-
Diluted EPS of $0.49, with strong operating margins in the Civil
and Building segments
-
New awards of $1.3 billion, reflecting a book-to-burn ratio of 1.2
-
Backlog up 15% year-over-year to a new record high of $8.7 billion
-
Double-digit year-over-year backlog growth across all three segments
LOS ANGELES--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC), a leading civil, building and
specialty construction company, today reported results for the three
months ended June 30, 2018. Revenue for the second quarter of 2018 was
$1.1 billion compared to $1.2 billion for the second quarter of last
year. The decrease was driven by certain Building segment projects that
are now complete and the timing of project execution activities on
various Civil segment projects in New York and California. Income from
construction operations for the second quarter of 2018 was $54.8
million, up 61% compared to $34.0 million for the same quarter of last
year. The increase was due to favorable operating margin performance in
the Civil and Building segments and the absence of prior-year
unfavorable adjustments in the Specialty Contractors segment. Net income
attributable to the Company for the second quarter of 2018 was $24.9
million, or $0.49 per diluted share, compared to $30.1 million, or $0.59
per diluted share, for the same quarter of 2017. The results for the
prior-year period included a $37.0 million legal settlement that was
recorded in other income, which contributed $21.9 million of net income
and $0.43 of the reported $0.59 per diluted share.
Backlog as of June 30, 2018 was $8.7 billion, a new record high and up
15% compared to $7.6 billion as of June 30, 2017. New awards and
adjustments to contracts in process totaled $1.3 billion in the second
quarter of 2018. Significant new awards included the $410 million Purple
Line Extension Section 3 Tunnels project in California, the $172 million
Baruch Houses mechanical project in New York and the $93 million
Broadway Bridge Rehabilitation project in New York.
“Earnings for the second quarter exceeded our expectations largely due
to better-than-anticipated margins in our Civil and Building segments,”
commented Ronald Tutor, Chairman and Chief Executive Officer. “We also
achieved our fourth consecutive quarter of double-digit year-over-year
backlog growth, reflecting our continued success in bidding and winning
new projects. We believe that our results for the second half of 2018
will continue to improve due to expected increased activity on some of
our larger projects.”
Outlook and Guidance
Based on the Company’s results to date and its mid-year forecast, the
Company is narrowing its guidance for 2018, with diluted earnings per
share (EPS) now expected in the range of $1.90 to $2.05.
Second Quarter Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on
Tuesday, August 7, 2018, to discuss the second quarter 2018 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 15
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.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty
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 site work, concrete forming and
placement, steel erection, electrical, mechanical, plumbing and heating,
ventilation and air conditioning (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.
Forward-Looking Statements
The statements contained in this release, including those set forth
in the section “Outlook and Guidance,” that are not purely historical
are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, 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. While 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, inaccurate estimates of contract risks,
revenue or costs, the timing of new awards or the pace of project
execution; the requirement to perform extra, or change order, work
resulting in disputes or claims, which may adversely affect our working
capital, profits and cash flows; unfavorable outcomes of existing or
future litigation or dispute resolution proceedings against project
owners, subcontractors or suppliers, as well as failure to promptly
recover significant working capital invested in projects subject to such
matters; a significant slowdown or decline in economic conditions;
increased competition and failure to secure new contracts; client
cancellations of, or reductions in scope under, contracts reported in
our backlog; actual results could differ from the assumptions and
estimates used to prepare financial statements; failure to meet
contractual schedule requirements, which could result in higher costs
and reduced profits or, in some cases, exposure to financial liability
for liquidated damages and/or damages to customers; failure of our joint
venture partners to perform their venture obligations, which could
impose additional financial and performance obligations on us, resulting
in reduced profits or losses; decreases in the level of government
spending for infrastructure and other public projects; inability to
retain key members of our management, to hire and retain personnel
required to complete projects or implement succession plans for key
officers; failure to meet our obligations under our debt agreements;
possible systems and information technology interruptions; failure to
comply with laws and regulations related to government contracts;
inclement weather; conversion of our outstanding Convertible Notes that
could dilute ownership interests of existing stockholders and could
adversely affect the market price of our common stock; the potential
dilutive impact of our Convertible Notes in our diluted earnings per
share calculation; economic, political and other risks, including civil
unrest, security issues, labor conditions, corruption and other
unforeseeable events in countries where we do business, resulting in
unanticipated losses; impairment of our goodwill or other
indefinite-lived intangible assets; 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, 2017 filed on February 27, 2018 and
in other reports that we file with the Securities and Exchange
Commission from time to time. 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
|
|
Condensed Consolidated Statements of Income
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
Six Months Ended June 30,
|
|
(in thousands, except per common share amounts)
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
REVENUE
|
|
|
|
$
|
1,120,085
|
|
|
|
|
$
|
1,247,274
|
|
|
|
|
$
|
2,148,241
|
|
|
|
|
$
|
2,364,635
|
|
|
COST OF OPERATIONS
|
|
|
|
|
(1,001,445
|
)
|
|
|
|
|
(1,144,436
|
)
|
|
|
|
|
(1,962,533
|
)
|
|
|
|
|
(2,159,078
|
)
|
|
GROSS PROFIT
|
|
|
|
|
118,640
|
|
|
|
|
|
102,838
|
|
|
|
|
|
185,708
|
|
|
|
|
|
205,557
|
|
|
General and administrative expenses
|
|
|
|
|
(63,825
|
)
|
|
|
|
|
(68,793
|
)
|
|
|
|
|
(131,818
|
)
|
|
|
|
|
(134,495
|
)
|
|
INCOME FROM CONSTRUCTION OPERATIONS
|
|
|
|
|
54,815
|
|
|
|
|
|
34,045
|
|
|
|
|
|
53,890
|
|
|
|
|
|
71,062
|
|
|
Other income, net
|
|
|
|
|
1,050
|
|
|
|
|
|
40,990
|
|
|
|
|
|
1,830
|
|
|
|
|
|
41,406
|
|
|
Interest expense
|
|
|
|
|
(15,998
|
)
|
|
|
|
|
(22,519
|
)
|
|
|
|
|
(31,063
|
)
|
|
|
|
|
(38,083
|
)
|
|
INCOME BEFORE INCOME TAXES
|
|
|
|
|
39,867
|
|
|
|
|
|
52,516
|
|
|
|
|
|
24,657
|
|
|
|
|
|
74,385
|
|
|
Provision for income taxes
|
|
|
|
|
(11,971
|
)
|
|
|
|
|
(19,883
|
)
|
|
|
|
|
(7,703
|
)
|
|
|
|
|
(27,988
|
)
|
|
NET INCOME
|
|
|
|
|
27,896
|
|
|
|
|
|
32,633
|
|
|
|
|
|
16,954
|
|
|
|
|
|
46,397
|
|
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
3,013
|
|
|
|
|
|
2,537
|
|
|
|
|
|
4,195
|
|
|
|
|
|
2,537
|
|
|
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION
|
|
|
|
$
|
24,883
|
|
|
|
|
$
|
30,096
|
|
|
|
|
$
|
12,759
|
|
|
|
|
$
|
43,860
|
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
|
|
$
|
0.50
|
|
|
|
|
$
|
0.61
|
|
|
|
|
$
|
0.26
|
|
|
|
|
$
|
0.89
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
$
|
0.49
|
|
|
|
|
$
|
0.59
|
|
|
|
|
$
|
0.25
|
|
|
|
|
$
|
0.86
|
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
|
49,946
|
|
|
|
|
|
49,735
|
|
|
|
|
|
49,880
|
|
|
|
|
|
49,510
|
|
|
DILUTED
|
|
|
|
|
50,440
|
|
|
|
|
|
50,755
|
|
|
|
|
|
50,127
|
|
|
|
|
|
50,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Segment Information
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
(in thousands)
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Total
|
|
|
|
Corporate
|
|
|
|
Total
|
|
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
461,614
|
|
|
|
|
$
|
447,975
|
|
|
|
|
$
|
270,633
|
|
|
|
|
$
|
1,180,222
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
1,180,222
|
|
|
Elimination of intersegment revenue
|
|
|
|
|
(59,141
|
)
|
|
|
|
|
(996
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(60,137
|
)
|
|
|
|
|
—
|
|
|
|
|
|
|
(60,137
|
)
|
|
Revenue from external customers
|
|
|
|
$
|
402,473
|
|
|
|
|
$
|
446,979
|
|
|
|
|
$
|
270,633
|
|
|
|
|
$
|
1,120,085
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
1,120,085
|
|
|
Income from construction operations
|
|
|
|
$
|
49,439
|
|
|
|
|
$
|
12,536
|
|
|
|
|
$
|
7,454
|
|
|
|
|
$
|
69,429
|
|
|
|
|
$
|
(14,614
|
)
|
(a)
|
|
|
|
$
|
54,815
|
|
|
Capital expenditures
|
|
|
|
$
|
27,352
|
|
|
|
|
$
|
592
|
|
|
|
|
$
|
215
|
|
|
|
|
$
|
28,159
|
|
|
|
|
$
|
174
|
|
|
|
|
|
$
|
28,333
|
|
|
Depreciation and amortization(b) |
|
|
|
$
|
6,569
|
|
|
|
|
$
|
489
|
|
|
|
|
$
|
1,106
|
|
|
|
|
$
|
8,164
|
|
|
|
|
$
|
2,813
|
|
|
|
|
|
$
|
10,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
538,552
|
|
|
|
|
$
|
508,769
|
|
|
|
|
$
|
281,857
|
|
|
|
|
$
|
1,329,178
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
1,329,178
|
|
|
Elimination of intersegment revenue
|
|
|
|
|
(65,970
|
)
|
|
|
|
|
(15,934
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(81,904
|
)
|
|
|
|
|
—
|
|
|
|
|
|
|
(81,904
|
)
|
|
Revenue from external customers
|
|
|
|
$
|
472,582
|
|
|
|
|
$
|
492,835
|
|
|
|
|
$
|
281,857
|
|
|
|
|
$
|
1,247,274
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
1,247,274
|
|
|
Income (loss) from construction operations
|
|
|
|
$
|
58,144
|
|
|
|
|
$
|
5,736
|
|
|
|
|
$
|
(14,007
|
)
|
|
|
|
$
|
49,873
|
|
|
|
|
$
|
(15,828
|
)
|
(a)
|
|
|
|
$
|
34,045
|
|
|
Capital expenditures
|
|
|
|
$
|
1,850
|
|
|
|
|
$
|
104
|
|
|
|
|
$
|
286
|
|
|
|
|
$
|
2,240
|
|
|
|
|
$
|
271
|
|
|
|
|
|
$
|
2,511
|
|
|
Depreciation and amortization(b) |
|
|
|
$
|
5,236
|
|
|
|
|
$
|
513
|
|
|
|
|
$
|
1,193
|
|
|
|
|
$
|
6,942
|
|
|
|
|
$
|
2,820
|
|
|
|
|
|
$
|
9,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
(in thousands)
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Total
|
|
|
|
Corporate
|
|
|
|
Total
|
|
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
787,014
|
|
|
|
|
$
|
938,592
|
|
|
|
|
$
|
545,434
|
|
|
|
|
$
|
2,271,040
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
2,271,040
|
|
|
Elimination of intersegment revenue
|
|
|
|
|
(121,427
|
)
|
|
|
|
|
(1,372
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(122,799
|
)
|
|
|
|
|
—
|
|
|
|
|
|
|
(122,799
|
)
|
|
Revenue from external customers
|
|
|
|
$
|
665,587
|
|
|
|
|
$
|
937,220
|
|
|
|
|
$
|
545,434
|
|
|
|
|
$
|
2,148,241
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
2,148,241
|
|
|
Income from construction operations
|
|
|
|
$
|
52,278
|
|
|
|
|
$
|
18,961
|
|
|
|
|
$
|
14,689
|
|
|
|
|
$
|
85,928
|
|
|
|
|
$
|
(32,038
|
)
|
(a)
|
|
|
|
$
|
53,890
|
|
|
Capital expenditures
|
|
|
|
$
|
46,548
|
|
|
|
|
$
|
870
|
|
|
|
|
$
|
634
|
|
|
|
|
$
|
48,052
|
|
|
|
|
$
|
251
|
|
|
|
|
|
$
|
48,303
|
|
|
Depreciation and amortization(b) |
|
|
|
$
|
12,325
|
|
|
|
|
$
|
970
|
|
|
|
|
$
|
2,218
|
|
|
|
|
$
|
15,513
|
|
|
|
|
$
|
5,651
|
|
|
|
|
|
$
|
21,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
905,363
|
|
|
|
|
$
|
1,019,936
|
|
|
|
|
$
|
597,553
|
|
|
|
|
$
|
2,522,852
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
2,522,852
|
|
|
Elimination of intersegment revenue
|
|
|
|
|
(128,206
|
)
|
|
|
|
|
(30,011
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(158,217
|
)
|
|
|
|
|
—
|
|
|
|
|
|
|
(158,217
|
)
|
|
Revenue from external customers
|
|
|
|
$
|
777,157
|
|
|
|
|
$
|
989,925
|
|
|
|
|
$
|
597,553
|
|
|
|
|
$
|
2,364,635
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
2,364,635
|
|
|
Income from construction operations
|
|
|
|
$
|
90,032
|
|
|
|
|
$
|
10,977
|
|
|
|
|
$
|
755
|
|
|
|
|
$
|
101,764
|
|
|
|
|
$
|
(30,702
|
)
|
(a)
|
|
|
|
$
|
71,062
|
|
|
Capital expenditures
|
|
|
|
$
|
7,417
|
|
|
|
|
$
|
148
|
|
|
|
|
$
|
293
|
|
|
|
|
$
|
7,858
|
|
|
|
|
$
|
325
|
|
|
|
|
|
$
|
8,183
|
|
|
Depreciation and amortization(b) |
|
|
|
$
|
21,554
|
|
|
|
|
$
|
1,031
|
|
|
|
|
$
|
2,385
|
|
|
|
|
$
|
24,970
|
|
|
|
|
$
|
5,788
|
|
|
|
|
|
$
|
30,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Consists primarily of corporate general and administrative
expenses.
|
|
(b) Depreciation and amortization is included in income from
construction operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Condensed Consolidated Balance Sheets
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30,
|
|
|
|
As of December 31,
|
|
(in thousands, except share and per share amounts)
|
|
|
|
2018
|
|
|
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents ($53,575 and $53,067 related to variable
interest entities (VIEs))
|
|
|
|
$
|
138,569
|
|
|
|
|
$
|
192,868
|
|
|
Restricted cash
|
|
|
|
|
3,434
|
|
|
|
|
|
4,780
|
|
|
Restricted investments
|
|
|
|
|
52,900
|
|
|
|
|
|
53,014
|
|
|
Accounts receivable ($57,008 and $30,003 related to VIEs)
|
|
|
|
|
1,272,932
|
|
|
|
|
|
1,265,717
|
|
|
Retainage receivable ($24,288 and $12,410 related to VIEs)
|
|
|
|
|
490,751
|
|
|
|
|
|
535,939
|
|
|
Costs and estimated earnings in excess of billings
|
|
|
|
|
1,044,233
|
|
|
|
|
|
932,758
|
|
|
Other current assets ($35,657 and $0 related to VIEs)
|
|
|
|
|
141,472
|
|
|
|
|
|
89,316
|
|
|
Total current assets
|
|
|
|
|
3,144,291
|
|
|
|
|
|
3,074,392
|
|
|
PROPERTY AND EQUIPMENT ("P&E"), net of
accumulated depreciation
of $337,101 and $359,188 (net P&E of $41,150 and $11,641 related
to VIEs)
|
|
|
|
|
490,614
|
|
|
|
|
|
467,499
|
|
|
GOODWILL
|
|
|
|
|
585,006
|
|
|
|
|
|
585,006
|
|
|
INTANGIBLE ASSETS, NET
|
|
|
|
|
87,683
|
|
|
|
|
|
89,454
|
|
|
OTHER ASSETS
|
|
|
|
|
50,171
|
|
|
|
|
|
47,772
|
|
|
TOTAL ASSETS
|
|
|
|
$
|
4,357,765
|
|
|
|
|
$
|
4,264,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
|
$
|
28,105
|
|
|
|
|
$
|
30,748
|
|
|
Accounts payable ($44,118 and $19,243 related to VIEs)
|
|
|
|
|
625,436
|
|
|
|
|
|
699,971
|
|
|
Retainage payable
|
|
|
|
|
236,545
|
|
|
|
|
|
261,820
|
|
|
Billings in excess of cost and estimated earnings ($240,545 and
$120,952 related to VIEs)
|
|
|
|
|
574,392
|
|
|
|
|
|
456,869
|
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
134,264
|
|
|
|
|
|
132,438
|
|
|
Total current liabilities
|
|
|
|
|
1,598,742
|
|
|
|
|
|
1,581,846
|
|
|
LONG-TERM DEBT, less current maturities, net of unamortized
discounts and debt issuance costs totaling $40,437 and $45,631
|
|
|
|
|
794,509
|
|
|
|
|
|
705,528
|
|
|
DEFERRED INCOME TAXES
|
|
|
|
|
106,284
|
|
|
|
|
|
108,504
|
|
|
OTHER LONG-TERM LIABILITIES
|
|
|
|
|
145,764
|
|
|
|
|
|
163,465
|
|
|
TOTAL LIABILITIES
|
|
|
|
|
2,645,299
|
|
|
|
|
|
2,559,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock - authorized 1,000,000 shares ($1 par value), none
issued
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
Common stock - authorized 75,000,000 shares ($1 par value),
issued and outstanding 50,010,863 and 49,781,010 shares
|
|
|
|
|
50,011
|
|
|
|
|
|
49,781
|
|
|
Additional paid-in capital
|
|
|
|
|
1,093,874
|
|
|
|
|
|
1,084,205
|
|
|
Retained earnings
|
|
|
|
|
631,004
|
|
|
|
|
|
622,007
|
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(44,805
|
)
|
|
|
|
|
(42,718
|
)
|
|
Total stockholders' equity
|
|
|
|
|
1,730,084
|
|
|
|
|
|
1,713,275
|
|
|
Noncontrolling interests
|
|
|
|
|
(17,618
|
)
|
|
|
|
|
(8,495
|
)
|
|
TOTAL EQUITY
|
|
|
|
|
1,712,466
|
|
|
|
|
|
1,704,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
$
|
4,357,765
|
|
|
|
|
$
|
4,264,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Condensed Consolidated Statements of Cash Flows
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
(in thousands)
|
|
|
|
2018
|
|
|
|
2017
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
16,954
|
|
|
|
|
$
|
46,397
|
|
|
Adjustments to reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
19,393
|
|
|
|
|
|
28,987
|
|
|
Amortization of intangible assets
|
|
|
|
|
1,771
|
|
|
|
|
|
1,771
|
|
|
Share-based compensation expense
|
|
|
|
|
12,063
|
|
|
|
|
|
10,420
|
|
|
Change in debt discounts and deferred debt issuance costs
|
|
|
|
|
5,914
|
|
|
|
|
|
11,950
|
|
|
Deferred income taxes
|
|
|
|
|
116
|
|
|
|
|
|
(1
|
)
|
|
Loss (gain) on sale of property and equipment
|
|
|
|
|
1,474
|
|
|
|
|
|
(349
|
)
|
|
Changes in other components of working capital
|
|
|
|
|
(113,887
|
)
|
|
|
|
|
(132,779
|
)
|
|
Other long-term liabilities
|
|
|
|
|
(5,276
|
)
|
|
|
|
|
(2,801
|
)
|
|
Other, net
|
|
|
|
|
(902
|
)
|
|
|
|
|
1,785
|
|
|
NET CASH USED IN OPERATING ACTIVITIES
|
|
|
|
|
(62,380
|
)
|
|
|
|
|
(34,620
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
|
|
(48,303
|
)
|
|
|
|
|
(8,183
|
)
|
|
Proceeds from sale of property and equipment
|
|
|
|
|
4,120
|
|
|
|
|
|
1,336
|
|
|
Investment in securities
|
|
|
|
|
(8,549
|
)
|
|
|
|
|
(9,297
|
)
|
|
Proceeds from maturities and sales of investments in securities
|
|
|
|
|
7,982
|
|
|
|
|
|
—
|
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
|
|
|
(44,750
|
)
|
|
|
|
|
(16,144
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from debt
|
|
|
|
|
1,246,677
|
|
|
|
|
|
1,276,457
|
|
|
Repayment of debt
|
|
|
|
|
(1,165,283
|
)
|
|
|
|
|
(1,171,954
|
)
|
|
Business acquisition related payment
|
|
|
|
|
(15,951
|
)
|
|
|
|
|
—
|
|
|
Issuance of common stock and effect of cashless exercise
|
|
|
|
|
(2,458
|
)
|
|
|
|
|
(10,809
|
)
|
|
Distributions paid to noncontrolling interests
|
|
|
|
|
(12,500
|
)
|
|
|
|
|
(2,500
|
)
|
|
Contributions from noncontrolling interests
|
|
|
|
|
1,000
|
|
|
|
|
|
1,250
|
|
|
Debt issuance and extinguishment costs
|
|
|
|
|
—
|
|
|
|
|
|
(13,309
|
)
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
|
|
|
|
51,485
|
|
|
|
|
|
79,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted
cash
|
|
|
|
|
(55,645
|
)
|
|
|
|
|
28,371
|
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
|
|
|
197,648
|
|
|
|
|
|
196,607
|
|
|
Cash, cash equivalents and restricted cash at end of period
|
|
|
|
$
|
142,003
|
|
|
|
|
$
|
224,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Backlog Information
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Awards in the
|
|
|
|
Recognized in the
|
|
|
|
|
|
|
|
|
|
Backlog at
|
|
|
|
Three Months Ended
|
|
|
|
Three Months Ended
|
|
|
|
Backlog at
|
|
(in millions)
|
|
|
|
March 31, 2018
|
|
|
|
June 30, 2018
(a)
|
|
|
|
June 30, 2018
|
|
|
|
June 30, 2018
|
|
Civil
|
|
|
|
$
|
4,475.4
|
|
|
|
$
|
664.5
|
|
|
|
$
|
(402.5
|
)
|
|
|
|
$
|
4,737.4
|
|
Building
|
|
|
|
|
2,237.0
|
|
|
|
|
295.6
|
|
|
|
|
(447.0
|
)
|
|
|
|
|
2,085.6
|
|
Specialty Contractors
|
|
|
|
|
1,765.0
|
|
|
|
|
373.9
|
|
|
|
|
(270.6
|
)
|
|
|
|
|
1,868.3
|
|
Total
|
|
|
|
$
|
8,477.4
|
|
|
|
$
|
1,334.0
|
|
|
|
$
|
(1,120.1
|
)
|
|
|
|
$
|
8,691.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Awards in the
|
|
|
|
Recognized in the
|
|
|
|
|
|
|
|
|
|
Backlog at
|
|
|
|
Six Months Ended
|
|
|
|
Six Months Ended
|
|
|
|
Backlog at
|
|
(in millions)
|
|
|
|
December 31, 2017
|
|
|
|
June 30, 2018
(a)
|
|
|
|
June 30, 2018
|
|
|
|
June 30, 2018
|
|
Civil
|
|
|
|
$
|
4,118.2
|
|
|
|
$
|
1,284.8
|
|
|
|
$
|
(665.6
|
)
|
|
|
|
$
|
4,737.4
|
|
Building
|
|
|
|
|
1,701.4
|
|
|
|
|
1,321.4
|
|
|
|
|
(937.2
|
)
|
|
|
|
|
2,085.6
|
|
Specialty Contractors
|
|
|
|
|
1,463.8
|
|
|
|
|
949.9
|
|
|
|
|
(545.4
|
)
|
|
|
|
|
1,868.3
|
|
Total
|
|
|
|
$
|
7,283.4
|
|
|
|
$
|
3,556.1
|
|
|
|
$
|
(2,148.2
|
)
|
|
|
|
$
|
8,691.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) New awards consist 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:
https://www.businesswire.com/news/home/20180807005825/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice
President, Investor Relations & Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation