-
Revenues of $3.7 billion, compared to $3.2 billion in 2010
-
Net income of $86.1 million, compared to $103.5 million in 2010
-
Diluted EPS of $1.80 compared to $2.13 in 2010
-
Backlog of $6.1 billion, compared to $4.3 billion a year ago
SYLMAR, Calif.--(BUSINESS WIRE)--Mar. 1, 2012--
Tutor Perini Corporation (NYSE: TPC)(the “Company”), a leading civil and
building construction company, today reported results for the fourth
quarter and year ended, December 31, 2011.
Fourth Quarter and Full Year Results
Revenues from construction operations were $1.1 billion for the fourth
quarter of 2011, as compared to $688.0 million for the fourth quarter of
2010. Net income was $24.0 million for the fourth quarter of 2011, as
compared to $18.9 million for the fourth quarter of 2010. Diluted
earnings per common share were $0.50 for the fourth quarter of 2011, as
compared to $0.40 for the fourth quarter of 2010. The increase in
operating results from the fourth quarter of 2010 primarily reflects the
contributions from acquisitions the Company completed in 2011.
Revenues from construction operations were $3.7 billion for the year
ended December 31, 2011, as compared to $3.2 billion for the year ended
December 31, 2010. Net income was $86.1 million for 2011, as compared to
$103.5 million for 2010. Diluted earnings per common share were $1.80
for 2011, as compared to $2.13 for 2010.
The decrease in operating results from the year ended 2010 primarily
reflects the substantial completion of several successful, large public
works and hospitality and gaming projects and increased interest expense
associated with our senior unsecured notes, term loan and borrowings
under our revolving facility, offset by contributions from the
acquisitions the Company completed in 2011.
At December 31, 2011, working capital was $556.8 million, a decrease of
$36.1 million from $592.9 million at December 31, 2010. As of December
31, 2011, the Company had $297.0 million available to borrow under its
credit facilities. The Company believes its financial position and
credit arrangements are sufficient to support the Company’s current
backlog and anticipated new work.
Backlog at $6.1 billion
The backlog of uncompleted construction work at December 31, 2011 was
$6.1 billion, a decrease of $0.3 billion from backlog reported at
September 30, 2011 and an increase of $1.8 billion from the $4.3 billion
reported at December 31, 2010. The $1.8 billion net increase is
attributable to backlog acquired through acquisitions of $2.6 billion,
and new awards and adjustments to contracts in process which added $2.9
billion, offset by revenue earned during the year. Additions to new work
during the fourth quarter of 2011 include a $176 million airport runway
expansion project in Florida, a $64 million contract for electrical work
on a mass transit station at the World Trade Center site in New York, a
$31 million electrical subcontract for a central energy plant in Texas
and a $31 million medical office building and parking garage in
Mississippi.
Outlook
The Company is initiating guidance for the full year 2012 with revenues
estimated to be in the range of $4.5 to $5.0 billion and diluted
earnings per share estimated to be in the range of $2.10 to $2.30 per
share.
Ronald Tutor, Chairman and CEO, said: “Momentum in the construction
services market is growing. During 2012 we expect to add significant
civil work to backlog and, led by the recently announced Hudson Yards
development project, to grow our East Coast building business. Our
integrated service capabilities, enhanced through the acquisitions made
last year, represent a competitive advantage that we believe will
contribute to additional large scale awards in 2012.”
4th Quarter Conference Call
The Company will host a conference call at 1:30 PM Pacific Time on
Thursday, March 1, 2012, to discuss the Company’s fourth quarter 2011
results. To participate in the conference call, please dial the
following number five to ten minutes prior to the scheduled conference
call time: (800) 237-9752 and enter the pass code 48084796.
International callers should dial (617) 847-8706 and enter the pass code
48084796.
If you are unable to participate in the call at this time, a replay will
be available on Thursday, March 1, 2012 at 3:30 PM Pacific Time, through
Thursday, March 8, 2012. To access the replay, dial (888) 286-8010 and
enter the replay code 15520652. International callers should dial (617)
801-6888 and enter the replay code 15520652.
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 successfully and timely
complete construction projects; the Company’s ability to win new
contracts and convert backlog into revenue; 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 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 outcomes of pending or future litigation, arbitration or other
dispute resolution proceedings; 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; and 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 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.
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Tutor Perini Corporation (NYSE)
Summary of Consolidated Operations
(Unaudited)
(In thousands, except per share data)
|
|
|
|
For the Three Months Ended
|
|
For the Year Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Building
|
|
$
|
445,889
|
|
$
|
446,158
|
|
$
|
1,825,468
|
|
$
|
2,223,515
|
|
Civil
|
|
|
336,939
|
|
|
175,123
|
|
|
885,245
|
|
|
667,129
|
|
Specialty
|
|
|
287,651
|
|
|
18,968
|
|
|
802,460
|
|
|
112,860
|
|
Management services
|
|
|
44,281
|
|
|
47,704
|
|
|
203,144
|
|
|
195,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUES
|
|
$
|
1,114,760
|
|
$
|
687,953
|
|
$
|
3,716,317
|
|
$
|
3,199,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
$
|
125,313
|
|
$
|
72,133
|
|
$
|
395,341
|
|
$
|
337,848
|
|
General and administrative expenses
|
|
|
74,521
|
|
|
39,789
|
|
|
226,965
|
|
|
165,536
|
|
Income from construction operations
|
|
|
50,792
|
|
|
32,344
|
|
|
168,376
|
|
|
172,312
|
|
Other income (expense), net
|
|
|
(2,227)
|
|
|
(1,881)
|
|
|
4,421
|
|
|
(2,280)
|
|
Interest expense
|
|
|
(9,777)
|
|
|
(4,210)
|
|
|
(35,750)
|
|
|
(10,564)
|
|
Income before income taxes
|
|
|
38,788
|
|
|
26,253
|
|
|
137,047
|
|
|
159,468
|
|
Provision for income taxes
|
|
|
(14,740)
|
|
|
(7,344)
|
|
|
(50,899)
|
|
|
(55,968)
|
|
NET INCOME
|
|
$
|
24,048
|
|
$
|
18,909
|
|
$
|
86,148
|
|
$
|
103,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
0.51
|
|
$
|
0.40
|
|
$
|
1.82
|
|
$
|
2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
0.50
|
|
$
|
0.40
|
|
$
|
1.80
|
|
$
|
2.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
47,326
|
|
|
47,090
|
|
|
47,226
|
|
|
48,111
|
|
Effect of dilutive stock options and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
restricted stock units outstanding
|
|
|
647
|
|
|
660
|
|
|
664
|
|
|
538
|
|
Diluted
|
|
|
47,973
|
|
|
47,750
|
|
|
47,890
|
|
|
48,649
|
|
Selected Balance Sheet Data
(Unaudited)
(In thousands)
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
Total assets
|
|
$
|
3,613,127
|
|
$
|
2,779,220
|
|
Working capital
|
|
$
|
556,800
|
|
$
|
592,928
|
|
Long-term debt, less current maturities
|
|
$
|
612,548
|
|
$
|
374,350
|
|
Stockholders' equity
|
|
$
|
1,399,827
|
|
$
|
1,312,994
|
Source: Tutor Perini Corporation
Kekst and Company
Douglas Kiker, 212-521-4800
or
Tutor
Perini Corporation
Michael Kershaw, 818-362-8391
Executive
Vice President, Chief Financial Officer
|
