• FY2015 revenue of $4.9 billion
• Backlog remains strong at $7.5 billion
• FY2015 adjusted diluted EPS of $1.19

SYLMAR, Calif.--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, today reported results for the fiscal year ended December 31, 2015. Revenue for the year was $4.9 billion compared to $4.5 billion in 2014. The revenue growth in 2015 was driven by significantly increased volume in the Civil and Building segments, with growth of 12% and 20%, respectively, for the segments. Net income for the year was $45.3 million, or $0.91 per diluted share, compared to $107.9 million, or $2.20 per diluted share, in 2014.

As previously announced, net income in 2015 was impacted by pre-tax charges totaling $45.6 million ($0.53 per diluted share) for various Five Star Electric projects in the Specialty Contractors segment, as well as pre-tax charges totaling $24.3 million ($0.28 per diluted share) for the Tower C concrete project in New York. Also as previously disclosed, 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 related to a long-standing litigation matter for which the Company, as part of an acquisition in 2011, assumed liability as a minority partner in a joint venture for a project that had already been completed. In addition, delays in 2015 on the Alaskan Way Viaduct project in Seattle resulted in a pre-tax impact of $17.6 million ($0.20 per diluted share). Excluding the impact of the above-mentioned litigation-related charge, net income for fiscal year 2015 was $59.0 million, or $1.19 per diluted share. Net income and diluted earnings per share (EPS) excluding the litigation-related charge are non-GAAP measures, which are discussed below and reconciled to the most directly comparable GAAP measures in the financial tables attached hereto.

Backlog as of December 31, 2015, was $7.5 billion, which was comparable to backlog of $7.8 billion at the end of 2014. New awards and adjustments to contracts in process totaled approximately $4.6 billion in 2015. The Company’s new awards continue to be strong in 2016. During the first two months of the year, the Company announced several sizeable new building and civil awards, including a $663 million mass-transit project in New York and a $285 million hospitality and gaming project in California.

Reflecting on the Company’s results, Ronald Tutor, Chairman and Chief Executive Officer, said, “During 2015, we faced a number of challenges that unfortunately prevented us from achieving our original profit expectations and maintaining our trajectory of growth and profitability. We believe that we have properly addressed these challenges, and they are now behind us. As a result, and bolstered by our strong year-end backlog, recent large new awards, significant pending awards and sizeable bidding opportunities, we are confident in our outlook for resumed solid growth and profitability in 2016.”

Outlook and Guidance

Based on the current backlog and market outlook, the Company is confirming its guidance for 2016, with revenue expected to be in the range of $5.1 billion to $5.6 billion and diluted EPS in the range of $1.90 to $2.20. Consistent with the cyclicality of our business, earnings in 2016 are likely to be more heavily weighted towards the second half of the year.

Fourth Quarter Results

Revenue for the fourth quarter was $1.2 billion, consistent with the fourth quarter of last year. Net income for the fourth quarter of 2015 was $8.7 million, or $0.18 per diluted share, compared to $27.7 million, or $0.56 per diluted share, for the comparable prior year quarter. The decrease in net income in the fourth quarter of 2015 was principally due to significant pre-tax charges totaling $31.7 million that were recorded in the Specialty Contractors segment for various Five Star Electric projects in New York.

Fourth Quarter Conference Call

The Company will host a conference call at 2:00 PM Pacific Time on Monday, February 29, 2016, 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 webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. To listen to the webcast, please visit the Company's website at least fifteen minutes prior to the start of the call to register and to 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 the website.

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 net income and diluted EPS under GAAP to adjusted net income and diluted EPS for the fiscal year ended December 31, 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 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, 2015, filed with the Securities and Exchange Commission on February 29, 2016. 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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Source: Tutor Perini Corporation