News Release
Tutor Perini Reports Third Quarter Results
| · | | 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, California – (BUSINESS WIRE) – November 13, 2015 – 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.
Contact:
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
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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 |
| | | | | | | | | | | |
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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 |
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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 |
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| | 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 |
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| | 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 |
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(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. |
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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 |
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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 |
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| 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 |
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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 |
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(a) Consists primarily of corporate general and administrative expenses. |
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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 |
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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 |
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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 |
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CONTINGENCIES AND COMMITMENTS | | | | | |
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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 |
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Total liabilities and stockholders' equity | $ | 3,970,255 | | $ | 3,773,315 |
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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 |
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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 |
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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 |
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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 |
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| | | | | | | | | | | |
| | | | | | | 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 |
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(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. |
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