Company Quick10K Filing
Tutor Perini
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 50 $662
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-02-27 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-07 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-07 Quarter: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-11-02 Quarter: 2016-09-30
10-Q 2016-08-02 Quarter: 2016-06-30
10-Q 2016-05-04 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-16 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-02-26 Annual: 2014-12-31
10-Q 2014-11-05 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-Q 2014-05-07 Quarter: 2014-03-31
10-K 2014-02-24 Annual: 2013-12-31
10-Q 2013-11-04 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-02 Quarter: 2013-03-31
10-K 2013-02-25 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-04 Quarter: 2012-03-31
10-K 2012-03-02 Annual: 2011-12-31
10-Q 2011-11-07 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-03-07 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
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
TPC 2019-09-30
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

Tutor Perini Earnings 2019-09-30

TPC 10Q Quarterly Report

Balance SheetIncome StatementCash 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%

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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 September 30, 2019

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 October 31, 2019 was 50,278,816.


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 Nine Months Ended September 30, 2019 and 2018 (Unaudited)

3

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)

4

Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 (Unaudited)

5

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018 (Unaudited)

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7 - 31

Item 2.

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

32 - 39

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

40

Item 4.

Mine Safety Disclosures

40

Item 5.

Other Information

40

Item 6.

Exhibits

41

Signature

42

 

2


PART I. – FINANCIAL INFORMATION

Item 1. – Financial Statements

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

Three Months Ended

Nine Months Ended

September 30,

September 30,

(in thousands, except per common share amounts)

2019

2018

2019

2018

REVENUE

$

1,189,345

$

1,123,137

$

3,273,107

$

3,271,378

COST OF OPERATIONS

(1,074,282)

(1,012,013)

(2,968,631)

(2,974,546)

GROSS PROFIT

115,063

111,124

304,476

296,832

General and administrative expenses

(67,120)

(63,818)

(195,474)

(195,636)

Goodwill impairment

(379,863)

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS

47,943

47,306

(270,861)

101,196

Other income, net

1,674

1,909

2,996

3,739

Interest expense

(17,305)

(16,411)

(51,252)

(47,474)

INCOME (LOSS) BEFORE INCOME TAXES

32,312

32,804

(319,117)

57,461

Income tax (expense) benefit

(5,591)

(7,368)

35,121

(15,071)

NET INCOME (LOSS)

26,721

25,436

(283,996)

42,390

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

7,408

4,164

17,577

8,359

NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION

$

19,313

$

21,272

$

(301,573)

$

34,031

BASIC EARNINGS (LOSS) PER COMMON SHARE

$

0.38

$

0.43

$

(6.01)

$

0.68

DILUTED EARNINGS (LOSS) PER COMMON SHARE

$

0.38

$

0.42

$

(6.01)

$

0.68

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

BASIC

50,279

50,018

50,201

49,927

DILUTED

50,582

50,375

50,201

50,210

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

Nine Months Ended

September 30,

September 30,

(in thousands)

2019

2018

2019

2018

NET INCOME (LOSS)

$

26,721

$

25,436

$

(283,996)

$

42,390

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

Defined benefit pension plan adjustments

331

365

992

1,100

Foreign currency translation adjustments

(450)

376

708

(1,432)

Unrealized gain (loss) in fair value of investments

256

(129)

1,615

(1,143)

TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

137

612

3,315

(1,475)

COMPREHENSIVE INCOME (LOSS)

26,858

26,048

(280,681)

40,915

LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

7,309

4,164

17,737

8,359

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION

$

19,549

$

21,884

$

(298,418)

$

32,556

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 September 30,

As of December 31,

(in thousands, except share and per share amounts)

2019

2018

ASSETS

CURRENT ASSETS:

Cash and cash equivalents ($110,447 and $43,131 related to variable interest entities ("VIEs"))

$

207,130

$

116,075

Restricted cash

6,261

3,788

Restricted investments

67,728

58,142

Accounts receivable ($142,749 and $62,482 related to VIEs)

1,460,450

1,261,072

Retainage receivable ($73,424 and $36,724 related to VIEs)

542,274

478,744

Costs and estimated earnings in excess of billings

1,159,333

1,142,295

Other current assets ($36,859 and $30,185 related to VIEs)

162,406

115,527

Total current assets

3,605,582

3,175,643

PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $375,717 and $343,735 (net P&E of $54,729 and $51,508 related to VIEs)

509,986

490,669

GOODWILL

205,143

585,006

INTANGIBLE ASSETS, NET

83,254

85,911

OTHER ASSETS

90,943

50,523

TOTAL ASSETS

$

4,494,908

$

4,387,752

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current maturities of long-term debt

$

10,862

$

16,767

Accounts payable ($74,183 and $18,070 related to VIEs)

670,458

621,728

Retainage payable ($10,294 and $0 related to VIEs)

232,209

211,956

Billings in excess of costs and estimated earnings ($404,357 and $263,764 related to VIEs)

818,806

573,190

Accrued expenses and other current liabilities ($37,935 and $34,828 related to VIEs)

188,373

174,325

Total current liabilities

1,920,708

1,597,966

LONG-TERM DEBT, less current maturities, net of unamortized discounts and debt issuance costs totaling $26,358 and $34,998

825,382

744,737

DEFERRED INCOME TAXES

58,305

105,521

OTHER LONG-TERM LIABILITIES

186,965

151,639

TOTAL LIABILITIES

2,991,360

2,599,863

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 50,278,816 and 50,025,996 shares

50,279

50,026

Additional paid-in capital

1,113,987

1,102,919

Retained earnings

400,108

701,681

Accumulated other comprehensive loss

(42,294)

(45,449)

Total stockholders' equity

1,522,080

1,809,177

Noncontrolling interests

(18,532)

(21,288)

TOTAL EQUITY

1,503,548

1,787,889

TOTAL LIABILITIES AND EQUITY

$

4,494,908

$

4,387,752

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

 

5


TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

Nine Months Ended September 30,

(in thousands)

2019

2018

Cash Flows from Operating Activities:

Net income (loss)

$

(283,996)

$

42,390

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Goodwill impairment

379,863

Depreciation

41,884

30,924

Amortization of intangible assets

2,657

2,657

Share-based compensation expense

14,331

17,779

Change in debt discounts and deferred debt issuance costs

9,790

8,962

Deferred income taxes

(48,318)

233

(Gain) loss on sale of property and equipment

(1,799)

823

Changes in other components of working capital

(7,148)

(136,113)

Other long-term liabilities

3,979

(2,606)

Other, net

122

190

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

111,365

(34,761)

Cash Flows from Investing Activities:

Acquisition of property and equipment

(62,677)

(64,411)

Proceeds from sale of property and equipment

4,300

5,462

Investment in securities

(18,790)

(13,841)

Proceeds from maturities and sales of investments in securities

11,078

14,302

NET CASH USED IN INVESTING ACTIVITIES

(66,089)

(58,488)

Cash Flows from Financing Activities: