-
Revenue of $1.3 billion, up 7% compared to Q3 2014
-
Backlog remains strong at $7.5 billion
-
Adjusted diluted earnings per share of $0.68 compared to diluted
earnings per share of $0.73 in Q3 2014
-
Operating cash generation of $52.4 million compared to use of $82.0
million in Q3 2014
SYLMAR, Calif.--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil
and building construction company, today reported results for the third
quarter of 2015.
Third Quarter Results
Revenues increased 7% to $1,340.7 million for the three months ended
September 30, 2015, compared to $1,250.7 million for the same period in
2014. Net income for the third quarter of 2015 was $19.7 million, or
$0.40 per diluted share, compared to $35.7 million, or $0.73 per diluted
share, a year earlier. In the third quarter of 2015, the Company
recorded a non-cash, pre-tax charge of $23.9 million ($0.28 per diluted
share) for an adverse appellate court decision filed on
November 9, 2015, related to a long-standing litigation matter for which
the Company assumed liability for a minority interest in a joint venture
as part of an acquisition in 2011. Excluding the impact of this charge,
net income for the third quarter of 2015 was $33.7 million, or $0.68 per
diluted share. Net income and diluted earnings per share (EPS),
excluding the litigation-related charge, are non-GAAP measures that are
discussed below and reconciled to the most directly comparable GAAP
measures in the financial tables attached hereto.
The revenue increase for the three months ended September 30, 2015,
compared to the same period in 2014, was due primarily to increased
activity on various building projects in California, a runway
reconstruction project in New York and electrical projects at Hudson
Yards in New York. The increase was partially offset by decreased
activity on electrical projects at the World Trade Center and mechanical
projects at the United Nations in New York, as well as various smaller
electrical projects in the southern U.S.
The decrease in net income for the third quarter of 2015 compared to the
third quarter of 2014 was principally the result of the
litigation-related charge. Excluding the charge, adjusted net income
declined modestly. Improved performance on numerous projects, including
the New York runway reconstruction project, was offset by unfavorable
adjustments related to a number of electrical projects in New York and
decreased contributions from certain higher-margin civil projects. In
addition, the third quarter results of the prior year included a
favorable adjustment for the estimated recovery on a large hospitality
and gaming building project in Nevada.
As a result of improved working capital management, the Company
generated $52.4 million of cash from operating activities for the three
months ended September 30, 2015, compared to the use of $82.0 million
for the corresponding period in 2014.
The backlog of uncompleted construction work at September 30, 2015 was
$7.5 billion compared to $7.7 billion at June 30, 2015. New awards and
adjustments to contracts in process totaled approximately $1.1 billion
in the third quarter of 2015. Significant additions to backlog in the
third quarter included $346 million of additional funding for a
technology research and development facility project in California,
bringing the total value of that project to approximately $800 million,
an electrical subcontract for an office building at Hudson Yards in New
York valued at $72 million, $69 million of additional funding for a
multi-unit residential project in Florida and a highway project in
Maryland valued at $60 million.
“We are certainly disappointed with the outcome of the legacy litigation
matter. However, there is still considerable positive news to report.
Our Civil segment experienced another significant quarter of strong
growth and profitability led by major work on the JFK runway project,
which we completed months ahead of schedule, as well as continued
progress on the CM006 and CS179 mass-transit projects for the
Metropolitan Transportation Authority in New York,” remarked Ronald
Tutor, Chairman and Chief Executive Officer. “Our building segment also
delivered another quarter of double-digit revenue growth due to a much
improved marketplace that continues to grow, particularly in California
and New York. In addition, we are reporting improved operating cash
generation in the third quarter, yielding positive operating cash flow
for the quarter and year-to-date.”
Outlook and Guidance
Tutor remarked, “The outlook remains favorable for strong fourth quarter
performance and continued growth and profitability into 2016. In
addition to our healthy volume of backlog and significant pending
awards, the amount of prospective work to be bid and awarded over the
next 12 to 18 months continues to increase, particularly across our
Civil business. These factors collectively support our ongoing
confidence for longer-term growth and profitability.”
The Company’s revenue guidance for 2015 remains unchanged, with revenue
expected in the range of $5.0 billion to $5.5 billion. The Company is
re-evaluating its prior 2015 diluted EPS guidance in light of the
litigation-related charge, the year-to-date results and the outlook for
the remainder of the year, and will provide an update in the near future.
Non-GAAP Measures
To supplement our consolidated financial statements presented based on
accounting principles generally accepted in the United States (“GAAP”),
we sometimes use non-GAAP measures of income from construction
operations, net income, diluted EPS and other measures that we believe
are appropriate to enhance an overall understanding of our historical
financial performance and future prospects. We are providing these
non-GAAP measures to disclose additional information to facilitate the
comparison of past and present operations, as they are among the
indicators that management uses as a basis for evaluating the Company’s
financial performance, as well as for forecasting future periods. As
such, management believes that these non-GAAP measures can be useful in
measuring operating performance and should be considered by investors,
potential investors and others. These non-GAAP 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 measures that we provide may not be
comparable to other similarly titled measures of other companies. A
table reconciling reported income from construction operations, net
income and diluted EPS under GAAP to adjusted income from construction
operations, net income and diluted EPS for the three and nine months
ended September 30, 2015, is attached. The adjustments to GAAP reflect
the impact of the litigation-related charge discussed above.
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 win new contracts and
convert backlog into revenue; the Company's ability to successfully and
timely complete construction projects; 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 outcomes of pending or future litigation, arbitration or
other dispute resolution proceedings and the timing of related
collections; 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 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;
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; the impact of inclement weather conditions on projects; 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.
|
Tutor Perini Corporation
|
Consolidated Condensed Statements of Operations (Unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
$
|
1,340,739
|
|
|
|
|
$
|
1,250,689
|
|
|
|
|
$
|
3,719,642
|
|
|
|
|
$
|
3,290,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
|
|
|
1,240,538
|
|
|
|
|
|
1,109,848
|
|
|
|
|
|
3,430,062
|
|
|
|
|
|
2,914,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
100,201
|
|
|
|
|
|
140,841
|
|
|
|
|
|
289,580
|
|
|
|
|
|
375,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
|
|
61,227
|
|
|
|
|
|
70,487
|
|
|
|
|
|
199,641
|
|
|
|
|
|
198,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONSTRUCTION OPERATIONS
|
|
|
|
|
38,974
|
|
|
|
|
|
70,354
|
|
|
|
|
|
89,939
|
|
|
|
|
|
177,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net
|
|
|
|
|
5,916
|
|
|
|
|
|
(441
|
)
|
|
|
|
|
5,261
|
|
|
|
|
|
(10,788
|
)
|
Interest expense
|
|
|
|
|
(10,935
|
)
|
|
|
|
|
(11,297
|
)
|
|
|
|
|
(33,048
|
)
|
|
|
|
|
(32,985
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
|
33,955
|
|
|
|
|
|
58,616
|
|
|
|
|
|
62,152
|
|
|
|
|
|
133,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
|
(14,278
|
)
|
|
|
|
|
(22,886
|
)
|
|
|
|
|
(25,572
|
)
|
|
|
|
|
(53,307
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
|
|
$
|
19,677
|
|
|
|
|
$
|
35,730
|
|
|
|
|
$
|
36,580
|
|
|
|
|
$
|
80,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
|
|
$
|
0.40
|
|
|
|
|
$
|
0.74
|
|
|
|
|
$
|
0.75
|
|
|
|
|
$
|
1.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
$
|
0.40
|
|
|
|
|
$
|
0.73
|
|
|
|
|
$
|
0.74
|
|
|
|
|
$
|
1.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
|
49,070
|
|
|
|
|
|
48,588
|
|
|
|
|
|
48,951
|
|
|
|
|
|
48,525
|
|
Effect of dilutive stock options and restricted stock units
|
|
|
|
|
705
|
|
|
|
|
|
487
|
|
|
|
|
|
767
|
|
|
|
|
|
495
|
|
DILUTED
|
|
|
|
|
49,775
|
|
|
|
|
|
49,075
|
|
|
|
|
|
49,718
|
|
|
|
|
|
49,020
|
|
|
|
Tutor Perini Corporation
|
Reconciliation of Non-GAAP Measures
(Unaudited)
|
(in thousands)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
(in thousands, except for per share data)
|
|
|
|
2015
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
Net income, as reported
|
|
|
|
$19,677
|
|
|
|
|
$36,580
|
|
|
|
|
|
|
|
|
Litigation-related charge (a)
|
|
|
|
14,032
|
|
|
|
|
14,032
|
|
|
|
|
|
|
|
|
Adjusted net income
|
|
|
|
$33,709
|
|
|
|
|
$50,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share, as reported
|
|
|
|
$0.40
|
|
|
|
|
$0.74
|
|
|
|
|
|
|
|
|
Litigation-related charge (a)
|
|
|
|
0.28
|
|
|
|
|
0.28
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per common share
|
|
|
|
$0.68
|
|
|
|
|
$1.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
(in thousands)
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Totals
|
|
|
|
Corporate
|
|
|
|
Total
|
Three Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from construction operations, as reported
|
|
|
|
$
|
43,183
|
|
|
|
$
|
6,763
|
|
|
|
|
$
|
4,741
|
|
|
|
$
|
54,687
|
|
|
|
$
|
(15,713
|
)
|
|
|
|
$
|
38,974
|
Litigation-related charge (a)
|
|
|
|
|
23,860
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
23,860
|
|
|
|
|
—
|
|
|
|
|
|
23,860
|
Adjusted income from construction operations
|
|
|
|
$
|
67,043
|
|
|
|
$
|
6,763
|
|
|
|
|
$
|
4,741
|
|
|
|
$
|
78,547
|
|
|
|
$
|
(15,713
|
)
|
|
|
|
$
|
62,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
(in thousands)
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Totals
|
|
|
|
Corporate
|
|
|
|
Total
|
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from construction operations, as reported
|
|
|
|
$
|
120,106
|
|
|
|
$
|
(8,107
|
)
|
|
|
|
$
|
29,008
|
|
|
|
$
|
141,007
|
|
|
|
$
|
(51,068
|
)
|
|
|
|
$
|
89,939
|
Litigation-related charge (a)
|
|
|
|
|
23,860
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
23,860
|
|
|
|
|
—
|
|
|
|
|
|
23,860
|
Adjusted income from construction operations
|
|
|
|
$
|
143,966
|
|
|
|
$
|
(8,107
|
)
|
|
|
|
$
|
29,008
|
|
|
|
$
|
164,867
|
|
|
|
$
|
(51,068
|
)
|
|
|
|
$
|
113,799
|
|
(a) The Company recorded a non-cash, pre-tax charge of $23.9 million
($14.0 million after tax) for an adverse legal decision related to a
long-standing litigation matter, for which the Company assumed liability
for a minority interest in a joint venture as part of an acquisition in
2011.
|
Tutor Perini Corporation
|
Segment Information
|
(in thousands)
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Totals
|
|
|
|
Corporate
|
|
|
|
Total
|
Three Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
604,317
|
|
|
|
|
$
|
506,259
|
|
|
|
|
$
|
325,365
|
|
|
|
$
|
1,435,941
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,435,941
|
|
Elimination of intersegment revenues
|
|
|
|
|
(64,067
|
)
|
|
|
|
|
(31,135
|
)
|
|
|
|
|
—
|
|
|
|
|
(95,202
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(95,202
|
)
|
Revenues from external customers
|
|
|
|
$
|
540,250
|
|
|
|
|
$
|
475,124
|
|
|
|
|
$
|
325,365
|
|
|
|
$
|
1,340,739
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,340,739
|
|
Income from construction operations
|
|
|
|
$
|
43,183
|
|
|
|
|
$
|
6,763
|
|
|
|
|
$
|
4,741
|
|
|
|
$
|
54,687
|
|
|
|
|
$
|
(15,713
|
)
|
|
(a)
|
|
$
|
38,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
496,142
|
|
|
|
|
$
|
420,404
|
|
|
|
|
$
|
355,932
|
|
|
|
$
|
1,272,478
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,272,478
|
|
Elimination of intersegment revenues
|
|
|
|
|
(13,472
|
)
|
|
|
|
|
(8,317
|
)
|
|
|
|
|
—
|
|
|
|
|
(21,789
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(21,789
|
)
|
Revenues from external customers
|
|
|
|
$
|
482,670
|
|
|
|
|
$
|
412,087
|
|
|
|
|
$
|
355,932
|
|
|
|
$
|
1,250,689
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,250,689
|
|
Income from construction operations
|
|
|
|
$
|
53,684
|
|
|
|
|
$
|
19,159
|
|
|
|
|
$
|
10,876
|
|
|
|
$
|
83,719
|
|
|
|
|
$
|
(13,365
|
)
|
|
(a)
|
|
$
|
70,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Totals
|
|
|
|
Corporate
|
|
|
|
Total
|
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
1,570,553
|
|
|
|
|
$
|
1,394,568
|
|
|
|
|
$
|
945,181
|
|
|
|
$
|
3,910,302
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
3,910,302
|
|
Elimination of intersegment revenues
|
|
|
|
|
(121,449
|
)
|
|
|
|
|
(69,211
|
)
|
|
|
|
|
—
|
|
|
|
|
(190,660
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(190,660
|
)
|
Revenues from external customers
|
|
|
|
$
|
1,449,104
|
|
|
|
|
$
|
1,325,357
|
|
|
|
|
$
|
945,181
|
|
|
|
$
|
3,719,642
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
3,719,642
|
|
Income from construction operations
|
|
|
|
$
|
120,106
|
|
|
|
|
$
|
(8,107
|
)
|
|
|
|
$
|
29,008
|
|
|
|
$
|
141,007
|
|
|
|
|
$
|
(51,068
|
)
|
|
(a)
|
|
$
|
89,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
1,270,657
|
|
|
|
|
$
|
1,122,072
|
|
|
|
|
$
|
970,036
|
|
|
|
$
|
3,362,765
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
3,362,765
|
|
Elimination of intersegment revenues
|
|
|
|
|
(32,292
|
)
|
|
|
|
|
(40,041
|
)
|
|
|
|
|
—
|
|
|
|
|
(72,333
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(72,333
|
)
|
Revenues from external customers
|
|
|
|
$
|
1,238,365
|
|
|
|
|
$
|
1,082,031
|
|
|
|
|
$
|
970,036
|
|
|
|
$
|
3,290,432
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
3,290,432
|
|
Income from construction operations
|
|
|
|
$
|
156,031
|
|
|
|
|
$
|
28,656
|
|
|
|
|
$
|
31,326
|
|
|
|
$
|
216,013
|
|
|
|
|
$
|
(38,719
|
)
|
|
(a)
|
|
$
|
177,294
|
|
|
(a) Consists primarily of corporate general and administrative expenses.
|
Tutor Perini Corporation
|
Consolidated Condensed Balance Sheets
|
(in thousands, except par value)
|
|
|
|
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
December 31, 2014
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
96,894
|
|
|
|
|
$
|
135,583
|
|
Restricted cash
|
|
|
|
|
38,572
|
|
|
|
|
|
44,370
|
|
Accounts receivable, including retainage
|
|
|
|
|
1,550,865
|
|
|
|
|
|
1,479,504
|
|
Costs and estimated earnings in excess of billings
|
|
|
|
|
883,809
|
|
|
|
|
|
726,402
|
|
Deferred income taxes
|
|
|
|
|
18,873
|
|
|
|
|
|
17,962
|
|
Other current assets
|
|
|
|
|
86,734
|
|
|
|
|
|
68,735
|
|
Total current assets
|
|
|
|
|
2,675,747
|
|
|
|
|
|
2,472,556
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
531,438
|
|
|
|
|
|
527,602
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
585,006
|
|
|
|
|
|
585,006
|
|
Intangible assets, net
|
|
|
|
|
97,425
|
|
|
|
|
|
100,254
|
|
Other
|
|
|
|
|
80,639
|
|
|
|
|
|
87,897
|
|
Total assets
|
|
|
|
$
|
3,970,255
|
|
|
|
|
$
|
3,773,315
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
|
$
|
85,897
|
|
|
|
|
$
|
81,292
|
|
Accounts payable, including retainage
|
|
|
|
|
985,217
|
|
|
|
|
|
798,174
|
|
Billings in excess of costs and estimated earnings
|
|
|
|
|
286,565
|
|
|
|
|
|
319,296
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
185,764
|
|
|
|
|
|
159,814
|
|
Total current liabilities
|
|
|
|
|
1,543,443
|
|
|
|
|
|
1,358,576
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current maturities
|
|
|
|
|
746,283
|
|
|
|
|
|
784,067
|
|
Deferred income taxes
|
|
|
|
|
149,021
|
|
|
|
|
|
150,371
|
|
Other long-term liabilities
|
|
|
|
|
114,902
|
|
|
|
|
|
114,796
|
|
Total liabilities
|
|
|
|
|
2,553,649
|
|
|
|
|
|
2,407,810
|
|
|
|
|
|
|
|
|
|
|
CONTINGENCIES AND COMMITMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
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 – 49,072,710 shares and 48,671,492 shares
|
|
|
|
|
49,073
|
|
|
|
|
|
48,671
|
|
Additional paid-in capital
|
|
|
|
|
1,043,103
|
|
|
|
|
|
1,025,941
|
|
Retained earnings
|
|
|
|
|
369,091
|
|
|
|
|
|
332,511
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(44,661
|
)
|
|
|
|
|
(41,618
|
)
|
Total stockholders' equity
|
|
|
|
|
1,416,606
|
|
|
|
|
|
1,365,505
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
3,970,255
|
|
|
|
|
$
|
3,773,315
|
|
|
|
Tutor Perini Corporation
|
Consolidated Condensed Statements of Cash Flows (Unaudited)
|
(in thousands)
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2015
|
|
|
|
2014
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
36,580
|
|
|
|
|
$
|
80,214
|
|
Adjustments to reconcile net income to net cash from operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
32,528
|
|
|
|
|
|
42,165
|
|
Stock-based compensation expense
|
|
|
|
|
17,064
|
|
|
|
|
|
14,376
|
|
Excess income tax benefit from stock-based compensation
|
|
|
|
|
(186
|
)
|
|
|
|
|
(656
|
)
|
Deferred income taxes
|
|
|
|
|
6,366
|
|
|
|
|
|
15,988
|
|
Loss on sale of investments
|
|
|
|
|
—
|
|
|
|
|
|
1,786
|
|
(Gain) loss on sale of property and equipment
|
|
|
|
|
(821
|
)
|
|
|
|
|
926
|
|
Other long-term liabilities
|
|
|
|
|
(1,379
|
)
|
|
|
|
|
1,256
|
|
Other non-cash items
|
|
|
|
|
(5,692
|
)
|
|
|
|
|
1,324
|
|
Changes in other components of working capital
|
|
|
|
|
(63,786
|
)
|
|
|
|
|
(300,804
|
)
|
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
|
|
|
|
20,674
|
|
|
|
|
|
(143,425
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment excluding financed purchases
|
|
|
|
|
(33,365
|
)
|
|
|
|
|
(37,778
|
)
|
Proceeds from sale of property and equipment
|
|
|
|
|
2,220
|
|
|
|
|
|
5,153
|
|
Proceeds from sale of available-for-sale securities
|
|
|
|
|
—
|
|
|
|
|
|
44,497
|
|
Change in restricted cash
|
|
|
|
|
5,798
|
|
|
|
|
|
(4,394
|
)
|
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
|
|
|
|
|
(25,347
|
)
|
|
|
|
|
7,478
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from debt
|
|
|
|
|
672,719
|
|
|
|
|
|
993,010
|
|
Repayment of debt
|
|
|
|
|
(706,113
|
)
|
|
|
|
|
(808,611
|
)
|
Business acquisition-related payments
|
|
|
|
|
—
|
|
|
|
|
|
(26,430
|
)
|
Excess income tax benefit from stock-based compensation
|
|
|
|
|
186
|
|
|
|
|
|
656
|
|
Issuance of common stock and effect of cashless exercise
|
|
|
|
|
(808
|
)
|
|
|
|
|
(1,692
|
)
|
Debt issuance costs
|
|
|
|
|
—
|
|
|
|
|
|
(3,681
|
)
|
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
|
|
|
|
|
(34,016
|
)
|
|
|
|
|
153,252
|
|
|
|
|
|
|
|
|
|
|
Net (Decrease) Increase in Cash and Cash Equivalents
|
|
|
|
|
(38,689
|
)
|
|
|
|
|
17,305
|
|
Cash and Cash Equivalents at Beginning of Year
|
|
|
|
|
135,583
|
|
|
|
|
|
119,923
|
|
Cash and Cash Equivalents at End of Period
|
|
|
|
$
|
96,894
|
|
|
|
|
$
|
137,228
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Paid For:
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
$
|
28,706
|
|
|
|
|
$
|
27,447
|
|
Income taxes
|
|
|
|
$
|
21,565
|
|
|
|
|
$
|
47,736
|
|
Supplemental Disclosure of Non-cash Transactions:
|
|
|
|
|
|
|
|
|
Property and equipment acquired through financing arrangements not
included above
|
|
|
|
$
|
—
|
|
|
|
|
$
|
27,045
|
|
|
|
Tutor Perini Corporation
|
Backlog Information
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in the
|
|
|
|
|
|
|
|
|
Backlog at
|
|
|
|
New Business
|
|
|
|
Three Months Ended
|
|
|
|
Backlog at
|
|
|
|
|
June 30, 2015
|
|
|
|
Awarded (a)
|
|
|
|
September 30, 2015
|
|
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Civil
|
|
|
|
$
|
3,128.6
|
|
|
|
$
|
222.2
|
|
|
|
$
|
(540.2
|
)
|
|
|
|
$
|
2,810.6
|
Building
|
|
|
|
|
2,483.2
|
|
|
|
|
672.3
|
|
|
|
|
(475.1
|
)
|
|
|
|
|
2,680.4
|
Specialty Contractors
|
|
|
|
|
2,137.7
|
|
|
|
|
235.7
|
|
|
|
|
(325.4
|
)
|
|
|
|
|
2,048.0
|
Total
|
|
|
|
$
|
7,749.5
|
|
|
|
$
|
1,130.2
|
|
|
|
$
|
(1,340.7
|
)
|
|
|
|
$
|
7,539.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in the
|
|
|
|
|
|
|
|
|
Backlog at
|
|
|
|
New Business
|
|
|
|
Nine Months Ended
|
|
|
|
Backlog at
|
|
|
|
|
December 31, 2014
|
|
|
|
Awarded (a)
|
|
|
|
September 30, 2015
|
|
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Civil
|
|
|
|
$
|
3,563.2
|
|
|
|
$
|
696.5
|
|
|
|
$
|
(1,449.1
|
)
|
|
|
|
$
|
2,810.6
|
Building
|
|
|
|
|
2,187.8
|
|
|
|
|
1,818.0
|
|
|
|
|
(1,325.4
|
)
|
|
|
|
|
2,680.4
|
Specialty Contractors
|
|
|
|
|
2,080.7
|
|
|
|
|
912.4
|
|
|
|
|
(945.1
|
)
|
|
|
|
|
2,048.0
|
Total
|
|
|
|
$
|
7,831.7
|
|
|
|
$
|
3,426.9
|
|
|
|
$
|
(3,719.6
|
)
|
|
|
|
$
|
7,539.0
|
|
(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/20151113005951/en/
Source: Tutor Perini Corporation