TPC - Earnings call transcript Q2 2018 | Tutor Perini Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation Second Quarter 2018 Earnings Conference Call. My name is Doug, and I will be your coordinator for today. At this time, all participants are in a listen-only mode.

Following management's prepared remarks, we will be opening the call for question-and-answer session.

As a reminder, this conference call is being recorded for replay purposes. now for turn today, would to conference I host your Mr. Instructions] like the to over [Operator Jorge Casado, Vice President of Investor Relations. Please proceed.

Jorge Casado

you call our Hello us President and Gary thank all us Vice joining and today. Smalley, on Executive the and are Chairman Tutor, CFO. Ronald CEO; and for With

an a that Chairman otherwise, remind information. that, The assessments be disclosures no over forward-looking Tutor risk I we statements, making Please inherent required obligation than Before risk will which our factors There of to today's as results during information, reflect materially. to XX-K call our quarter contribute second update as that discuss Ronald With company current of events existing future Perini's CEO, and forward-looking could and trends result for call, other by is new I or management's assumes actual will differences. differ our such law. results, to everyone the Tutor. about we whether and turn potentially recent that filings statements, most will XX-Q could to refer

Ronald Tutor

Thanks, Civil second results operating $X.XX thank joining share you Jorge. was per expectations exceeded and our quarter Building that our segments. margins of delivered We in Good strong afternoon, us. and solid for

We backlog of that also growth quarter $XX achieved year-over-year totaled our double driven billion. digit fourth consecutive awards by new

year-over-year XX.XX% contractor our new broad Civil, high record and a of and segments. XX% Building for The increases to all based across was Specialty grew backlog our billion. XX% backlog growth total segments, Our $X.X reflecting respectively of

included Section XX Tunnels project the for million in Installation New The of in resulted Purple in Los and the a for York Line CSO most our New by $XX the Five Star Houses Extension Rehab Charleston, awards ratio Tunnel Carolina million South X new Systems Our quarter million project million second project Baruch the New Bridge significant $XX civil York WDF, awards new $XXX the for Roy Broadway million X.X. Anderson Electric. Angeles, the Visiting Quarters in $XXX the in group, in $XX company, book-to-bill York

Frontier-Kemper project addition, in a buildings Agreements, proceed Furthermore, for Mississippi. In for Coast in tunneling low project the in Power our finalization $XXX a notice of are the and million subsidiary of Minneapolis, Industrial Transit recently million and of previously Anderson Water was on $XX we bid Light pending September award Southwest expect Rail to Los in Roy project this Railroad contract $XXX we low October which or Angeles year. accomplish recently our Department to won and Revitalization million bidder Gulf subsidiary awaiting

defined. In on we've In years. was a continuing and the $XX addition, past repeating government for well low not anticipated XX measures, yet experiencing bidder the which consistently our sizable been and federal state funding Service favorable Lauderdale in Airport past working the communicated have purported been Building the Group Facility local last as where of FIS program the in the any as significant ahead occurred we the year recently at impact we of backlog been have is Florida growth million has as that Fort bears

the Program. continued same timing Rail and High-Speed project we delay the reflect that the issues of to revenue quarter results second earnings respect have Our particularly some for and with experience,

continuing that Stations the billion its $X up increase over Angeles segments Construction third in those Purple to phases. the only California the a year, of as bidding Authority the later a Speed antiquated the million to Newark that. spending yet Iowa beginning in as This York the after recently portal as These the and million as civil very and $XXX where Harry With expect remains better insight funding York limits upgrading that this over the years to Nice City better $XX our plant in $XX all plan York replace The Airport Bridge continues stream more on healthcare all on to year, years signal we're Hudson half bid between this as the busy. The three and predicted projects Phase all much Newark quarter works be start determined, replacement work High results of next first in still two in prospect active keeps the $XXX New One, the work, Marilyn, New office Port find than with civil margin. over New Line in New year, system a margins is focus built it City certain recently and awarded weeks valued modernize New Terminal million MTA $XXX our coming provide In forthcoming. literally are and Section its transit and million civil are the I plan terminal in $XXX over project particularly Later sight. enormity proposes the the sources worth to project which other large in we Bridge next replacement. work continues a into with we I-XX and will the million $X.X the that over Purple the well $XXX at Illinois. including two years of The the buildings XX for New now Line seems the educational in Section significantly of higher should Rail term system. York in added swing continues the construction which expect comprehensive its billion Throgs availed being across tunnel over Yards X, Later to for and hospitality five projects an opportunities York office deck fourth York, of in scale to near we Lunda days, be $XXX, the our of million in and various projects within that However, at segment miles Neck Bridge bidding be realizing no the opportunities has very bridge a and XX airport of ramp two are that California. in type projects including as X Los environment Building it billion month, the by

in the agency timely, Demand address New on in will to physical estimated NYCHA services to various and is with Electric City. that issues specialty York scope. public respectively, all NYCHA's In continues those Five pending on Authority anticipate timely other addition, significant City grow $XX the which New Needless no this WDF to it customer basis. the well increases and the Star opportunities work The as electrical New is at units. our subsidiaries of it XXX,XXX spend Housing contracts of its The and to systems more contractor York mechanical City so inability of then than we say in in aggressively assessment York years agencies alone. only housing throughout for of or bait the as York building business customer in latest is final evident million has their and negative billion and more New a the dealing execution. are size stages awards five and its replacements need over mechanical significant new recently with make $XX.X of repairs to released need next country

continue we expect margins are we the processes to continue appropriate. wherein on maintain be insist on structure of to a work. that all we bidding growth, payment we jobs various to support to So the meetings continue your we will demand, our discipline Despite of your to only the increased better get that position, basis we this we larger kind however bid

Now, region. the major the I that of second the the quarter, New will segment go with contributed over projects York during Civil in beginning some

City CQXX are most Authority. civil Side the completed and projects included all York Our in York the New being CSXXX, Access Transit East by CMO. New of project part active

erection X caused the by eye in delays commenced be pit process of in Airport Extension, construction. have lay by and with That owner from have work adding billion so significant Francisco contract. California, In to in work The just can evaluations project a XX the the the of High-Speed need commencing Rail now it California the back in complete flow in where generation to off reinstituting in of MTA March In press addition a in is agency we projected October in fact, a their course, scheduled of our matter major mode that we an X. we of ground its profits San we XXXX. Central a months Line steel the of of the will are Purple June to complete November civil revenues April project tunnel on understand X away of the City launch on delivery right continually had complete site of project of job machines XXXX. our construction projects street appears in to include or launch April the XXXX, $X.X toward tunnel Century bid we we Subway should forces of that two quarter putting and closure because the complete commencement and in the to tunneling with from and Section started scheduled Newark of people you issues XXXX. Terminal AS by fourth

process We in of in starting the Station XXXX. the are also of Wilshire/Rodeo October

Camino Palisades were and contributors this Building of Miramar Lunda village and healthcare technology facility to of those quarter, all Hospital, segment Line stop in done and Silicon the Seattle to XX Valley the and UCF in will the should commence among campus Center. which buildings California I-XX Midwest, Montecito, the segment in and X. Several the systems and that move or expected work maintain the in October building contributors the first Construction final mixed before work. in in its the of a was El on testing be me components Sletten persecution quarter, Beach of year. revenue up tunnel, large Resort retail given project later on projects In commissioning continuous ramp Medical second included SRXX we use to cancer by Palisades in Rosewood the turnover tunnels Other in on final this days are the Purple the stations Rudolph Pacific So both Bridge and

reminder as as it on Civil contributing a of between is Civil project segments to Eastern segment is because positively X should impact as split job Terminal with the significant a groups, sum civil. and progresses, course of that lump margins margin Newark Buildings well work civil Building margin being operating XX-XX the the profit the As Airport type

dollars Those of contract, WDF to Gary margins electrical the work that guidance Mechanical, margins of the the now the expected over our enjoy in and Center project. addition results forecast, have today and would prime Five the we of SRXX Newark Access Transbay share. In the of Electrics results. details Terminal to in segment, the to them on and prime million call San our major and Side mechanical Electric as subcontracted work Based on narrowing the be Seattle, With the contracts previously performed our present to well Specialty Contractors Star that Airport with At Five turn course our diluted range East $XXX mid-year be we $X.XX the contributors in I'll Star per on quarter awarded share addition earnings are as Fisk's a in our to in the we financial X per sub-contractors second mentioned. $X.XX XXXX Transit included Francisco on contract. to work would on

Gary Smalley

continuing of million was California. will flow York. and on quarter second the begin of electrical Civil, certain billion Contractors discussing of to and revenues New were activities $XXX a decrease various project the project. to lower, Civil on respectively. Building you, transit last last $X.X the second Specialty year. second compared by were mentioned I the on York some revenues billion Rail various sheet, lower due the I projects on to $XXX the certain second by of also activities and Building million, California Revenue segment comments in as Contractors work projects revenue to Florida and timing of was New lower in $XXX well segments Thank mass quarter in our segment and net Segment due building the assumptions. was are segment in the for California in balance Revenue $X.X as and million civil Specialty because the on quarter, California year, now slightly projects reduction results quarter afternoon, and cash delays for Ron. complete guidance and our projects followed reduced and Good to everyone. for compared reasons activities segment was The reduced due our that High-Speed

and margins operating the segments fourth G&A third As operating quarter execution was XX% the quarter Contractor by we compared to Recall and project were for on operations although second than still certain Ron year, Civil margin revenues in quarters. Airport mentioned, construction lower $XX and projects from increasing Contractor increase and the Line major and the of dollars, second principally about decrease was prior the Civil the will compared the down quarter the on Purple of last results that the improved activities including to and building quarter year XXXX. in second favorable Newark to projects, $XX quarter various Building Income our lower million, same our still compensation unfavorable so segment reflecting second in for an impacted of expect projects our Specialty The segment. are segment. due legal the increase Specialty that acceptable in expenses. the adjustments Extension X% for was

to of result in XXXX XX% construction in to soon I year. X% a last to in X.X% period to costs by year's at was with year as million projects, a Contractor the construction margin newer by second the from a increased from in that a higher We X.X% was expense to matched quarter offset projects comparable second for for million segment compared expense improve California margin and second of X% operating higher Texas projects the last operating this in mentioned on million, of unfavorable acceptable Tax profitability XXXX, to still to this. project be As compared was completed Civil and million quarter result, just year's quarter from rate million because from down the quarter. effective segment million doubled are extinguishment quarter. the mentioned. the margin legacy certain on that volume consider to The under the consider compared the $XX an of our but projects quarter, X% XX% compared quarter of segment's prior million, operating XX.X% the year margin than effective tax largely prior to the segment second last second segment $XX associated the that The due XX% corresponding was Building segment's we the solid income $XX in to that the compared volume various partially resulted credit of rate expense norm was quarter Specially should the favorable year last more construction prior facility second The same negative lower margin for income the tax was second second replaced $XX income certain debt of $XX operations execution, end $XX of to refinancing Contractor just to an Interest of year. for for expect and quarter we same range what last with the compared Specialty lower April. but loss year tax margin which $XX quarter and reflects are quarter of last margin. income a operating operating Newark from operations X.XX lower significant operations earlier. in construction in $X improvement compared adjustments million that improve operations included

related tax our share second gain diluted was per legal the by $XX settlement a or be of reflecting same XX% $X.XX Perini contributed XX% or and to We offset income to call second year. $XX a expect continue for share million federal rate new Net the per in the to of that the of reported million of impact share XX% results year for to per compared will quarter $XX.X quarter second year effective net the the to range, tax income We Tutor last deductions. diluted quarter. $X.XX included certain $X.XX $XX of million the loss that million last attributable for $X.XX diluted rate statutory

Now, we sheet move our on balance to cash. discuss and operating

a Our project of in excess as slightly in payable. or because of capital in and costs increase unbilled of grew accounts the cost quarter an and payable in working second XXXX, our primarily decrease billings retain

larger compared quarter year. projects the completion. operating of of in second quarter unbilled as the the advance $X million million these stronger last We of usage cash positions in generated closer cash the generation of toward as experience of target anticipate our in $XX XXXX generation and for once the The quarter, to projects increase especially cost to have reducing latter in significantly certain quarter, begin in committed increase due to this costs. this billings of larger in And increase billings. on to to year cost our advanced continued in again incurred decrease, our of years. due half continue the excess of unbilled part second the it to was have of Although expect been two has past our of both excess in We year quarter excess actual billings and or again second costs be mentioned in costs of as income that net meaningful last cash reductions once same anticipate operating some year, to our last for this likely in unbilled remain XXXX. cost period additional to unbilled the net in a We this

at a half increase from compared our This of of total was first revolver its XXXX June due seasonally reflects expected cash the this balance at zero XXXX. lower $XXX in debt the of the year. to end as million generation year-end million XX, to $XXX Our during an

related that the segments guidance company overall. XXXX the for Ron provided. growth We still for and Civil our revenue review me Lastly, in let Building XXXX and the to assumptions expect

be of margin should should better. operating remainder XX% segment's segment's to the the and Building For X% the or be in range continued XXXX, margin operating Civil be XX% the to

segment, the Contractor should operating of end end the For X% expect the XXXX, that by margin Specialty their we approach lower the range. to of X% still

for rate XX% tax noted an As earlier, XXXX. to XX% I anticipate effective we still of

We this approximately also now modestly will growth. noncash. expense shares be of interest is year XXXX And estimated $XX level to in million years $X approximately be be to $XX still due XXXX will lower that the G&A $XX be over also diluted will XXXX. to G&A last our million XX compared will expense the anticipated finally, to million $XX than we year's, million With of you. be back would anticipate to forecast with around at instead outstanding, approximately for interest that there increasing million Depreciation, year's call which although for estimated Ron, million. the now We be that $XX last expect amortization turn revenue I'll now million margin non-controlling still in that G&A

Ronald Tutor

in this still the over With industry. Thank long face continue remainder that I'll and continuing our questions-and-answers and call of I very opportunities for favorable confident you, continues the almost and of year and you. capacity deliver and operator regularly market be year to well for a year even growth by next will competition our stronger improved my record that the of assuredly. turn a better most performance funding thank our The to we we and profitability, the and lack that, flow the to through opinion supported backlog demand Gary. outlook remains term the beyond

Operator

B. proceed Rygiel comes the you. Instructions] Thank of Please Alex first question from Our your line with Riley [Operator question. FBR. with

Alex Rygiel

Thank you. quarter, Ron. Nice

Ronald Tutor

you. Thank

Alex Rygiel

guidance turned it bit little for to Your top range end XXXX. was for a the relates at the as EPS

cautious curious of XXXX? regards you what of in a the three sort and earnings a given months I'm So the view has thoughts the power are with more what changed company to in your little of on bit last

Ronald Tutor

being the of shifted capacity enormous a not amount the I'm now the to profitable High-Speed to on only Rail my to diminished. generating to have an that, My are amount awarded no Terminal the back strictly in pulled and very job significant is was unpredictability the revenue primary going reason Purple were limits High-Speed contained this bore And to we're push Purple is increase next Newark by associated work. said Having the has support analysis. beginning contract cost issue able within work we with civil initial and the forward contract can earnings we in perform balance hope of we pace. that I Rail an with we that of agency on beginning X high go necessary now and just the to start concern generate the Line X margins the in Tunnels, that's full then is and Line which with upper And the And October the revenue been and the another year. And year. the to and X. costs work's releases delays accelerated on just we of

otherwise this my which degree we of back profit some high make continues and major me make only in all lower-end. work the just upper-end generate But long pull the to of make still timeframes is statement that more the revenue will confidence margin that shorter feel to hedge and will optimistic. So

Alex Rygiel

tariffs little impact your tariffs Ron, future comment through as view spending the risk you your upon bit plans? And could and can of well P&L your customer a recent on as how

Ronald Tutor

Chinese up even though then our factories steel, bones steel Chinese it's and raise make that enables it the Many have area no jobs drive where America prices. this affects and their when U.S. so affect requirements, is by they the tariffs The steel. defined tariffs us certainly of the they're to biggest not

million million cost worth steel Station the $X.XXX project it Line this, a example, say but total of I grand any $X.X amount job. which bought of $XX today our would but impact impact is entire for million. ourselves, Purple and protected we hasn't of So let's on be billion between in believe of believe had X total steel of a the $X steel the that before I

it talked a does awarded steel we local really buying although $XX subcontractor on not steel is to a Newark in and American on have you price. tariff give the truly another a fact Terminal, And no lot, So dramatic contract a million who have to example guaranteed it's Newark impact. on and edges Terminal about

So we're it's wary on so had no tariffs always the of far but really us. impact

Alex Rygiel

very you luck. much. Thank Good

Ronald Tutor

Thanks.

Operator

comes Our Fisher the from UBS. next of with line Steven question Please proceed questions. with your

Ronald Tutor

Steven. Hi,

Steven Fisher

would Gary, year, the I sure you I may the the given of kind have Ron. Hi, for expectations revenue think color if just some half I I'm what second frame am it. you the on but that double-digit wondering of growth? could be got think revenues just we've had now into so the just a to started double-digit second backlog four of of translate growth, kind row half And quarters first when in curious half? versus revenue

Gary Smalley

the in growth Steve, part latter XXXX revenue part fourth to the first that of is happen, of expect third the we to of significant. going be your question the year quarter going is Actually and

third expect We see is the the and for of and company. the overcome the This the the year. in reductions for fourth saw so Civil the Building we first will growth optically that segments, we that half quarters and in the overall that

double-digit Latter of to expect part next anticipate we that start is to year higher right early revenue, this we we double-digit backlog As see revenue. that to away backlog expect higher keeping into be kick when far when as far to and revenue growth. the year as as

Steven Fisher

then it, I could flip and Okay. guess to the you That's half Civil, second becoming in think Specialty it revenue of when do that helpful. sort focus positive? the Building what on side And about of the

Gary Smalley

take that Ron, you want to do one?

Ronald Tutor

is the Civil as Building as however. or Specialty The predictable not side

Fisk All Terminal, of sub-contracts a Mechanical. of signed up $X.XXX Purple Newark margin and high to $X.XXX we Desert Five you Star billion an award billion million and when Electric million to see turn $XXX around WDF. We X civil these awards $XXX we at contract, and award major Electric Line we sign

every almost contract of the on significant sub-contract. wards has So major prime major it these ghost one impact although us, secondary our a

So in of and as with our their both growth also review exhibit it in proposals, our stands level will profitability up follows, the should they that margin to ramps reason and revenue substantial follow I and revenue. margins

Steven Fisher

Gary, any that income, sort helpful. does potential of That's profitability? And then cash in flow legal settlements or free to include cash extent it looking matter flow, is for like that excess Okay. net of within sounds what that you're of

Gary Smalley

Yeah is just of not and collection of no, this our flow to looking that that's we're the of what some necessarily legal settlements. impact but profitability will tied also unbilled also at

Steven Fisher

us next or just can you and the And then what on expect experience update sort activity Okay. you you give so? any of the legal an on what in quarter in quarter

Ronald Tutor

California settle, prior to be September way, I by I or a hopefully we the it year. either of written with public in $X We've claim which SRXX. this expect up in of claim New $XX have New been DRB. desire we smaller teed case abide by Transit, February a the a asked a company said significant structured And the DRB in can't issues to midst York settle in issues range to year and of have it's settled recall two the another lawsuit on the $X believe And and which November they XXXX. transit disputes October letter about immediately it's insurance decision management end our has to the to is agency is that a by in insurance or on in time to they've at been again give or washed York. York supposed assured three presentation dry That we talking of postponed us should million their to out go million a September, mediation million On we've October in the I consequential, of for very prevail we will of the with to we'll information, of him, more board we review New from nothing next June that.

by now trial a as been litigates So for We and/or not one that that's the October. of is decision all many to closing That's of there out. got could attached We're speak, should in claim Navy it's Nova to –unfortunately five on it, years, of end the is Perini on entire we up Tutor unbilled in we've they're the ongoing settles that teed we're forever, and job Pier Seattle this we're the enough year on the million SRXX key have XXXX. in go I elements them the X so all adding that. in but

this being an put not we paid. to and madness end So

Steven Fisher

anything against go you Is this quarter?

Ronald Tutor

No.

Steven Fisher

right. Okay. Thanks very All much.

Ronald Tutor

good always news. is Which

Operator

next question Please questions. line of your Capital proceed Our from comes KeyBanc with Eastman Sean the with Markets.

Sean Eastman

Hi, gentlemen. just quarter. this it's guess funding nice the hit fast for contractors. momentum the a me been Congrats, I've market recently really hearing been stack lot that has for job that of only I

wondering the I'm half up? I'm conditions, in curious are continue see your backlog an on seeing on but bookings get the that obviously backlog same? more some color bidding curious you are side what you hoping based trajectory in civil through to could of trend of year or commentary environment So sort those just just of of acceleration bullish was on in market if a half, I'm the the but guys the obviously first I'm we second if strong terms expect to the really And

Ronald Tutor

Purple in X them very stations, beat I peers Purple bidding X, X beat on didn't be Well, we Line two Line in Line stations. we him disappointed we beat our Purple the very would on if the Tunnels. aggressively so we're I'd then hope weeks

looking December, we're a with end they how good process any result is Unfortunately, of their So at January and award. know month. $X.X we until fortune won't this billion which of at all, the

York, in have we project LaGuardia another billion $X.X [ph]. one a New have at We

you when running had pick issues debate that of continue of increase major successfully. can backlog the is of we've projects a quality One $XX now talent had the real beyond more lot good to to out constant the more our we within XX of last debate just a right but is is don't projects like the all think run because own work run of the handle. street. our on to much a we crossed billion you would and go years really people, up management very fortunes that how we But how major over if I these require threshold, backlog much And target I

threshold So of to expect next the the the increased that very not indefinitely. grow be of desirable same that's which at if can't standpoint will continue to only the cross first from by negative rate end we But our particularly quarter backlog can year I light year in that to be margins. place a

Sean Eastman

I good think And a that's answer.

curious part starting to resources labor level? curious where speaking are where the against TPC's tightest capacity industry you're there person. of just well. I'm of to as reaching in capacity a the just the those of up bump a am I at particular particular resources just getting that town, So country kind type

Ronald Tutor

the contractor labor geographic a really a virtually force the isn't because It union in being few pockets south. everywhere but

have there, not against quality We help of we have look in run am time. strained not of jobs the And had help. capacity The all individuals difficulties Union qualified such companies are for really the in of dollar technically and billion failures. the labor Workman when jobs, very airplanes biggest most our few our the the management as to hedge estimates you jobs running management because intellectually the unions as run think not those successfully. is in geographic when and I few increase and and those out an that our It's because we the at challenge very simply are issue I

move I in Iowa, and our and increasing a mobile. to from our more So investment Iowa from programs challenge California, outside, in if addition families our is management training in-house recruiting job real training. people own they're and and own is get constantly ten Nevada The we may

this in my to work - an biggest industry in its continues grow as in abilities. So and an interest And that's limited That's challenge. a capacities absolutely concern.

Sean Eastman

plan, curious we we're seeing could just and of segment, utilization it bit kind what bit Ron. issue. lastly past what's what like down target? Thanks, update a that on still the kind this X% happens quarter little it back that quarter, And was of me, between struggling get for if of drilling just towards a was Yeah. a an sounded on I X% specialty this perhaps the in level,

Ronald Tutor

the was it's we an X% we expect Well, I thought entirely level demand reach that suppose even unreasonable, I to I appropriate or think never more. walk run. that before should but we

the the I the worn work put to will have we use the profitable And very inherited times and we out behind the hate work of from basically of and out have worn transactions. We term, end we we although but early almost bad negatives by ongoing, the some us. - expect I this some of year

to deliver expect very really the backlog I with enormous to an XXXX start Specialty in work to talked namely we've which profitable them expect levels fully X% I the of Group about So X%.

Sean Eastman

so much and Thanks responses the Okay. congratulations for again.

Ronald Tutor

Thank you.

Operator

the questions. proceed with your Our of Instructions] Please D.A. Newby comes line next from with question Bill [Operator Davidson.

Bill Newby

again afternoon Good congrats the quarter. and on

Ronald Tutor

Thanks.

Bill Newby

I surprised the the quarter. presently in by building margin guess

higher see end Newark year can we I more we those to there, ramp and XXXX? mix at As start a the York bigger see the of become pushed mean in

Ronald Tutor

Group? In the Building

Bill Newby

Yeah.

Ronald Tutor

for that say anything look I significant Building me Let the never out Group. of

half will that that don't be their bequeath I highly typical to margins of the the element Terminal. the XX% is anybody that I weakness They that in key will can profitability. interest CM a will Group. beneficiary Group. be just resides our that of believe upward currently remind Building model in be in Newark a moment it sustained I the new Newark would on the Building profitable want you And Group's such And However, distort the of Newark in Building

could with X.X%. go X.X% an So work they the to back impact admired X.X% its explosive years then of Newark exception of the have the their three on in I'll earnings to X.X% their to are for which

Bill Newby

about Ron, of you that think three guess tried is to upper the any give I appreciate us, guidance years? can range the there that I end next we

Ronald Tutor

I but write is key I Not would that close unbilled the the of that any look project. potentials is resolving reduce the And receivables. element think single year, at the this the and for really working enormity that. at And And on biggest we're of point, we'll certainly our constantly hope collections and end of by we'll as settle downs. we

got project out As money. close collect to we that and we've forward

around additional So pretty that XXXX because arms a years, a been degree of end year, we've such handle with by we'll I of over beneficiary good our really the predictability. the have there's extend XXXX large certainly think awards three five on to a of

Bill Newby

should Appreciate year billion that. on backlog. I this more the the just me you XXXX for of one it, be means that I $XX early civil backlog end of another if on current still capacity XX% Ron, the have guess there, the do sustain the the is by so words, you guess mean mentioned goal I I to hit mix billion? enough civil $XX of business you

Ronald Tutor

the so are will business. always of of civil backlog arena major margins is It's the driver The we're great real player. and are to a very building dangerous It's degree poor. so dominant, we're be The an competitive thin. Probably. when business look revenue razor your fees for

So we the will driven token that's backlog by in. as as limits be well on capacity civil come our always same our civil a where

reasonable to know the is $X months, billion to XX I is XX we XX say try for in you, next over went from the go from but confused look what I and XX. to $XX I XX don't don't So to whether us I backlog think if

Bill Newby

again for appreciate the and quarter. the congrats color it. I Thanks on

Ronald Tutor

Thanks.

Operator

the in back call queue. management hand questions to further would for no comments. I are the There closing like to

Ronald Tutor

for Thank we patience meet your again. you until everybody

Operator

your teleconference. Ladies Thank gentlemen, and this participation. does for you conclude today's

at a You wonderful this time disconnect have your lines and may day.

Tutor Perini (TPC) 7 Aug 182018 Q2 Earnings call transcript