Massachusetts
|
1-6314
|
04-1717070
|
(State or other jurisdiction of incorporation or organization)
|
(Commission file number)
|
(I.R.S. Employer Identification No.)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02.
|
Results of Operations and Financial Condition
|
Item 9.01.
|
Financial Statements and Exhibits
|
(d)
|
Exhibits.
|
Press Release of Tutor Perini Corporation dated November 1, 2012.
|
Tutor Perini Corporation
|
|
Dated: November 1, 2012
|
By: /s/Michael J. Kershaw
|
Michael J. Kershaw
|
|
Executive Vice President and Chief Financial Officer
|
|
·
|
Revenue of $1.10 billion compared to $1.17 billion in Q3 2011
|
|
·
|
Net income of $42.6 million (adjusted net income of $25.8 million) compared to $35.5 million in Q3 2011
|
|
·
|
Diluted EPS of $0.88 (adjusted diluted EPS of $0.54) compared to $0.74 in Q3 2011
|
|
·
|
Affirming FY2012 guidance: Revenue of $4.0 billion to $4.5 billion; Diluted EPS of $1.50 to $1.70, excluding discrete items
|
Summary of Consolidated Operations
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
|||||||||||||||
SEPTEMBER 30,
|
SEPTEMBER 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
$ | 1,099,393 | $ | 1,166,410 | $ | 2,997,273 | $ | 2,601,557 | ||||||||
Cost of Operations
|
983,930 | 1,046,055 | 2,708,590 | 2,331,529 | ||||||||||||
Gross Profit
|
115,463 | 120,355 | 288,683 | 270,028 | ||||||||||||
General and Administrative Expenses
|
60,787 | 58,319 | 194,644 | 152,444 | ||||||||||||
Goodwill and Intangible Asset Impairment
|
- | - | 376,574 | - | ||||||||||||
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS
|
54,676 | 62,036 | (282,535 | ) | 117,584 | |||||||||||
Other Income (Expense), net
|
545 | 5,863 | (681 | ) | 6,648 | |||||||||||
Interest Expense
|
(11,039 | ) | (11,566 | ) | (32,724 | ) | (25,973 | ) | ||||||||
Income (Loss) before Income Taxes
|
44,182 | 56,333 | (315,940 | ) | 98,259 | |||||||||||
(Provision) Benefit for Income Taxes
|
(1,591 | ) | (20,856 | ) | 8,905 | (36,159 | ) | |||||||||
NET INCOME (LOSS)
|
$ | 42,591 | $ | 35,477 | $ | (307,035 | ) | $ | 62,100 | |||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE
|
$ | 0.90 | $ | 0.75 | $ | (6.47 | ) | $ | 1.32 | |||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE
|
$ | 0.88 | $ | 0.74 | $ | (6.47 | ) | $ | 1.30 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
||||||||||||||||
BASIC
|
47,556 | 47,291 | 47,440 | 47,192 | ||||||||||||
Effect of Dilutive Stock Options and Restricted
|
||||||||||||||||
Stock Units Outstanding
|
661 | 473 | - | 670 | ||||||||||||
DILUTED
|
48,217 | 47,764 | 47,440 | 47,862 |
September 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Total assets
|
$ | 3,235,458 | $ | 3,613,127 | ||||
Working capital
|
$ | 638,741 | $ | 556,800 | ||||
Long-term debt, less current maturities
|
$ | 636,932 | $ | 612,548 | ||||
Stockholders' equity
|
$ | 1,100,737 | $ | 1,399,827 |
Selected Segment Information
|
||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Reportable Segments
|
||||||||||||||||||||||||||||
Specialty
|
Management
|
Consolidated
|
||||||||||||||||||||||||||
Building
|
Civil
|
Contractors
|
Services
|
Totals
|
Corporate*
|
Total
|
||||||||||||||||||||||
Three Months Ended September 30, 2012
|
||||||||||||||||||||||||||||
Total Revenues
|
$ | 391,531 | $ | 350,542 | $ | 315,270 | $ | 51,744 | $ | 1,109,087 | $ | - | $ | 1,109,087 | ||||||||||||||
Elimination of intersegment revenues
|
(508 | ) | (4,202 | ) | - | (4,984 | ) | (9,694 | ) | - | (9,694 | ) | ||||||||||||||||
Revenues from external customers
|
391,023 | 346,340 | 315,270 | 46,760 | 1,099,393 | - | 1,099,393 | |||||||||||||||||||||
Income from Construction Operations
|
20,847 | 26,280 | 14,236 | 2,841 | 64,204 | (9,528 | ) | 54,676 | ||||||||||||||||||||
Three Months Ended September 30, 2011
|
||||||||||||||||||||||||||||
Total Revenues
|
$ | 566,518 | $ | 280,446 | $ | 335,924 | $ | 85,481 | $ | 1,268,369 | $ | - | $ | 1,268,369 | ||||||||||||||
Elimination of intersegment revenues
|
(72,721 | ) | (3,649 | ) | - | (25,589 | ) | (101,959 | ) | - | (101,959 | ) | ||||||||||||||||
Revenues from external customers
|
493,797 | 276,797 | 335,924 | 59,892 | 1,166,410 | - | 1,166,410 | |||||||||||||||||||||
Income from Construction Operations
|
8,877 | 23,805 | 33,130 | 5,381 | 71,193 | (9,157 | ) | 62,036 |
Reportable Segments
|
||||||||||||||||||||||||||||
Specialty
|
Management
|
Consolidated
|
||||||||||||||||||||||||||
Building
|
Civil
|
Contractors
|
Services
|
Totals
|
Corporate*
|
Total
|
||||||||||||||||||||||
Nine Months Ended September 30, 2012
|
||||||||||||||||||||||||||||
Total Revenues
|
$ | 1,066,494 | $ | 928,203 | $ | 858,843 | $ | 184,629 | $ | 3,038,169 | $ | - | $ | 3,038,169 | ||||||||||||||
Elimination of intersegment revenues
|
(4,417 | ) | (8,794 | ) | (233 | ) | (27,452 | ) | (40,896 | ) | - | (40,896 | ) | |||||||||||||||
Revenues from external customers
|
1,062,077 | 919,409 | 858,610 | 157,177 | 2,997,273 | - | 2,997,273 | |||||||||||||||||||||
Income from Construction Operations
|
||||||||||||||||||||||||||||
Before Impairment Charge
|
(2,537 | ) | 68,884 | 53,852 | 6,579 | 126,778 | (32,739 | ) | 94,039 | |||||||||||||||||||
Impairment Charge
|
(282,608 | ) | (65,503 | ) | (11,489 | ) | (16,974 | ) | (376,574 | ) | - | (376,574 | ) | |||||||||||||||
Total
|
(285,145 | ) | 3,381 | 42,363 | (10,395 | ) | (249,796 | ) | (32,739 | ) | (282,535 | ) | ||||||||||||||||
Nine Months Ended September 30, 2011
|
||||||||||||||||||||||||||||
Total Revenues
|
$ | 1,461,005 | $ | 557,398 | $ | 514,809 | $ | 209,956 | $ | 2,743,168 | $ | - | $ | 2,743,168 | ||||||||||||||
Elimination of intersegment revenues
|
(81,426 | ) | (9,092 | ) | - | (51,093 | ) | (141,611 | ) | - | (141,611 | ) | ||||||||||||||||
Revenues from external customers
|
1,379,579 | 548,306 | 514,809 | 158,863 | 2,601,557 | - | 2,601,557 | |||||||||||||||||||||
Income from Construction Operations
|
43,704 | 51,732 | 35,812 | 14,541 | 145,789 | (28,205 | ) | 117,584 |
Selected Backlog Information
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
(In millions)
|
||||||||||||||||
Backlog at December 31, 2011
|
New Business Awarded (1)
|
Revenues Recognized
|
Backlog at September 30, 2012
|
|||||||||||||
Building
|
$ | 2,248.9 | $ | 990.5 | $ | (1,062.1 | ) | $ | 2,177.3 | |||||||
Civil
|
2,222.2 | 366.6 | (919.4 | ) | 1,669.4 | |||||||||||
Specialty Contractors
|
1,371.5 | 900.1 | (858.6 | ) | 1,413.0 | |||||||||||
Management Services
|
265.7 | 185.4 | (157.2 | ) | 293.9 | |||||||||||
Total
|
$ | 6,108.3 | $ | 2,442.6 | $ | (2,997.3 | ) | $ | 5,553.6 |
Tutor Perini Corporation (NYSE)
|
||||||||||||||||||||
Reconciliation of Non-GAAP Measures
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
(In thousands, except per share data)
|
||||||||||||||||||||
Reportable Segments
|
||||||||||||||||||||
Specialty
|
Management
|
Consolidated
|
||||||||||||||||||
Building
|
Civil
|
Contractors
|
Services
|
Total (1)
|
||||||||||||||||
Three Months Ended September 30, 2012
|
||||||||||||||||||||
Income from Construction Operations
|
||||||||||||||||||||
As reported
|
$ | 20,847 | $ | 26,280 | $ | 14,236 | $ | 2,841 | $ | 54,676 | ||||||||||
Plus impairment charge (2)
|
- | - | - | - | - | |||||||||||||||
Total, excluding discrete items
|
20,847 | 26,280 | 14,236 | 2,841 | 54,676 |
Reportable Segments
|
||||||||||||||||||||
Specialty
|
Management
|
Consolidated
|
||||||||||||||||||
Building
|
Civil
|
Contractors
|
Services
|
Total (1)
|
||||||||||||||||
Nine Months Ended September 30, 2012
|
||||||||||||||||||||
Income from Construction Operations
|
||||||||||||||||||||
As reported
|
$ | (285,145 | ) | $ | 3,381 | $ | 42,363 | $ | (10,395 | ) | $ | (282,535 | ) | |||||||
Plus impairment charge
|
282,608 | 65,503 | 11,489 | 16,974 | 376,574 | |||||||||||||||
Total, excluding discrete items
|
(2,537 | ) | 68,884 | 53,852 | 6,579 | 94,039 |
Reconciliation of Non-GAAP Measures
|
||||||||
(Unaudited)
|
||||||||
(In thousands, except per share data)
|
||||||||
For the three months ended September 30, 2012
|
For the nine months ended September 30, 2012
|
|||||||
Reported Net Income (Loss)
|
$ | 42,591 | $ | (307,035 | ) | |||
Plus: Impairment charge
|
- | 376,574 | ||||||
Less: Tax benefit provided on impairment charge
|
(16,771 | ) | (37,424 | ) | ||||
Plus: Realized loss on sale of investments
|
- | 2,699 | ||||||
Less: Tax benefit provided on realized loss
|
- | (1,057 | ) | |||||
Plus: Discrete tax adjustments
|
- | 3,649 | ||||||
Net Income, excluding discrete items
|
$ | 25,820 | $ | 37,406 | ||||
Reported diluted earnings (loss) per common share
|
$ | 0.88 | $ | (6.47 | ) | |||
Plus (Minus): Impairment charge, net of tax benefit
|
(0.34 | ) | 7.14 | |||||
Plus: Discrete tax adjustments
|
- | 0.08 | ||||||
Plus: Realized loss on sale of investments
|
- | 0.03 | ||||||
Diluted earnings per common share, excluding discrete items
|
$ | 0.54 | $ | 0.78 |