Tutor Perini Corp · Q4 2019 earnings

Briefing

Reported a net loss due to an adverse jury verdict and underperformance in the Specialty Contractors segment but was encouraged by operating cash generation and backlog growth.

Tutor Perini Corporation reported fourth-quarter revenue of $1.2 billion, which is comparable to the same period last year. The company experienced a net loss of $86.1 million, or $1.71 loss per diluted share, due to an after-tax charge of $119.4 million related to an adverse jury verdict and underperformance in the Specialty Contractors segment. However, the company's backlog increased by 21% year-over-year to $11.2 billion, and operating cash generation was strong at $25.2 million for the quarter and $136.5 million for the year.

• Revenue for the fourth quarter was $1.2 billion, comparable to the same period last year.
• Net loss attributable to the Company for the fourth quarter was $86.1 million, or a $1.71 loss per diluted share, compared to net income of $49.4 million, or $0.98 of earnings per diluted share, for the fourth quarter of 2018.
• The Company generated $25.2 million of operating cash for the fourth quarter of 2019, compared to $56.2 million for the same period last year.
• Backlog was at a near-record level of $11.2 billion as of December 31, 2019, an increase of 21% compared to December 31, 2018.

Headline financials

Revenue & EPS history

The Company anticipates strong revenue growth across all segments in 2020 and substantially improved operating margin in the Specialty Contractors segment. For 2020, the Company is establishing its initial EPS guidance at a range of $1.80 to $2.10.