flow I results balance then Ron. to afternoon, slightly the and start review I reduced completion. after volume year on you, for that last will our nearing XXXX for will Thank segment Revenue Civil I guidance some due to comments our was mainly sheet, our XXXX fourth quarter. cash on billion, down the Building are discussing Good projects provide $X.X will by year and various which compared assumptions. everyone.
revenue segment’s new that are later for will earlier of projects expected the both certain and highest the and projects. in of just for hiring G&A annual and executives and Newer billion, the I $X.X larger the increase modestly lifecycle The year timing compared to X% the compared the margin segment’s The awarded for project of generating volume to billion Contractors billion, X.X up last X.X%, increased Civil same previously Gross also a volume segment project was $XXX of execution since work larger compensation they was for the are gross Building $X.X anticipation was was revenue XXXX leveled that expense XXXX. down revenue to mentioned. year. of substantially XXXX. not certain percentage prior revenue The of to Specialty virtually activities retention key the and to was reasons compared margin was in delays awards the due attributable ahead yet us. in year million,
was Building Our to California million, G&A New to and in that segment, the by XXXX was work down gain the $XX million, mechanical margin extinguishment from the million convertible for income projects back margin was in that Other completion. certain due increased revenue substantially operations segment income Building in to to up the also offset projects slight the earlier. construction on I XXXX. margin X.X% operations to XX.X% the higher prior $XXX income was The was due The were on the million, in adjustments projects. were that income well end unfavorable in notes The large as to expected segment issued related compared million quarter. loss margin back from to certain in the offset partially of New on $XX a well primarily fell principally operations within $X $XX XXXX and was was XXXX our execution to upper in projects technology and to York debt which was and the XXXX mentioned. Civil on due net XXXX for projects the compared mentioned operations by on and was in are Specialty million, a was X.X% both related in XXXX Civil in was amortization previously Contractors non-cash was construction segment the on increased revenue Building $XX Contractor to which construction New California to XX% of adjustments XX% closeout compared income and income included normal project XXXX California second compared construction year. for refinancing in compared from favorable factors earlier. mentioned operating partially improved operations nearing to none compared due construction segment’s operating down XXXX. primarily the margin activities strong as credit improved decrease year reduction, in individually range facility compared $XXX I in booked operations the operating primarily XXXX. $XX from million with Other higher York. year in XXXX million expense increase I from project from material segment. revenue XXXX performance is Specialty at that significantly certain lower was segment’s the margin Despite associated as all unfavorable income Interest to XXXX. expectations million compared to settlement operating of York legal a segment The in decrease XXXX we that XX% in due $XX XXXX. XXXX, the income construction Nearly and and in to activities on two mechanical as and to down net a of in in Consequently, performed X.X%
years the position, very as tax deferred on to from to re-measure Cuts federal will $XX resulted in net million up tax Perini result estimate in effective required reason the tax lower attributable are in net XXXX attributable had and corporate Tutor million period not X.X% our was reduces tax benefit largely tax which XXXX, benefit quarter enacted a Our effective liability income tax a will the statutory it tax not year. reduce we favorably primary will XX%. would up over a the year next the million Act the new tax cash the less that benefit. and the rate period tax taxes, benefit means deferred negative this recording taxes December approximately bill. future have the than rate a past end savings in new impacted income our for top five XXXX, tax is for of lower this the deferred rate compared full deferred XXXX was and to obligation and tax statutory $XXX to savings $XXX,XXX Jobs the Even we lower effective otherwise federal $XX We XXXX recap net as about turn to on end the new know earnings during years, million XX% of of XXXX. until company have which our bill. from was was for rate though Since in paying by this This for the liabilities Net at $XX.X we had tax the in of of XXXX you one will tax XXXX. tax the million, us $XX was approximately the fourth tax Tax we for To we are assets rate current of been a rate that that XX% of tax
ago. year share $X.XX Our was to XXXX compared a per earnings $X.XX diluted
upper diluted revised $X.XX end we EPS we the tax at Excluding that quarter. the of EPS provided were guidance impact range last benefit, still from the the
compared was civil the that are the revenue prior quarter XXXX. have that slightly same was Contractor XXX quarter. are in $XXX year on with fourth last fourth was compared Florida margin fourth of a was California higher quarterly compared to million, gross XXXX. various the and fourth nearing to million, newer Specialty projects, little year Building $XXX segment Revenue contributions we Civil reflecting quarter XX% projects up the down building for leveled fourth from had segment XXXX the Consolidated reduced quarter was the down margin quarter $X.X or highest up. the quarter due underway of segment for gross certain million, completion. results. for predominately billion, since the of ramping Now quarter margin completed the to revenue to quarter third activity and XX.X%, particularly revenue
Our million, X% fourth quarter. quarter fourth to year up prior G&A was compared $XX the
for growth Tutor income about million earlier, X.X% interest $X increased mentioned million, and year at and interest for for expense attributable G&A million compared the of X% the were interest quarter for respectively. expense that operating quarter tax fourth income $X foresee. the quarter hiring higher the of tax Net the $XX total to increase fourth resulted due fourth compared $XX was fourth $XX from mentioned ourselves the million quarter of As quarter compared XXXX to we expense. prior income the previously operating for largely due quarter Fourth which million in of compensation with $XX to of consolidated certain and reform. as of to XXXX. the was to the $XX expense quarter Non-cash the key Both position other $XX the was million for to fourth the of Perini million benefit comparable same the related was to margin retention expense million executives in we quarter XXXX, to
EPS tax year Our fourth a quarter including $X.XX ago. the $X.XX benefit diluted compared was EPS $X.XX diluted to of with
sheet operating now our Let’s shift cash. our gears balance and and talk about
in in of cost billings offset Our excess of our unbilled our excess a These were XXXX increases due project and grew billings primarily increase in costs. by largely or modestly in increases capital to in working accounts our significant costs. receivable
our our cost costs in resulting unbilled unbilled the costs. the net our in outpace in growth growth of billings excess overall improvement a of net fact, of In
dedicated and uptick in Based the incurred of towards increases that significant XXXX our to a remain for saw have beyond. positions reducing unbilled to negotiations further The closer certain due that to these some larger certain anticipate developing of costs and are we in positive, this completion. moved unbilled our in we unbilled larger was reduce costs on in While we additional and as progress is progress, projects expect how and XXXX resolving costs. more our projects issues unbilled cost it
Perini more now their the they Tutor these by incurring projects was XXXX, as even of the and respectable Ron $XXX operations costs greater be towards of make generated million should generated due management. unbilled strides we management’s million not capital in mentioned in record completion, on from for 'XX nearing operating focus to generate as resolution. a record and collection Cash than flow we the company’s $XXX result the was high significantly continued balance improvements in a able higher and cycle With will cash to in increase working billing intense XXXX. that The
by quarter For and reducing example, year consecutive fourth we as the net will unbilled receivable flow retention income for our case our million we that’s cash drive owed Operating remain has be cash the which on again collecting highly a XXXX strong approximately exceeded to focused us. is now expect second the helped in the generation. reduced in this costs and $XX cash
$XXX quarter, XX, with the the we million the fourth revolver. year facility the debt our as total a end balance December and on compared Our was substantial to outstanding concluded XXXX. of zero paid operating balance of of down XXXX generation our in at cash credit $XXX Because the of December in million
having disbursements, and payoff collections right large in our the the efforts that cash to the December illustrates Although for out balance depending us. revolver step XXXX during this we be the direction generation the of revolver and certainly of and timing on impact a of past in are the expect
ratio XXXX over requirements XX, of quarter period under a December bank was leverage covenants for of Our be the well the for calculated that XXXX. trailing us XX-month X.XX, period to fourth the X.X ending our below required
of our in a assumptions speak about me for let moment the some XXXX guidance. Finally,
Building Civil in and consistent We Contractor revenue and are for appreciable expecting our XXXX revenue segment. the with growth segments Specialty expect
should longer as for providing guidance. not in the are revenue operating we XXXX, indicated revenue noted so that may on are X.X% have previously XX% margin we than Building segment’s these You range to have XX% in X% we assumptions operating past segment specifically discussed. guiding be and to be range, Civil in margin the the The no should also other the
them. is end be margin Specialty will their lower X% of the that X% the our expectation that at range segment, normally we For Contractor to from operating the anticipate
noted previously, guidance $X.XX. Ron in XXXX $X.XX As EPS to our is
in XXXX Keep mind face We last due projects expect of timing completion the XX%. but our completed results seasonality in just law. the the the to lighter new corporate the loss anticipate three the for had second of related to the EPS significantly XXXX $XX year quarter are I only have in of rate in each those $X.XX that also of first to XX% with areas projects settlement tax reduction earnings We I than XXXX XX% toward our our will XXXX nearing for weighted the been a that discussed segments also but ramping growth seasonality typical rate tax to under that due we half mentioned. be the legal be also certain deductibility not for or the that in also to considers guidance due of as that have to federal are and This effective million but that backfill XX% now from to range the up.
shares also assuming amount, expense interest $XX outstanding, Of will and of million. million. Capital approximately of depreciation are million million diluted and expense non-cash. million $XX $XX of be this XX amortization expenditures We $XX
anticipating. are basis G&A our increase result expect in a the on We a growth that of XXXX will modestly dollar we as
XXXX XXXX. will when be compared margin a basis lower to However, the on G&A in
anticipate to to $XX increase We million that interest million. in non-controlling XXXX will $XX also approximately
other a remains two XXXX in operating plan project previously, Ron, noted as as tax the as to capital as our of the any lower much capital we also expected working of to top result to and you. XXXX it that, With net Deleveraging, of benefit exceed for turn purpose this a utilize also words in We debt income we generate terms reduction, from last cash a additional cash tax in is flow reform. growth. As years for for will in I’ll call operating over providing possible back allocation. priority needed rate
