| Closing Price ($) | Shares Out (MM) | Market Cap ($MM) |
| $0.00 | 50 | $662 |
| 8-K | 2019-12-13 | Other Events |
| 8-K | 2019-11-06 | Earnings, Exhibits |
| 8-K | 2019-09-24 | Regulation FD |
| 8-K | 2019-09-17 | Officers, Exhibits |
| 8-K | 2019-09-10 | Regulation FD |
| 8-K | 2019-08-08 | Earnings, Exhibits |
| 8-K | 2019-08-05 | Officers |
| 8-K | 2019-05-24 | Shareholder Vote |
| 8-K | 2019-05-08 | Earnings, Exhibits |
| 8-K | 2019-03-28 | Officers |
| 8-K | 2019-02-27 | Earnings, Exhibits |
| 8-K | 2018-11-07 | Earnings, Exhibits |
| 8-K | 2018-08-07 | Earnings, Exhibits |
| 8-K | 2018-05-25 | Officers, Shareholder Vote, Exhibits |
| 8-K | 2018-05-09 | Earnings, Exhibits |
| 8-K | 2018-02-27 | Earnings, Exhibits |
| 8-K | 2018-01-05 | Officers, Exhibits |
| Part I. - Financial Information |
| Item 1. - Financial Statements |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk |
| Item 4. Controls and Procedures |
| Part II. - Other Information |
| Item 1. Legal Proceedings |
| Item 1A. Risk Factors |
| Item 4. Mine Safety Disclosures |
| Item 5. Other Information |
| Item 6. Exhibits |
| EX-10.2 | tpc-20190930xex10_2.htm |
| EX-10.3 | tpc-20190930xex10_3.htm |
| EX-10.4 | tpc-20190930xex10_4.htm |
| EX-31.1 | tpc-20190930xex31_1.htm |
| EX-31.2 | tpc-20190930xex31_2.htm |
| EX-32.1 | tpc-20190930xex32_1.htm |
| EX-32.2 | tpc-20190930xex32_2.htm |
| EX-95 | tpc-20190930xex95.htm |
| Balance Sheet | Income Statement | Cash Flow |
|---|---|---|
| Comparables ($MM TTM) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker | M Cap | Assets | Liab | Rev | G Profit | Net Inc | EBITDA | EV | G Margin | EV/EBITDA | ROA |
| GLDD | 704 | 869 | 618 | 701 | 162 | 29 | 84 | 901 | 23% | 10.8 | 3% |
| ASIX | 698 | 1,163 | 742 | 1,415 | 169 | 62 | 79 | 681 | 12% | 8.6 | 5% |
| AMRC | 683 | 1,110 | 771 | 171 | 36 | 89 | 858 | 22% | 9.6 | 3% | |
| LXFR | 664 | 412 | 234 | 348 | 85 | -9 | 8 | 753 | 25% | 91.9 | -2% |
| TPC | 662 | 4,413 | 2,924 | 4,390 | 458 | -230 | -123 | 1,463 | 10% | -11.9 | -5% |
| VRS | 653 | 1,659 | 824 | 2,640 | 116 | 96 | 303 | 694 | 4% | 2.3 | 6% |
| REGI | 630 | 1,037 | 385 | 2,156 | 74 | -61 | 2 | 679 | 3% | 277.7 | -6% |
| KOP | 629 | 1,598 | 1,495 | 1,773 | 332 | 32 | 168 | 1,606 | 19% | 9.6 | 2% |
| MUX | 623 | 623 | 135 | 132 | 18 | -48 | -36 | 649 | 14% | -17.9 | -8% |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
or
For the transition period from ___________ to ___________
Commission File Number:
(Exact Name of Registrant as Specified in its Charter)
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(State or Other Jurisdiction of Incorporation or Organization) |
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(Address of Principal Executive Offices) |
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(Registrant’s Telephone Number, Including Area Code)
None
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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☒ | Accelerated filer ☐ |
Non-accelerated filer ☐ | Smaller reporting company |
Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
The number of shares of common stock, $1.00 par value per share, of the registrant outstanding at October 31, 2019 was
TUTOR PERINI CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
PART I. – FINANCIAL INFORMATION
Item 1. – Financial Statements
TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
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| Three Months Ended |
| Nine Months Ended | ||||||||
| September 30, |
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(in thousands, except per common share amounts) | 2019 |
| 2018 |
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REVENUE | $ | |
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COST OF OPERATIONS |
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GROSS PROFIT |
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General and administrative expenses |
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Goodwill impairment |
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INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |
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Other income, net |
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Interest expense |
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INCOME (LOSS) BEFORE INCOME TAXES |
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Income tax (expense) benefit |
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NET INCOME (LOSS) |
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LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
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NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ | |
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BASIC EARNINGS (LOSS) PER COMMON SHARE | $ | |
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DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ | |
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WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
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BASIC |
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DILUTED |
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The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
UNAUDITED
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| September 30, |
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(in thousands) | 2019 |
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NET INCOME (LOSS) | $ | |
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OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: |
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Defined benefit pension plan adjustments |
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Foreign currency translation adjustments |
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Unrealized gain (loss) in fair value of investments |
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TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX |
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COMPREHENSIVE INCOME (LOSS) |
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LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
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COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ | |
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The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
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| As of September 30, |
| As of December 31, | ||
(in thousands, except share and per share amounts) | 2019 |
| 2018 | ||
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ASSETS | |||||
CURRENT ASSETS: |
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Cash and cash equivalents ($ | $ | |
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Restricted cash |
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Restricted investments |
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Accounts receivable ($ |
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Retainage receivable ($ |
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Costs and estimated earnings in excess of billings |
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Other current assets ($ |
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Total current assets |
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PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $ |
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GOODWILL |
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INTANGIBLE ASSETS, NET |
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OTHER ASSETS |
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TOTAL ASSETS | $ | |
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LIABILITIES AND EQUITY | |||||
CURRENT LIABILITIES: |
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Current maturities of long-term debt | $ | |
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Accounts payable ($ |
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Retainage payable ($ |
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Billings in excess of costs and estimated earnings ($ |
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Accrued expenses and other current liabilities ($ |
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Total current liabilities |
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LONG-TERM DEBT, less current maturities, net of unamortized discounts and debt issuance costs totaling $ |
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DEFERRED INCOME TAXES |
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OTHER LONG-TERM LIABILITIES |
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TOTAL LIABILITIES |
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COMMITMENTS AND CONTINGENCIES (NOTE 11) |
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EQUITY |
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Stockholders' equity: |
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Preferred stock - authorized |
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Common stock - authorized |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive loss |
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Total stockholders' equity |
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Noncontrolling interests |
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TOTAL EQUITY |
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TOTAL LIABILITIES AND EQUITY | $ | |
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The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
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| Nine Months Ended September 30, | ||||
(in thousands) | 2019 |
| 2018 | ||
Cash Flows from Operating Activities: |
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Net income (loss) | $ | ( |
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Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
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Goodwill impairment |
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Depreciation |
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Amortization of intangible assets |
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Share-based compensation expense |
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Change in debt discounts and deferred debt issuance costs |
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Deferred income taxes |
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(Gain) loss on sale of property and equipment |
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Changes in other components of working capital |
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Other long-term liabilities |
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Other, net |
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NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
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Cash Flows from Investing Activities: |
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Acquisition of property and equipment |
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Proceeds from sale of property and equipment |
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Investment in securities |
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Proceeds from maturities and sales of investments in securities |
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NET CASH USED IN INVESTING ACTIVITIES |
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Cash Flows from Financing Activities: |
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