Company Quick10K Filing
Tutor Perini
Price13.16 EPS-5
Shares51 P/E-3
MCap666 P/FCF6
Net Debt623 EBIT-212
TEV1,289 TEV/EBIT-6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-03-02
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-07
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-20
8-K 2020-05-06
8-K 2020-02-26
8-K 2019-12-13
8-K 2019-11-06
8-K 2019-09-24
8-K 2019-09-17
8-K 2019-09-10
8-K 2019-08-08
8-K 2019-08-05
8-K 2019-05-24
8-K 2019-05-08
8-K 2019-03-28
8-K 2019-02-27
8-K 2018-11-07
8-K 2018-08-07
8-K 2018-05-25
8-K 2018-05-09
8-K 2018-02-27
8-K 2018-01-05

TPC 10Q Quarterly Report

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-3.1 tpc-20200630xex3_1.htm
EX-31.1 tpc-20200630xex31_1.htm
EX-31.2 tpc-20200630xex31_2.htm
EX-32.1 tpc-20200630xex32_1.htm
EX-32.2 tpc-20200630xex32_2.htm
EX-95 tpc-20200630xex95.htm

Tutor Perini Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4.63.72.81.80.90.02012201420172020
Assets, Equity
1.20.90.60.2-0.1-0.42016201720182020
Rev, G Profit, Net Income
0.30.20.10.0-0.1-0.22012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 1-6314

Tutor Perini Corporation

(Exact Name of Registrant as Specified in its Charter)

MASSACHUSETTS

04-1717070

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer Identification No.)

15901 OLDEN STREET, SYLMAR, CALIFORNIA

91342-1093

(Address of Principal Executive Offices)

(Zip Code)

(818) 362-8391

(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:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

TPC

The New York Stock Exchange

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. Yes  No 

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). Yes  No 

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.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

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 July 22, 2020 was 50,771,288.


TUTOR PERINI CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

Page Numbers

Part I.

Financial Information:

Item 1.

Financial Statements:

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

3

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

4

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019 (Unaudited)

5

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 (Unaudited)

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

40

Item 4.

Controls and Procedures

40

Part II.

Other Information:

Item 1.

Legal Proceedings

40

Item 1A.

Risk Factors

41

Item 4.

Mine Safety Disclosures

42

Item 5.

Other Information

42

Item 6.

Exhibits

42

Signature

43

 

2


PART I. – FINANCIAL INFORMATION

Item 1. Financial Statements

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

Three Months Ended

Six Months Ended

June 30,

June 30,

(in thousands, except per common share amounts)

2020

2019

2020

2019

REVENUE

$

1,276,427

$

1,125,275

$

2,527,156

$

2,083,762

COST OF OPERATIONS

(1,158,673)

(1,024,332)

(2,298,322)

(1,894,349)

GROSS PROFIT

117,754

100,943

228,834

189,413

General and administrative expenses

(60,058)

(62,797)

(123,911)

(128,354)

Goodwill impairment

(379,863)

(379,863)

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS

57,696

(341,717)

104,923

(318,804)

Other income (expense)

(797)

900

(316)

1,322

Interest expense

(16,464)

(17,522)

(32,900)

(33,947)

INCOME (LOSS) BEFORE INCOME TAXES

40,435

(358,339)

71,707

(351,429)

Income tax (expense) benefit

(9,576)

42,900

(14,710)

40,712

NET INCOME (LOSS)

30,859

(315,439)

56,997

(310,717)

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

12,150

5,091

20,917

10,169

NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION

$

18,709

$

(320,530)

$

36,080

$

(320,886)

BASIC EARNINGS (LOSS) PER COMMON SHARE

$

0.37

$

(6.38)

$

0.71

$

(6.40)

DILUTED EARNINGS (LOSS) PER COMMON SHARE

$

0.37

$

(6.38)

$

0.71

$

(6.40)

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

BASIC

50,667

50,224

50,502

50,161

DILUTED

50,935

50,224

50,885

50,161

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

3


TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED

Three Months Ended

Six Months Ended

June 30,

June 30,

(in thousands)

2020

2019

2020

2019

NET INCOME (LOSS)

$

30,859

$

(315,439)

$

56,997

$

(310,717)

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

Defined benefit pension plan adjustments

424

331

847

661

Foreign currency translation adjustments

1,655

810

(2,358)

1,158

Unrealized gain in fair value of investments

1,306

686

1,848

1,359

TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

3,385

1,827

337

3,178

COMPREHENSIVE INCOME (LOSS)

34,244

(313,612)

57,334

(307,539)

LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

13,004

5,248

19,751

10,428

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION

$

21,240

$

(318,860)

$

37,583

$

(317,967)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

 

4


TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED

As of June 30,

As of December 31,

(in thousands, except share and per share amounts)

2020

2019

ASSETS

CURRENT ASSETS:

Cash and cash equivalents ($92,056 and $103,850 related to variable interest entities ("VIEs"))

$

182,599

$

193,685

Restricted cash

8,892

8,416

Restricted investments

75,382

70,974

Accounts receivable ($129,081 and $91,090 related to VIEs)

1,586,560

1,354,519

Retainage receivable ($98,304 and $89,132 related to VIEs)

581,495

562,375

Costs and estimated earnings in excess of billings ($26,392 and $22,764 related to VIEs)

1,149,103

1,123,544

Other current assets ($55,286 and $58,128 related to VIEs)

222,392

197,473

Total current assets

3,806,423

3,510,986

PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $417,575 and $388,147 (net P&E of $34,669 and $49,919 related to VIEs)

504,722

509,685

GOODWILL

205,143

205,143

INTANGIBLE ASSETS, NET

140,674

155,270

OTHER ASSETS

106,641

104,693

TOTAL ASSETS

$

4,763,603

$

4,485,777

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $11,911 and $0

$

320,790

$

124,054

Accounts payable ($110,676 and $93,848 related to VIEs)

770,515

682,699

Retainage payable ($19,589 and $13,967 related to VIEs)

278,045

252,181

Billings in excess of costs and estimated earnings ($434,608 and $422,847 related to VIEs)

962,446

844,389

Accrued expenses and other current liabilities ($16,212 and $25,402 related to VIEs)

209,576

206,533

Total current liabilities

2,541,372

2,109,856

LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $5,190 and $23,343

515,629

710,422

DEFERRED INCOME TAXES

41,329

35,686

OTHER LONG-TERM LIABILITIES

201,132

199,288

TOTAL LIABILITIES

3,299,462

3,055,252

COMMITMENTS AND CONTINGENCIES (NOTE 11)

 

 

EQUITY

Stockholders' equity:

Preferred stock - authorized 1,000,000 shares ($1 par value), none issued

Common stock - authorized 75,000,000 shares ($1 par value), issued and outstanding 50,771,288 and 50,278,816 shares

50,771

50,279

Additional paid-in capital

1,124,672

1,117,972

Retained earnings

350,071

313,991

Accumulated other comprehensive loss

(40,597)

(42,100)

Total stockholders' equity

1,484,917

1,440,142

Noncontrolling interests

(20,776)

(9,617)

TOTAL EQUITY

1,464,141

1,430,525

TOTAL LIABILITIES AND EQUITY