|
|
|
|
|
64,088
|
|
|
|
|
|
138,414
|
|
|
|
|
|
127,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONSTRUCTION OPERATIONS
|
|
|
|
|
30,881
|
|
|
|
|
|
|
65,443
|
|
|
|
|
|
50,965
|
|
|
|
|
|
106,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net
|
|
|
|
|
100
|
|
|
|
|
|
|
(6,974
|
)
|
|
|
|
|
(655
|
)
|
|
|
|
|
(10,347
|
)
|
Interest expense
|
|
|
|
|
(10,989
|
)
|
|
|
|
|
|
(10,857
|
)
|
|
|
|
|
(22,113
|
)
|
|
|
|
|
(21,688
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
|
19,992
|
|
|
|
|
|
|
47,612
|
|
|
|
|
|
28,197
|
|
|
|
|
|
74,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
|
(8,215
|
)
|
|
|
|
|
|
(19,067
|
)
|
|
|
|
|
(11,294
|
)
|
|
|
|
|
(30,421
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
|
|
$
|
11,777
|
|
|
|
|
|
$
|
28,545
|
|
|
|
|
$
|
16,903
|
|
|
|
|
$
|
44,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
|
|
$
|
0.24
|
|
|
|
|
|
$
|
0.59
|
|
|
|
|
$
|
0.35
|
|
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
$
|
0.24
|
|
|
|
|
|
$
|
0.58
|
|
|
|
|
$
|
0.34
|
|
|
|
|
$
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
|
49,028
|
|
|
|
|
|
|
48,543
|
|
|
|
|
|
48,890
|
|
|
|
|
|
48,492
|
|
Effect of dilutive stock options and restricted stock units
|
|
|
|
|
800
|
|
|
|
|
|
|
510
|
|
|
|
|
|
798
|
|
|
|
|
|
500
|
|
DILUTED
|
|
|
|
|
49,828
|
|
|
|
|
|
|
49,053
|
|
|
|
|
|
49,688
|
|
|
|
|
|
48,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
Consolidated Condensed Statements of Cash Flows (Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
2014
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
16,903
|
|
|
|
|
|
|
|
|
|
$
|
44,484
|
|
Adjustments to reconcile net income to net cash from operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
21,434
|
|
|
|
|
|
|
|
|
|
|
30,078
|
|
Stock-based compensation expense
|
|
|
|
|
13,324
|
|
|
|
|
|
|
|
|
|
|
9,920
|
|
Excess income tax benefit from stock-based compensation
|
|
|
|
|
(162
|
)
|
|
|
|
|
|
|
|
|
|
—
|
|
Deferred income taxes
|
|
|
|
|
(177
|
)
|
|
|
|
|
|
|
|
|
|
(64
|
)
|
Loss on sale of investments
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
1,786
|
|
(Gain) loss on sale of property and equipment
|
|
|
|
|
(313
|
)
|
|
|
|
|
|
|
|
|
|
427
|
|
Other long-term liabilities
|
|
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
5,559
|
|
Other non-cash items
|
|
|
|
|
(3,259
|
)
|
|
|
|
|
|
|
|
|
|
1,562
|
|
Changes in other components of working capital
|
|
|
|
|
(79,550
|
)
|
|
|
|
|
|
|
|
|
|
(155,187
|
)
|
NET CASH USED IN OPERATING ACTIVITIES
|
|
|
|
|
(31,758
|
)
|
|
|
|
|
|
|
|
|
|
(61,435
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment excluding financed purchases
|
|
|
|
|
(29,544
|
)
|
|
|
|
|
|
|
|
|
|
(26,730
|
)
|
Proceeds from sale of property and equipment
|
|
|
|
|
1,122
|
|
|
|
|
|
|
|
|
|
|
1,906
|
|
Proceeds from sale of available-for-sale securities
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
44,497
|
|
Change in restricted cash
|
|
|
|
|
4,877
|
|
|
|
|
|
|
|
|
|
|
(33
|
)
|
NET CASH (USED BY) PROVIDED BY INVESTING ACTIVITIES
|
|
|
|
|
(23,545
|
)
|
|
|
|
|
|
|
|
|
|
19,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from debt
|
|
|
|
|
473,490
|
|
|
|
|
|
|
|
|
|
|
717,484
|
|
Repayment of debt
|
|
|
|
|
(446,239
|
)
|
|
|
|
|
|
|
|
|
|
(649,282
|
)
|
Business acquisition-related payments
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
(1,260
|
)
|
Excess income tax benefit from stock-based compensation
|
|
|
|
|
162
|
|
|
|
|
|
|
|
|
|
|
—
|
|
Issuance of common stock and effect of cashless exercise
|
|
|
|
|
(776
|
)
|
|
|
|
|
|
|
|
|
|
(1,531
|
)
|
Debt issuance costs
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
(3,681
|
)
|
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
|
|
|
|
26,637
|
|
|
|
|
|
|
|
|
|
|
61,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Decrease) Increase in Cash and Cash Equivalents
|
|
|
|
|
(28,666
|
)
|
|
|
|
|
|
|
|
|
|
19,935
|
|
Cash and Cash Equivalents at Beginning of Year
|
|
|
|
|
135,583
|
|
|
|
|
|
|
|
|
|
|
119,923
|
|
Cash and Cash Equivalents at End of Period
|
|
|
|
$
|
106,917
|
|
|
|
|
|
|
|
|
|
$
|
139,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Paid For:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
$
|
26,148
|
|
|
|
|
|
|
|
|
|
$
|
21,830
|
|
Income taxes
|
|
|
|
$
|
19,717
|
|
|
|
|
|
|
|
|
|
$
|
33,668
|
|
Supplemental Disclosure of Non-cash Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment acquired through financing arrangements not
included above
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
$
|
27,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation Segment Information (in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Totals
|
|
|
|
Corporate
|
|
|
|
|
Total
|
Three Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
573,360
|
|
|
|
|
$
|
472,247
|
|
|
|
|
$
|
326,798
|
|
|
|
|
$
|
1,372,405
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
1,372,405
|
|
Elimination of intersegment revenues
|
|
|
|
|
(39,180
|
)
|
|
|
|
|
(20,843
|
)
|
|
|
|
|
56
|
|
|
|
|
|
(59,967
|
)
|
|
|
|
|
—
|
|
|
|
|
|
|
(59,967
|
)
|
Revenues from external customers
|
|
|
|
$
|
534,180
|
|
|
|
|
$
|
451,404
|
|
|
|
|
$
|
326,854
|
|
|
|
|
$
|
1,312,438
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
1,312,438
|
|
Income from construction operations
|
|
|
|
$
|
46,329
|
|
|
|
|
$
|
(12,592
|
)
|
|
|
|
$
|
13,743
|
|
|
|
|
$
|
47,480
|
|
|
|
|
$
|
(16,599
|
)
|
(a)
|
|
|
|
$
|
30,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
398,123
|
|
|
|
|
|
390,353
|
|
|
|
|
|
321,959
|
|
|
|
|
|
1,110,435
|
|
|
|
|
|
—
|
|
|
|
|
|
$
|
1,110,435
|
|
Elimination of intersegment revenues
|
|
|
|
|
(7,584
|
)
|
|
|
|
|
(18,341
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(25,925
|
)
|
|
|
|
|
—
|
|
|
|
|
|
|
(25,925
|
)
|
Revenues from external customers
|
|
|
|
$
|
390,539
|
|
|
|
|
$
|
372,012
|
|
|
|
|
$
|
321,959
|
|
|
|
|
$
|
1,084,510
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
1,084,510
|
|
Income from construction operations
|
|
|
|
$
|
58,002
|
|
|
|
|
|
7,674
|
|
|
|
|
|
12,633
|
|
|
|
|
|
78,309
|
|
|
|
|
|
(12,866
|
)
|
(a)
|
|
|
|
$
|
65,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Totals
|
|
|
|
Corporate
|
|
|
|
|
Total
|
Six Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
966,236
|
|
|
|
|
$
|
888,309
|
|
|
|
|
$
|
619,816
|
|
|
|
|
$
|
2,474,361
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
2,474,361
|
|
Elimination of intersegment revenues
|
|
|
|
|
(57,382
|
)
|
|
|
|
|
(38,076
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(95,458
|
)
|
|
|
|
|
—
|
|
|
|
|
|
|
(95,458
|
)
|
Revenues from external customers
|
|
|
|
$
|
908,854
|
|
|
|
|
$
|
850,233
|
|
|
|
|
$
|
619,816
|
|
|
|
|
$
|
2,378,903
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
2,378,903
|
|
Income from construction operations
|
|
|
|
$
|
76,923
|
|
|
|
|
$
|
(14,870
|
)
|
|
|
|
$
|
24,267
|
|
|
|
|
$
|
86,320
|
|
|
|
|
$
|
(35,355
|
)
|
(a)
|
|
|
|
$
|
50,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
774,515
|
|
|
|
|
$
|
701,668
|
|
|
|
|
$
|
614,104
|
|
|
|
|
$
|
2,090,287
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
2,090,287
|
|
Elimination of intersegment revenues
|
|
|
|
|
(18,820
|
)
|
|
|
|
|
(31,724
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(50,544
|
)
|
|
|
|
|
—
|
|
|
|
|
|
|
(50,544
|
)
|
Revenues from external customers
|
|
|
|
$
|
755,695
|
|
|
|
|
$
|
669,944
|
|
|
|
|
$
|
614,104
|
|
|
|
|
$
|
2,039,743
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
2,039,743
|
|
Income from construction operations
|
|
|
|
$
|
102,347
|
|
|
|
|
$
|
9,497
|
|
|
|
|
$
|
20,450
|
|
|
|
|
$
|
132,294
|
|
|
|
|
$
|
(25,354
|
)
|
(a)
|
|
|
|
$
|
106,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Consists primarily of corporate general and administrative
expenses.
|
|
|
|
Tutor Perini Corporation
|
Backlog Information
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in the
|
|
|
|
|
|
|
|
|
|
Backlog at
|
|
|
|
New Business
|
|
|
|
Three Months Ended
|
|
|
|
Backlog at
|
|
|
|
|
March 31, 2015
|
|
|
|
Awarded (a)
|
|
|
|
June 30, 2015
|
|
|
|
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Civil
|
|
|
|
$
|
3,411.8
|
|
|
|
$
|
251.0
|
|
|
|
$
|
(534.2
|
)
|
|
|
|
$
|
3,128.6
|
Building
|
|
|
|
|
2,254.8
|
|
|
|
|
679.8
|
|
|
|
|
(451.4
|
)
|
|
|
|
|
2,483.2
|
Specialty Contractors
|
|
|
|
|
2,121.7
|
|
|
|
|
342.8
|
|
|
|
|
(326.8
|
)
|
|
|
|
|
2,137.7
|
Total
|
|
|
|
$
|
7,788.3
|
|
|
|
$
|
1,273.6
|
|
|
|
$
|
(1,312.4
|
)
|
|
|
|
$
|
7,749.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in the
|
|
|
|
|
|
|
|
|
|
Backlog at
|
|
|
|
New Business
|
|
|
|
Six Months Ended
|
|
|
|
Backlog at
|
|
|
|
|
December 31, 2014
|
|
|
|
Awarded (a)
|
|
|
|
June 30, 2015
|
|
|
|
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Civil
|
|
|
|
$
|
3,563.2
|
|
|
|
$
|
474.3
|
|
|
|
$
|
(908.9
|
)
|
|
|
|
$
|
3,128.6
|
Building
|
|
|
|
|
2,187.8
|
|
|
|
|
1,145.6
|
|
|
|
|
(850.2
|
)
|
|
|
|
|
2,483.2
|
Specialty Contractors
|
|
|
|
|
2,080.7
|
|
|
|
|
676.8
|
|
|
|
|
(619.8
|
)
|
|
|
|
|
2,137.7
|
Total
|
|
|
|
$
|
7,831.7
|
|
|
|
$
|
2,296.7
|
|
|
|
$
|
(2,378.9
|
)
|
|
|
|
$
|
7,749.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150806006229/en/
Source: Tutor Perini Corporation