TPC - Earnings call transcript Q2 2021 | Tutor Perini Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation's Second Quarter 2021 Earnings Conference Call. My name is Joe, 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’ll be opening the call for question-and-answer session.

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

Jorge Casado

us Ronald Thank the Vice and President everyone. you your Executive today. Hello, CFO. for Gary Smalley, call Chairman Tutor, With are and and CEO; participation on

inherent remind There results, of that based today's on risk current that assessment call, is statements, we could discussing our everyone forward-looking are Before will trends which information. and existing an I will results materially. actual during be making our management's differ

The could can contribute Form disclosures You on in are our about find was today. XX-Q which such risk February our factors in Form that XXXX, and we the potentially to statements, law. by differences XX, call turn filed to result no events over that XX-K, forward-looking Tutor. future information, to assumes now as new that, otherwise, whether other as company or Ronald the I will of obligation than a With required update filing

Ronald Tutor

Jorge. thank Thanks, joining. you those for Good all of and afternoon,

a quarter Perini to that the again quarter once place second year-to-date We expectations. and merger are the of delivered having Tutor-Saliba in that strong ahead income any particular, operating year we results highest of In Corporation generated and since between were XXXX. continuing took experience

the increase to last contributed $X.XX quarter, a operating since which second the margin EPS comparable produced income against of of and segment Civil all share the quarter any solid segment of per also highest We operating the results merger fourth Civil highest quarter XX% since year. for the the very XXXX, of quarter

currently seen, in continues business is created I've years, by multi-year that outlook said the our infrastructure to considering next greater environment midst, federal the give the we of horizon. previously, in opportunities program confidence even as the the the are especially spending over on being several business very me strongest which have We

the for our year again this delivered for rest affirm year, we combined guidance With our expectations, results, to-date have we solid EPS of the with the XXXX.

revenue despite operating income quarter, actually Just Civil quarter, like the margin modest we in toward experienced of second the the shift result segment. first within our a as projects decline grew a XX% continued favorable higher in our

major Light including the our performed is California that newer profit our that reduction stated including Angeles; and and year, of civil project Southwest X would Minneapolis Purple anticipated Angeles Subway Air start revenue Central progressing the Division Lines XX MTA to shortly; toward Francisco we certain whereas be certain and the as Los in mostly large offsetting knew San previously, and shift revenue, or have Andersen the more project the quarter Los Housing significant year well advancing projects several Newark second Guam. this As completing Northeast Rail; completed this mix we of I've contributions high in margin would had because offsetting X at civil in as contributed X the the the Rail; on in be completion High-Speed the the projects Base substantial than work projects. for We the design-build from projects Terminal Airport Force completing declining that

occur Durant a dedication grand is Building with the opening project tomorrow has the Casino our group X. outstanding preparing Oklahoma, very opening Resort & for August a of addition, Choctaw In been in and currently to which

are are and this awards preparing upcoming and and the half numerous solid $X.X that build submit second to end at large pending. of of in next quarter expect to given remains later bids although level, year is substantially backlog backlog that year, new first the at billion the the Our on a we we

as revenue the timing to cause, and and the had could volume backlog our as of as As so well to this in work and has on impact new significant impacts a pandemic and a continue sources far resulted reminder, the temporary available the consequently the awards year COVID-XX uncertainty. pandemic of funding

come three our decline available surprise, as replace no simply So four should the was the not as quarters backlog the work over to past runoff. to

optimistic However, backlog XX significant we are growth with once next obvious again that that be months the we face. extremely over our will the opportunities

million; we $XXX mentioned, pending award Also units. various million and of $XX to largest awards Rudolph have low book the new Bridge was new bidder care Rudolph award were an we throughout received $XXX and and cumulative the quarter norm have expect and large a as I Sletten of more days. notice shortly; new conclude of a intent quarter as Santa in health backlog of in projects projects to and was and enter value very XXXX, was million awards Civil the the business facilities to quarter to least, into award in million of Sletten and backlog next Midwest. an that projects Lunda addition the last into in below spread announced significant and a in significantly previously third we preparing should have a contract our during which adjustments the not second significant Lunda already awards The LAX We $XXX Connector, hope just well in given for for awards River impact. our the of As discuss amount which go we Airport contract this added California of adjustments Metro these to for hospital but are the The in $XXX of of frozen into Courthouse which new several XX million and added projects. course the within balance announced aspects XX several new adjustments our that third including and we Rosa The segment, in Missouri of Southern momentarily, California. smaller we new -- bid, significant will that year, the to to

submitted we in about the will XX the proposal on largest proposal nine Jersey the bid that September. calls, Purple the Rather days and up The have of decision the to Maryland are major billion this update within XX bidding updated owner the to for I balance are past In award our you Now in will now September, Bridge $X.X year earnings billion we billion-plus on Group to September with thereafter. in months. year. of in Terminal thereafter. will within be New expect be expected XX project Transit of multitude of of half proposals we the to the month with first the $X Airtrain coming during Newark on will spoken would during the for project billion expect would same I $X.X York a Port early the JFK the on due mid-September, preparing for some The project and the days that the Authority focus award for mid-January. be New Line Portal latter than New the projects ones next contract and six $X is next we make just due part In the Jersey, an of price in award we repeat

guess, its LaGuardia Jersey AirTrain to I and $X call. administration FAA once of The the for billion with again. gave allergic New the Additionally, proceed the FAA approval excuse New must project. Authority to I recently me, -- be Port this York

to large accordingly. the Construction, project bid of we we will a and not act now that As result, the in Black major bids is projects believe next but last and subsidiary Guam. island Port our one for single expect outcome military the awaiting certainly spring million Authority year, overall quickly And least, recent of $X exceed $XXX in of Guam on bid its military exceeding billion in magnitude, including the that

of for the projects Northern significant projects the revenue. US on on and the of bid also Navy continues Marianas in Tinian to and have source be island We numerous that a and

offered marketplace turn earnings second per be in believe and will Based have the $X.XX. developments to funding a to-date federal the and a quarter remainder We in affirming would there's $X.XX Washington outlook. infrastructure results infrastructure capacity. through a D.C. which over be that bill, that package to further already on of our spending to share We soon major for quickly long our our pass outlook the remind flood to been still enacted contracts infrastructure our of I'll Gary continue CFO. our even taxing long-term flow to but our major are their that, business the that continuing at everyone with continue major that Smalley, course, projects will to efforts planned, of bill, the we bolster I year, And without call and monitoring

Gary Smalley

everyone. you, Thank Good afternoon, Ron.

our year on $X.XX $XXX projects had last XX% second regarding same year. billion, slightly $XXX $XXX pandemic Arkansas. year. XXXX. the in in activity of revenue [ph], the offset certain California was on locations and this segment that $XXX year the the decrease or COVID-XX completed usually Northeast was of a project the the the $X.XX of in the balance we cash some for The our Increased last project to and to guidance. the to civil year. volume was a by work mostly flow the then followed toward project in primarily up projects technology increased do, Northeast. been $XXX growth driven million completion discussion and in second quarter other was to quarter deferred XXXX last million quarter I in As the Building quarter Contractors for second with million compared some revenue are Civil of reduced that compared are begin offset $XXX current the various in to on with for completion hospitality was that Revenue segment the million by execution for by of XXXX compared revenue activities commentary nearing due quarter completed gaming second for compared billion of for certain will quarter, or on by segment million quarter certain including decline for to XXXX the sheet, certain projects projects increased second to activities partially largely second progressing assumptions related our on Specialty million in revenue down updates a results related

as notable share. the as bids As and earlier, and Ron enter months, segments well that submitting with some Civil new awards fair in major pending of have that be over capturing anticipation we coming expected backlog are to we our Building mentioned will the

significantly, and projects us contribute and and completion. new awarded offset than projects from declining to, to begin other are nearing contributions that these As completing and to they should revenue start are more eventually

from that projects horizon. projects to new are construction the a to compared the wrapping So of a Income awarded matter operations of results is income we start to merger and the for and counterbalance $XX when million our XX% that It the contribute highest for in the as had since is simply the same growth million, was quarter and XXXX the $XX are have quarter second up revenue operating meaningfully believe on second do to year. last we up. of timing, quarter XXXX, strong

$X segment indicated Building quarter Civil The operations operating income same operations reduced for construction the the from adjustments since aggregate, was quarter result second to million merger of the earlier, Civil. project New a operations was partially York, adjustments XXXX and year-over-year. the for electrical of of ruling Income As loss the New contributions quarter project certain projects, were income year. and quarter related income in electrical a volume. segment highest Civil resolution impact XXXX segment related from Ron immaterial favorable This for million highest growth shift in of and a XXXX. approximately year-over-year. an of electrical X.X% in projects. a compared the reported to legal of for in from and Specialty second was by of $XX in margins driven $XX margin segment which for up individually another quarter related projects million million. million the a XXX from Contractors a The by of segment last including judgment completed quarter due The Specialty. driven adjustment adverse of were on York the mechanical last the million, increase slight was strong certain to the totaling Building is due segment operating the up on higher-margin XXXX for favorable improved was since in basis of fourth the arbitration civil loss certain an XX% $XX as current strong unfavorable million to second It X.X% the mix, of quarter as operating and year, Civil any disputes XXXX from construction construction negative $XX $XX absence the offset in of also $XX primarily well project to Operating to was a by to same York, of quarter $XX compared points the unfavorable quarter New in by second for on primarily XX.X% segment's increase the a million for

the the the We certain to eventually segment's to to in will the consistent legacy quarter the the $XX to the segment, Building expense G&A for million, modestly was Specialty last of the range quarter we through quarter second same deliver expect compared to term for was to continue we XXXX in Interest can compared $XX and the challenges Corporate quarter million higher X% so margin $XX achieve. essentially aim when short Contractors XXXX. of return X% profitability for year. expense million, of that second to we improved same work level

Just due with term new notes. our a to by me loan higher reduction of somewhat B, balance like quarter, in convertible result lower the debt reduction primarily expense was balance beginning a last in interest as average excuse the of a associated with a -- increase offset the the

repaid XXXX. our we of remaining June As million the expected on at principal maturity convertible $XX.X balance notes XX,

modest income effective income period. million, Diluted quarter EPS the XX% tax in higher XXXX $XX pretax strong of second earlier income million effective same year. quarter year to $XX to compared So the expense quarterly was quarter will impacted from has period state Net up The I for compared year. lower the of of was $X.XX, was by quarter second second be but to quarter the $X.XX million, the $XX interest income, by of Tutor same mostly Perini earlier. $XX These up Income what this tax by The was taxes million rate compared XXXX. strong increases higher attributable it rate XXXX. a second from for of for quarter year. the compared tax approximately last driven equally a going increase second forward, the expense result was XX% for last for for million construction to were significantly reduced that a impressive favorably our income been reduced the current mentioned the to an lower $X.X in operations

dialogue our on We're Terminal and COVID of the quarter on we budgetary legal projects of the proceedings Airport and in owners, work to of the delays weaker revenue that constraints settlement the York MTA to excess Side performed discuss CIE. One arbitration project. primarily orders, has the projects. at our direction. and also of billings of to discussions. out-of-scope shift occurred cash postponement resolution several amounts increase million as New in have due owed Now, quarter. what pay sources our thereby the what our has The by discretion Newark which us with estimated driven refer CIE forecasted their increase to we including largely and was cost follow-on and impacts certain continuing CIE was this York change limiting let's the address cause earnings of for negotiation continued Access that gears the East $XX The and operating COVID-XX an funding to use unapproved majority East certain we deferral pandemic, and the claims in operating New vast quarter Access cash, which we in caused of and for buildup The considerably are to Side second their or than was for had in the

in the done excess project's In cash balance been operating of to addition, are for generation considerably four the in second which we annual ability Newark we change the of buildup. net drafted, has usage generate order But once as on approved, stronger our quarter, year. last do this the project five income, optimistic years. less Airport the the operating XXXX address to larger-than-expected about cash for Due should for of have cash CIE expect we

to Now, balance our turn let's sheet.

June million, Our to XXXX of $XXX XX, end total down XXXX. debt as X% was the of compared

a once at quarter year. Our this again of end facility the of had credit balance second zero the

we earlier, the convertible mentioned balance repaid As remaining of outstanding our notes June. in

We are the in our debt future. this and well be the to will within covenant limits continue case still compliance anticipate that foreseeable

XXXX assessment our are market guidance remainder expectations year. conditions mentioned earnings half the the as impact for earlier, and we $X.XX our first variants our and of and diluted range awards on As remain of Ron up. current projects of based Though COVID-XX the per to our $X.XX the of share, to above how continue operations. our awarded of affirming potential EPS outlook cautious are of will uncertainty any the new year, for on we monitor to be new we And quickly ramp of new

of update of $XXX the anticipated. be for expected be and is Depreciation $XXX Interest guidance. for our expected assumptions now year XXXX the expected between $XXX which will million on me is approximately be than G&A non-cash. million previously let to Finally, expense expense some the factoring for $XXX $X and into million, was anticipated. which to you million million, to $XXX $X approximately compared is $XX now now million amortization be million, to million to previously less XXXX XXXX

with of over XX, to assumptions the this we Ron from year is both what earnings the other by XX% back Thank bottom remain expected and February of range. effective now you. the year. be call our to at between income top ends All turn back Our for improved rate And you. I'll on X%, unchanged that, tax during the XX% and call provided

Ronald Tutor

are summary, go this outlook disciplined project expectations, well year-to-date by to In and forward. and as strong as per second that operating increasing ahead share are execution, good deliver a and operating segment Gary. favorable margins substantially we we Thanks, hopefully, healthy year of results backlog, income, quarter as a Civil continuing highlighted earnings solid

As positive earlier, I very seen. as mentioned we ever a is enjoying excellent have certainly that I are that marketplace

our that talent the help the expect, and growth many are continue pursuing, we and manage face with new backlog competition opportunities significant ahead. to I see follow, of the growth over We margins And call years. organization join the increases will limited we strong turn for larger to the Thank searching projects which should that next and to you. to continue for recruiting very course particularly we to of sustained our and in lead the that, several over operator questions. for I'll to

Operator

Instructions] Steven Thank is Please you. from [Operator UBS. with Our Fisher first question proceed.

Steven Fisher

Hi. Good just to Newark Terminal – starting project. wanted about Wanted off afternoon, to ask guys. One the

I that think, for we're this is the need about hearing a change a order. first

talk a And just quarter? So segment's now? was little it's profitability negativity bit a much on right in project? what's this about factor with Building the How can progressing you how going that that of

Ronald Tutor

this is Well, Steven. Ron,

last that eliminate construction change We're draft the job it opening the and months on with an We've a or X, very port of terms going a a to the than number significant and the had end much before we'll and/or settled in of January that, taken changes that's should the thereabouts, very order with Newark. I has order have, have executed is what April, is Newark got change through to document That that will week. expect, probably least issues longer cost I conditions. anticipate. it is completing four first excess successful it public ago. is. a that maybe August, I'd at we of but what in

back owner was anything disputed it. job Newark is much it issues. bring will half half as really and that to successful change change, These orders It was owner a were very else. it

processing nice. they're wonderful would of to a slow the be owner, be work However, but say, to in they're extra

in So that's Newark nutshell. a

Steven Fisher

Okay.

the claim a what's turns that – some risk – of this into that like sounds of and it much how So

Ronald Tutor

Newark? On

Steven Fisher

Yeah.

Ronald Tutor

no And and of Newark. there's any I it cleans on be any finalizing That Newark, aware deal end They've change orders. within think to date. don't settling of believe I'm port I I been other and every disputes there'll been reason handle week excellent. than times. we any the – at their everything not to up of that risk. just They've to claim the I consequence principals. have personally have with current us within

think So is in problem I a Newark way. don't any

Steven Fisher

the slight how absence small But guess, in is add of of the led changes factor? the trying does Building loss good. – That's of more I I an loss. tend Newark is much in And of project because what up the to understand, projects it's going else guess, – I Okay. that to I But guess, that in a that be what sort profitability change – the know it then said, understand you think I aggregate. variety to Gary in trying quarter, operating in the a was segment just building the unapproved was a order on to to historically reimbursable. cost

what's there? the So driving losses

Ronald Tutor

we've It's design to from simple. Steven, the profit there's resolved. for it manage is. I wrote very is I prudent a profitable. project If take the changes, absorb Building the And had job to still be to the and I'll made a Building It's I I the it. building of is extremely to It's which funnels down $XX that, an it's our that it. still extremely with the job, it issues responsibility where wrote million because majority successful issues group, had where settlements. simple, approximately and do yet into down. Newark, which even was now business job though, thing judgment job very And

took we're XX% Building to because the that XX% brunt of roughly the complete. write-down, business However,

they Newark. my burden of write-down the of took So

poorly So, the so in that's the reason, they quarter. showed

Gary Smalley

And JV have apply first to you percentage – lead then our partner, a to is what We're to in JV XX% that. the complete then -- yeah, that. our way... Steven, Yes. so percent

Ronald Tutor

it. not have would they what out, figure made done had can I You

Gary Smalley

some on ends odds and a minor are few adjustments projects. closeout-type adjustments there just Then

Steven Fisher

example, just How talking the timing projects then civil off, on the And think we in bigger here. when? picture so is air this sort for bids bigger it. is and between? should bigger sort there's -- of a in or do it civil? and I dynamic about need not a pocket to what's when about, get really of these air Newark which of you building rolling guess hybrid Is Got that we're And started an

Ronald Tutor

Well say, an there pocket the But have in job, of ready $X to start of be the next just The amount in by you Line they commitment work of to nature It of a Maryland we call the instance, by go it a could we billion-plus. There's in Purple in guaranteeing bidder in March competition air limited our September. round proposal design-build. designed JFK turned very start Then January at essentially for and $X give will to and with is one the work. September. is that which year. contemplating numbers award We turned let's in other a in a owner Airport billion. has September, has end said first limited a make and let's

the begin which first revenue probably which And least should which first before awarded is the September. the than isn't at -- billion. before the start any next Airtrain the would major by first design-bid-build projects week generate $X.X $X year billion, of lag. That before fact but does in Bridge with Newark, of first the There is bids so that mid-January billion-plus the the January. other no last be week that of to year. a bidding end not Portal at $X.X approximately So bid quarter job there's It's

got in backlog fortune is most that The significantly year-end go be our first Purple more four it's two, which in Line this over never and work months. go job Line Rail XX pushed increased XX%-plus really three next the has wrap So and three year. being quarter the three. years that's of revenue to months High-speed billion-plus It's SFMTA ends. stages two will has Purple orders through years does its up Purple of, only four major three a start as belief next change go years our additional tunnels, Line Newark. to We're final more with will to probably we're $X any And of will good by up to the finishing year it. backlog. complete. but majority more to

really which has -- last it's are completed only So as which be ones SFMTA, six that in best been revenue and I final diminished week the two months the only are at off bridges remaining said, paving dropping million as And work Newark, will $XX January. phase finished and of of worth to final a million will set. apron first Newark be or $XX of the at fixed being the

the Steven, our of three most to big probably for next continue going, So years. work is will still and go

Steven Fisher

Okay. Thanks Terrific, I’ll leave it there. guys.

Operator

Our with next question is from Alex Rygiel B. Riley FBR.

Ronald Tutor

Alex you breathing? still

Alex Rygiel

Sorry. am. I sure

has range Perini handful $X.X now delivering revenue got here? $X been for years for change Ron, company's that billion materially sort billion level Tutor federal infrastructure of about been has years. that six that. Do button Apologize revenue for the of in the mute think that a time. can me bill Sorry this you to that

Ronald Tutor

available? nauseam here. competitive we work What is What at a and put bill very there's ad it do? What should think limited of do? about aside talking been enormous we an I environment. in infrastructure the we've can Well amount front best of setting us

be starting going for part couple has And what the been revenue be it. from finally all XXXX. revenue target the next it about the be of bill can It's our is the bounced any belief components certainly our project and and with infrastructure thing line target a significantly it, we probably but that probably and an in about civil there directly other that of years last we extraordinary, role that that might the around there, by talked indications the about, of latter in is isn't toward goes our over then $X see shouldn't will leaders And our few and that So to to really doubt our industry. grow billion of five which we if years. year And we've think increase certainly work. XXXX to years. political primarily none the can that we And out through, work that happens best will we speak through

Alex Rygiel

And over competitive great. islands. What other the and like? look you few a That's there then does environment Guam mentioned,

Ronald Tutor

question. That's good a

presence only island. on We only period the have major to blunt or presence be the

They Our We can continue don't only come work. US. basis. it, a with on billions of one-off us think with from dollars sustain compete competitors the the of mainland they to

is for ever us. and where US and it think and we're of to somehow And wage been how great not Guam capital Guam but beat continue $XX they our craft train out up absorb it of of in It's in island do our of you they from at no of and the where island Guam, idea this when a and would no people. plant, And going are that people, and We've player a ago in off-island equipment to major we significant can come staff that's operation the anywhere all so work to the Guam It's from of How equipment, revenue amount achieve on a grow those deal recruit directions Our Guam the we're that people. facilities only to to we XX us. find years time. craft impossible it. of none are the XXX% hour go people moving pays with is kind to difficult to teach. we got with invested go. matter sustain period new work. move And was prepared to work compete they of no that to in escapes we've an three an on for those years We the what peers under rates it for think it's the it to Philippines $XX skilled And you bidding me, an that like government extended US. them training people coming there and going

see out. to So we plays it just have as

We in and we'll to. have Guam revenue significantly increased our continue

Alex Rygiel

much. you That’s very Thank helpful.

Operator

you. Thank

next Davidson. Brent from Our with is question proceed. Thielman Please D.A.

Brent Thielman

here all the jobs half like margins, that the of quarterly mean, the or generally on Civil Hi. Ron, quarter the sounds during most Thank continuing are I year. of jobs strong you. the you into the second executed profit it

guess, stronger prevent what usually of putting you that you quarter a the Civil level for did second what this would question I the half the is second from So, just business? margins seasonally becomes in up in

Ronald Tutor

with any reason better don't there's to won't We the civil vigilant the civil great review think work existing think there's I have. very believe that all can The We no civil work I'm to all think anything get reason and my we is the maintaining -- can challenges reason to and we've any any continue there's just of got We as it of major particular well margins hiccups. got will continue. that major on major in jobs it we I a believe cause haven't any think market. doing major have us program, and

Brent Thielman

that is already of on out chain, I lot and about constraints inflation, mean there a won new forthcoming? that on bid work the stuff. are Tutor approaching And that you've supply Perini good Yes. how guess jobs and discussion I that labor all

Ronald Tutor

about some we pessimistic our and a suppliers to and of in more it Well, from subcontractors be we just caution bids. their hear lot them

to yes, it. steel up contingencies them lost overrun. worth which steel steel million buyer overall more $XX we some of steel, We've far, minor dramatically. offset the procurement, we're $X maybe we've on purchasing a had But our positive In we've has was of It things. enough help million. on maybe So scope in than when overrun big of in gone

So it risk X,XXX us which are tenuous that Labor, no is level being probably the on we've for there the the And been idea the best a we at allow bluntly. any a people markets contingency are cover marketplace XXX keep is reason really the to payroll. increase haven't able is of to to we way that because virtually material in take hearing any Terminal, We've got put Newark labor material. of on felt shortages. about our just material of it I working

being. We I see as the in it we about the of that areas is thing any can time actually keep in the until haven't say experienced New an issue, our that and York experienced have issue we and Midwest. it. least haven't California it. But of I only don't we even at for hearing union And

Brent Thielman

there in off out and segment what's couple bottom be I what's XXXX? into business landscape and we out getting market. there seem the the year starts bookings to this be at sort that that quarters. find busier Building like maybe to in And guess of contractors to bid in Okay. look build to Other getting does an that where the inflection look the of segment seem better last here the you

Ronald Tutor

best I to how don't this. know, answer

big money There'll of with our our totaled our it's part part frankly see, more hanging increasing few in a Civil over which a it's just on nature net we least Building the operation to manage equity private earnings. success. very competitive, it's investment, million $XX that low structure, who companies, on the we basis. pleased it such Because a very player million year low And still $XX civil by are business fee it we on The it's and or we hopefully is although is with growth and are Specialty just continue are But I relatively growth awards, them growth our can riding the revenue. that be make $X income revenue dominated and business not some our our our you just what and Civil bluntly a is. Perini. Civil of is put big increased significant predominantly well Building of own Building our Building make can The our in is business it but coattails Yes, buildings. income it mentioned a not many it civil We a earner from billion our to at grow. margin, intend will reports and like more Tutor be profits you and will to hardly flat, business relatively an As business to the business profitable, of area to significant times of business. it business, was but be additional see to the, as it such complement

Gary Smalley

add Brent, quarter. There's me, like not going opportunities a excuse the we're us said, ones this just could there. that into the to put bid Ron I that out of are significant Ron -- opportunities going we're there about third lot they're -- but or out are to into there talked lower there earlier, for margin If backlog just

Brent Thielman

Thank you.

Gary Smalley

Thank you.

Operator

and for Ladies the session. reached the it question-and-answer have of end to gentlemen, Ron, remarks. I we closing would turn like back to

Ronald Tutor

Thank a and you us everybody until today for we meet afternoon. good again. joining Have

Operator

today's conference. concludes This

you lines [Abrupt time. Thank participation. disconnect at may And have your You much your for a End] very this

Tutor Perini (TPC) 6 Aug 212021 Q2 Earnings call transcript