• November 13, 2019

Tutor Perini Reports Third Quarter 2019 Results - Odessa American: Business

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Tutor Perini Reports Third Quarter 2019 Results

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Posted: Wednesday, November 6, 2019 3:15 pm

LOS ANGELES--(BUSINESS WIRE)--Nov 6, 2019--

Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading civil, building and specialty construction company, reported results today for the third quarter ended September 30, 2019.

The Company generated a new quarterly record $222.9 million of operating cash for the third quarter of 2019 compared to $27.6 million for the same quarter last year. The strong operating cash flow was driven by collections associated with certain dispute resolutions, as well as from the Company’s continued focus on improved working capital management. Operating cash flow is expected to be solid in the fourth quarter and in 2020, as the Company expects construction activities to increase significantly and several of its larger projects to generate higher revenue and earnings. The Company also anticipates that substantial cash collections pertaining to additional expected dispute resolutions over the coming year will contribute to continued strong operating cash flow.

Revenue for the third quarter of 2019 was $1.2 billion compared to $1.1 billion for the same quarter last year. The revenue growth was primarily driven by increased volume on Civil segment projects, but was moderated by slower than anticipated progress during the quarter on various large projects. The Company continues to anticipate increased volume and greater profitability during the fourth quarter of 2019 and throughout 2020. Income from construction operations for the third quarter of 2019 was $47.9 million compared to $47.3 million for the third quarter of 2018, as higher legal and personnel-related general and administrative expenses largely offset the income associated with the increased revenue. Net income attributable to the Company for the third quarter of 2019 was $19.3 million, or $0.38 of earnings per diluted share (“EPS”), compared to $21.3 million, or $0.42 of EPS, for the same quarter last year. The decrease was primarily the result of higher income attributable to non-controlling interests compared to the third quarter of 2018.

Backlog remained strong at $10.9 billion as of September 30, 2019, an increase of 28% compared to $8.5 billion as of September 30, 2018. New awards and adjustments to contracts in process totaled $690 million in the third quarter of 2019. Significant new awards included a $178 million U.S. military facilities project in Guam, three electrical projects in Texas collectively valued at $99 million, $59 million of incremental funding for an education building in California, and a cultural arts facility, also in California, valued at $51 million. Two new previously announced projects, the Division 20 Portal Widening and Turnback Facility in Los Angeles and the Miami-Dade County Courthouse, with an anticipated combined value in excess of $700 million, are expected to be added to backlog in the fourth quarter of 2019.

Outlook and Guidance

“We are making good progress toward resolving our unbilled receivables and effectively managing our working capital, as evidenced by our record operating cash generated in the third quarter,” said Ronald Tutor, Chairman and Chief Executive Officer. “I am pleased with this progress and expect it to continue through next year as we relentlessly pursue the recovery of significant cash we are owed.” Tutor continued, “While progress delays on certain projects limited our earnings for the third quarter, we remain encouraged by the prospect of accelerated activity on these and other projects in the fourth quarter and throughout the coming year.”

Based on the Company’s results to date, as well as its current business outlook and forecast, the Company is reducing its 2019 EPS guidance. The Company now expects a loss in the range of $5.01 to $5.16 per share. Excluding the impact of the goodwill impairment charge recorded in the second quarter of 2019 ($6.56 per share, net of a tax benefit of $1.00 per share), the Company now expects that adjusted EPS will be in the range of $1.40 to $1.55. Adjusted EPS is a non-GAAP financial measure.

Third Quarter Conference Call

The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, November 6, 2019, to discuss the third quarter 2019 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. 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 planning and scheduling of 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: revisions of estimates of contract risks, revenue or costs, the timing of new awards or the pace of project execution, which may result in losses or lower than anticipated profit; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against clients (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; the requirement to perform extra, or change order, work resulting in disputes or claims or adversely affecting our working capital, profits and cash flows; risks and other uncertainties associated with assumptions and estimates used to prepare financial statements; 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 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; a significant slowdown or decline in economic conditions; failure to meet our obligations under our debt agreements; the impact of inclement weather conditions on projects; 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; increased competition and failure to secure new contracts; client cancellations of, or reductions in scope under, contracts reported in our backlog; decreases in the level of government spending for infrastructure and other public projects; impairment of our goodwill or other indefinite-lived intangible assets; possible systems and information technology interruptions, including due to cyberattack, systems failures or other similar events; failure to comply with laws and regulations related to government contracts; 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 EPS calculation; uncertainty from the expected discontinuance of the London Interbank Offered Rate and transition to any other interest rate benchmark; 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; 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, 2018 filed on February 27, 2019 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 Operations

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

(in thousands, except per common share amounts)

2019

 

2018

 

2019

 

2018

REVENUE

$

1,189,345

 

$

1,123,137

 

$

3,273,107

 

$

3,271,378

COST OF OPERATIONS

 

(1,074,282)

 

 

(1,012,013)

 

 

(2,968,631)

 

 

(2,974,546)

GROSS PROFIT

 

115,063

 

 

111,124

 

 

304,476

 

 

296,832

General and administrative expenses

 

(67,120)

 

 

(63,818)

 

 

(195,474)

 

 

(195,636)

Goodwill impairment

 

 

 

 

 

(379,863)

 

 

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS

 

47,943

 

 

47,306

 

 

(270,861)

 

 

101,196

Other income, net

 

1,674

 

 

1,909

 

 

2,996

 

 

3,739

Interest expense

 

(17,305)

 

 

(16,411)

 

 

(51,252)

 

 

(47,474)

INCOME (LOSS) BEFORE INCOME TAXES

 

32,312

 

 

32,804

 

 

(319,117)

 

 

57,461

Income tax (expense) benefit

 

(5,591)

 

 

(7,368)

 

 

35,121

 

 

(15,071)

NET INCOME (LOSS)

 

26,721

 

 

25,436

 

 

(283,996)

 

 

42,390

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

7,408

 

 

4,164

 

 

17,577

 

 

8,359

NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION

$

19,313

 

$

21,272

 

$

(301,573)

 

$

34,031

BASIC EARNINGS (LOSS) PER COMMON SHARE

$

0.38

 

$

0.43

 

$

(6.01)

 

$

0.68

DILUTED EARNINGS (LOSS) PER COMMON SHARE

$

0.38

 

$

0.42

 

$

(6.01)

 

$

0.68

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

50,279

 

 

50,018

 

 

50,201

 

 

49,927

DILUTED

 

50,582

 

 

50,375

 

 

50,201

 

 

50,210

Tutor Perini Corporation

Segment Information

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

Specialty

 

 

 

 

 

Consolidated

(in thousands)

Civil

 

Building

 

Contractors

 

Total

 

Corporate

 

Total

Three Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

591,884

 

$

421,241

 

$

249,453

 

$

1,262,578

 

$

 

$

1,262,578

Elimination of intersegment revenue

 

(67,338)

 

 

(5,895)

 

 

 

 

(73,233)

 

 

 

 

(73,233)

Revenue from external customers

$

524,546

 

$

415,346

 

$

249,453

 

$

1,189,345

 

$

 

$

1,189,345

Income (loss) from construction operations

$

50,695

 

$

7,580

 

$

7,247

 

$

65,522

 

$

(17,579)

(a)

$

47,943

Capital expenditures

$

22,497

 

$

144

 

$

325

 

$

22,966

 

$

365

 

$

23,331

Depreciation and amortization (b)

$

11,953

 

$

495

 

$

1,018

 

$

13,466

 

$

2,761

 

$

16,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

479,581

 

$

457,304

 

$

236,157

 

$

1,173,042

 

$

 

$

1,173,042

Elimination of intersegment revenue

 

(48,093)

 

 

(1,812)

 

 

 

 

(49,905)

 

 

 

 

(49,905)

Revenue from external customers

$

431,488

 

$

455,492

 

$

236,157

 

$

1,123,137

 

$

 

$

1,123,137

Income (loss) from construction operations

$

41,282

 

$

8,853

 

$

11,561

 

$

61,696

 

$

(14,390)

(a)

$

47,306

Capital expenditures

$

15,364

 

$

277

 

$

70

 

$

15,711

 

$

397

 

$

16,108

Depreciation and amortization (b)

$

8,031

 

$

488

 

$

1,081

 

$

9,600

 

$

2,817

 

$

12,417

(a)

Consists primarily of corporate general and administrative expenses.

(b)

Depreciation and amortization is included in income (loss) from construction operations.

 

Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

Specialty

 

 

 

 

 

Consolidated

(in thousands)

Civil

 

Building

 

Contractors

 

Total

 

Corporate

 

Total

Nine Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

1,516,623

 

$

1,291,043

 

$

664,279

 

$

3,471,945

 

$

 

$

3,471,945

Elimination of intersegment revenue

 

(184,925)

 

 

(13,913)

 

 

 

 

(198,838)

 

 

 

 

(198,838)

Revenue from external customers

$

1,331,698

 

$

1,277,130

 

$

664,279

 

$

3,273,107

 

$

 

$

3,273,107

Income (loss) from construction operations

$

(72,032)

 

$

6,903

 

$

(160,036)

 

$

(225,165)

(a)

$

(45,696)

(b)

$

(270,861)

Capital expenditures

$

60,948

 

$

349

 

$

558

 

$

61,855

 

$

822

 

$

62,677

Depreciation and amortization (c)

$

31,608

 

$

1,495

 

$

3,143

 

$

36,246

 

$

8,295

 

$

44,541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

1,266,595

 

$

1,395,896

 

$

781,591

 

$

3,444,082

 

$

 

$

3,444,082

Elimination of intersegment revenue

 

(169,520)

 

 

(3,184)

 

 

 

 

(172,704)

 

 

 

 

(172,704)

Revenue from external customers

$

1,097,075

 

$

1,392,712

 

$

781,591

 

$

3,271,378

 

$

 

$

3,271,378

Income (loss) from construction operations (d)

$

93,560

 

$

27,814

 

$

26,250

 

$

147,624

 

$

(46,428)

(b)

$

101,196

Capital expenditures

$

61,912

 

$

1,147

 

$

704

 

$

63,763

 

$

648

 

$

64,411

Depreciation and amortization (c)

$

20,356

 

$

1,458

 

$

3,299

 

$

25,113

 

$

8,468

 

$

33,581

(a)

During the nine months ended September 30, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from continuing operations (an unfavorable after-tax impact of $329.5 million, or $6.56 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019.

(b)

Consists primarily of corporate general and administrative expenses.

(c)

Depreciation and amortization is included in income (loss) from construction operations.

(d)

During the nine months ended September 30, 2018, the Company recorded a charge of $17.8 million in income (loss) from construction operations (an after-tax impact of $12.8 million, or $0.25 per diluted share), which was primarily non-cash, as a result of the unexpected outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013.

Tutor Perini Corporation

Condensed Consolidated Balance Sheets

Unaudited

 

 

 

 

 

 

 

As of September 30,

 

As of December 31,

(in thousands, except share and per share amounts)

2019

 

2018

ASSETS

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents ($110,447 and $43,131 related to variable interest entities ("VIEs"))

$

207,130

 

$

116,075

Restricted cash

 

6,261

 

 

3,788

Restricted investments

 

67,728

 

 

58,142

Accounts receivable ($142,749 and $62,482 related to VIEs)

 

1,460,450

 

 

1,261,072

Retainage receivable ($73,424 and $36,724 related to VIEs)

 

542,274

 

 

478,744

Costs and estimated earnings in excess of billings

 

1,159,333

 

 

1,142,295

Other current assets ($36,859 and $30,185 related to VIEs)

 

162,406

 

 

115,527

Total current assets

 

3,605,582

 

 

3,175,643

PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $375,717 and $343,735 (net P&E of $54,729 and $51,508 related to VIEs)

 

509,986

 

 

490,669

GOODWILL

 

205,143

 

 

585,006

INTANGIBLE ASSETS, NET

 

83,254

 

 

85,911

OTHER ASSETS

 

90,943

 

 

50,523

TOTAL ASSETS

$

4,494,908

 

$

4,387,752

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

 

 

 

 

 

Current maturities of long-term debt

$

10,862

 

$

16,767

Accounts payable ($74,183 and $18,070 related to VIEs)

 

670,458

 

 

621,728

Retainage payable ($10,294 and $0 related to VIEs)

 

232,209

 

 

211,956

Billings in excess of costs and estimated earnings ($404,357 and $263,764 related to VIEs)

 

818,806

 

 

573,190

Accrued expenses and other current liabilities ($37,935 and $34,828 related to VIEs)

 

188,373

 

 

174,325

Total current liabilities

 

1,920,708

 

 

1,597,966

LONG-TERM DEBT, less current maturities, net of unamortized discounts and debt issuance costs totaling $26,358 and $34,998

 

825,382

 

 

744,737

DEFERRED INCOME TAXES

 

58,305

 

 

105,521

OTHER LONG-TERM LIABILITIES

 

186,965

 

 

151,639

TOTAL LIABILITIES

 

2,991,360

 

 

2,599,863

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 50,278,816 and 50,025,996 shares

 

50,279

 

 

50,026

Additional paid-in capital

 

1,113,987

 

 

1,102,919

Retained earnings

 

400,108

 

 

701,681

Accumulated other comprehensive loss

 

(42,294)

 

 

(45,449)

Total stockholders' equity

 

1,522,080

 

 

1,809,177

Noncontrolling interests

 

(18,532)

 

 

(21,288)

TOTAL EQUITY

 

1,503,548

 

 

1,787,889

TOTAL LIABILITIES AND EQUITY

$

4,494,908

 

$

4,387,752

Tutor Perini Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

 

 

 

 

 

 

Nine Months Ended September 30,

(in thousands)

2019

 

2018

Cash Flows from Operating Activities:

 

 

 

 

 

Net income (loss)

$

(283,996)

 

$

42,390

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

Goodwill impairment

 

379,863

 

 

Depreciation

 

41,884

 

 

30,924

Amortization of intangible assets

 

2,657

 

 

2,657

Share-based compensation expense

 

14,331

 

 

17,779

Change in debt discounts and deferred debt issuance costs

 

9,790

 

 

8,962

Deferred income taxes

 

(48,318)

 

 

233

(Gain) loss on sale of property and equipment

 

(1,799)

 

 

823

Changes in other components of working capital

 

(7,148)

 

 

(136,113)

Other long-term liabilities

 

3,979

 

 

(2,606)

Other, net

 

122

 

 

190

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

 

111,365

 

 

(34,761)

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

Acquisition of property and equipment

 

(62,677)

 

 

(64,411)

Proceeds from sale of property and equipment

 

4,300

 

 

5,462

Investment in securities

 

(18,790)

 

 

(13,841)

Proceeds from maturities and sales of investments in securities

 

11,078

 

 

14,302

NET CASH USED IN INVESTING ACTIVITIES

 

(66,089)

 

 

(58,488)

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

Proceeds from debt

 

649,139

 

 

1,502,177

Repayment of debt

 

(583,039)

 

 

(1,444,760)

Business acquisition related payment

 

 

 

(15,951)

Cash payments related to share-based compensation

 

(2,363)

 

 

(2,671)

Distributions paid to noncontrolling interests

 

(21,500)

 

 

(22,500)

Contributions from noncontrolling interests

 

6,519

 

 

1,000

Debt modification costs

 

(504)

 

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

48,252

 

 

17,295

 

 

 

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

93,528

 

 

(75,954)

Cash, cash equivalents and restricted cash at beginning of period

 

119,863

 

 

197,648

Cash, cash equivalents and restricted cash at end of period

$

213,391

 

$

121,694

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)

June 30, 2019

 

September 30, 2019 (a)

 

September 30, 2019

 

September 30, 2019

Civil

$

6,181.5

 

$

292.6

 

$

(524.5)

 

$

5,949.6

Building

 

2,868.3

 

 

199.4

 

 

(415.3)

 

 

2,652.4

Specialty Contractors

 

2,324.9

 

 

198.5

 

 

(249.5)

 

 

2,273.9

Total

$

11,374.7

 

$

690.5

 

$

(1,189.3)

 

$

10,875.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

New Awards in the

 

Recognized in the

 

 

 

 

Backlog at

 

Nine Months Ended

 

Nine Months Ended

 

Backlog at

(in millions)

December 31, 2018

 

September 30, 2019 (a)

 

September 30, 2019

 

September 30, 2019

Civil

$

5,141.9

 

$

2,139.4

 

$

(1,331.7)

 

$

5,949.6

Building

 

2,333.1

 

 

1,596.4

 

 

(1,277.1)

 

 

2,652.4

Specialty Contractors

 

1,821.7

 

 

1,116.5

 

 

(664.3)

 

 

2,273.9

Total

$

9,296.7

 

$

4,852.3

 

$

(3,273.1)

 

$

10,875.9

(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/20191106005867/en/

CONTACT: Tutor Perini Corporation

Jorge Casado, 818-362-8391

Vice President, Investor Relations & Corporate Communications

www.tutorperini.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: BUILDING SYSTEMS OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY URBAN PLANNING

SOURCE: Tutor Perini Corporation

Copyright Business Wire 2019.

PUB: 11/06/2019 04:15 PM/DISC: 11/06/2019 04:15 PM

http://www.businesswire.com/news/home/20191106005867/en

© 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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