Tutor Perini Reports Fourth Quarter and Full Year 2021 Results

  • Strong Civil segment operating margin of 12.7% for 2021, the highest annual Civil segment margin since 2014
  • Diluted earnings per share (“EPS”) of $1.79 in 2021, in line with revised guidance
  • Backlog of $8.2 billion at year-end 2021 compared to $8.3 billion at year-end 2020
  • Substantially improved operating cash generation expected in 2022

LOS ANGELES--()--Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading civil, building and specialty construction company, reported results today for the fourth quarter and year ended December 31, 2021. Revenue for the fourth quarter and full year of 2021 was $1.0 billion and $4.6 billion, down 23% and 13%, respectively, compared to the same periods last year. The lower revenue in both the fourth quarter and full year of 2021 was primarily driven by reduced project execution activities in the Building segment, as various projects have completed or are nearing completion, while newer projects that have been recently awarded are yet to contribute meaningfully to revenue.

Income from construction operations for the fourth quarter and full year of 2021 was $56.3 million and $226.8 million, down 24% and 14%, respectively, compared to the same periods in 2020. The decrease for the full year of 2021 was primarily due to the lower revenue, discussed above. In addition, various unfavorable changes in project estimates, which were largely offset by certain favorable changes in estimates on other projects and a favorable adjustment related to a legal judgment, contributed to the decline. Civil segment income from construction operations increased 8% in 2021 compared to the prior year and generated a corresponding segment operating margin of 12.7% for 2021, the highest annual Civil segment operating margin since 2014, driven by contributions from certain large, higher-margin projects. Strong Civil segment performance in 2021 was offset primarily by underperformance in the Specialty Contractors segment and, to a lesser extent, by the aforementioned reduced volume in the Building segment. Net income attributable to the Company for the fourth quarter and full year of 2021 was $29.3 million, or $0.57 per diluted share, and $91.9 million, or $1.79 per diluted share, respectively, compared to $35.5 million, or $0.69 per diluted share, and $108.4 million, or $2.12 per diluted share, respectively, for the same periods in 2020. The lower EPS for the full year of 2021 was principally due to the factors mentioned above that drove the lower income from construction operations, as well as a higher effective tax rate in 2021 compared to 2020.

Backlog at December 31, 2021 was $8.2 billion, essentially level compared to $8.3 billion at the end of 2020. The COVID-19 pandemic continued to limit bidding and proposal activity, particularly in the first half of 2021. New awards in 2021 totaled $4.5 billion and included the Cedars-Sinai Marina del Rey Hospital in California (contract value was not publicly announced); the $471 million LAX Airport Metro Connector project; $434 million for various Civil segment projects in the Midwest; more than $385 million of additional funding for certain mass-transit projects in California; the $269 million Yountville Veterans Home in California; the $220 million I-70 Missouri River Bridge project; the $162 million Tinian International Airport aircraft parking apron and taxiway project in the Northern Mariana Islands; the $152 million Santa Rosa Courthouse project in California; and a $122 million military range project and a $98 million military housing project, both in Guam.

“We concluded 2021 with solid operating performance, particularly in our Civil segment, which helped us to deliver EPS that was in line with our revised guidance for the year. Our results were highlighted by the highest annual Civil segment operating margin since 2014,” commented Ronald Tutor, Chairman and Chief Executive Officer. Tutor continued, “Despite the negative impacts of COVID-19 in 2021, we won various large new awards throughout the year, with particularly strong bookings in our Building segment, and closed the year with ending backlog consistent with the prior year.”

Outlook and Guidance

The recently enacted $1.2 trillion bipartisan Infrastructure Investment and Jobs Act is expected to significantly benefit the Company’s business by funding many new and existing large infrastructure projects that the Company is involved with or will be pursuing over the next several years. Tutor remarked, “We expect a further increase in the already elevated demand for our services as a result of the passage of the federal infrastructure bill, as it will target significant amounts of new, incremental funding directly for the types of projects and end markets in which we specialize. As that funding flows to our customers, it should provide us with years of sustained growth opportunities, which we intend to capitalize upon."

The Company anticipates continued solid revenue contributions from its existing backlog of large Civil segment infrastructure projects on the West Coast and other projects in Guam. Offsetting these contributions, however, are certain Civil segment projects that have recently completed or will soon be completing. The Company is pursuing several large prospective Civil segment projects on the West Coast, in the Northeast and in Guam that are expected to be bid and/or awarded in 2022 and 2023. The timing and magnitude of revenue contributions from the share of new Civil segment projects that the Company expects to win may not fully offset revenue reductions associated with the Civil segment projects that have recently completed or will be completing in 2022.

Importantly, Building segment backlog, which carries a substantially lower margin, increased $607 million in 2021 compared to the prior year, whereas backlog for the higher-margin Civil and Specialty Contractors segments declined $230 million and $487 million, respectively, year-over-year. Building segment backlog also converts to revenue more quickly compared to higher-margin Civil segment backlog. Consequently, due to the change in the backlog mix and the anticipated pace of converting backlog to revenue, the Company anticipates that the Building segment will contribute a higher proportion of the Company’s total revenue in 2022, but at a lower operating margin as compared to contributions from the Civil and Specialty Contractors segments. The Company also anticipates that 2022 EPS will be negatively impacted by a more normalized effective income tax rate of 22% to 24% in 2022 compared to 16% in 2021. Finally, as discussed earlier, the COVID-19 pandemic has previously limited, and could again negatively impact, bidding and proposal activity, which may further delay new large construction projects, particularly if the pandemic worsens.

For these reasons, the Company is taking a cautious, but practical, approach in estimating its financial performance for 2022. Based on the current market assessment and business outlook, the Company is establishing its initial EPS guidance for 2022 at a range of $1.15 to $1.60. As in prior years, earnings in 2022 are expected to be weighted more heavily in the second half of the year due to the anticipated timing of large project activities, as well as typical business seasonality. Although the Company anticipates lower EPS in 2022 compared to 2021, barring any significant worsening of the COVID-19 pandemic that could negatively impact collections, it also expects operating cash generation in 2022 to be substantially improved compared to 2021 and well in excess of consolidated net income for the year, as a result of projected solid cash collections, both from project execution activities and the anticipated resolution of various outstanding claims and change orders.

Fourth Quarter 2021 Conference Call

The Company will host a conference call at 2:00 PM Pacific Time on Thursday, February 24, 2022, to discuss the fourth quarter and full year 2021 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.

The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay shortly after the call on the website.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget, while adhering to strict quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC). We are known for our major complex building project commitments, as well as our capacity to perform large and complex transportation and heavy civil construction for government agencies and private customers throughout the world.

Forward-Looking Statements

The statements contained in this release, including those set forth in the section “Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: revisions of estimates of contract risks, revenue or costs, economic factors such as inflation, the timing of new awards, or the pace of project execution, which may result in losses or lower than anticipated profit; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; increased competition and failure to secure new contracts; the COVID-19 pandemic, which has adversely impacted, and could continue to adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections; a significant slowdown or decline in economic conditions; risks and other uncertainties associated with assumptions and estimates used to prepare our financial statements; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; client cancellations of, or reductions in scope under, contracts reported in our backlog; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; decreases in the level of government spending for infrastructure and other public projects; possible systems and information technology interruptions and breaches in data security and/or privacy; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm; risks related to our international operations, such as uncertainty of U.S. Government funding, as well as economic, political, regulatory and other risks and unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings; the impact of inclement weather conditions on projects; risks related to government contracts and related procurement regulations; securities litigation and/or shareholder activism; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws; adverse health events, such as an epidemic or a pandemic; physical and regulatory risks related to climate change; impairment of our goodwill or other indefinite-lived intangible assets; failure to meet our obligations under our debt agreements; downgrades in our credit ratings; the exertion of influence over the Company by our chairman and chief executive officer due to his position and significant ownership interest; and other risks and uncertainties discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 24, 2022 and in other reports that we file with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Tutor Perini Corporation

Consolidated Statements of Operations

 

 

 

 

 

 



Quarter Ended

December 31,

Year Ended

December 31,

(in thousands, except per common share amounts)

2021

2020

2021

2020

REVENUE

$

1,036,770

 

$

1,349,516

 

$

4,641,830

 

$

5,318,763

 

COST OF OPERATIONS

 

(922,300

)

 

(1,217,112

)

 

(4,175,439

)

 

(4,832,610

)

GROSS PROFIT

 

114,470

 

 

132,404

 

 

466,391

 

 

486,153

 

General and administrative expenses

 

(58,216

)

 

(58,004

)

 

(239,587

)

 

(223,809

)

INCOME FROM CONSTRUCTION OPERATIONS

 

56,254

 

 

74,400

 

 

226,804

 

 

262,344

 

Other income (expense)

 

862

 

 

(3,489

)

 

2,004

 

 

(11,853

)

Interest expense

 

(16,584

)

 

(17,699

)

 

(69,026

)

 

(76,212

)

INCOME BEFORE INCOME TAXES

 

40,532

 

 

53,212

 

 

159,782

 

 

174,279

 

Income tax expense

 

661

 

 

(7,195

)

 

(25,632

)

 

(21,942

)

NET INCOME

 

41,193

 

 

46,017

 

 

134,150

 

 

152,337

 

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

11,861

 

 

10,522

 

 

42,225

 

 

43,943

 

NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION

$

29,332

 

$

35,495

 

$

91,925

 

$

108,394

 

BASIC EARNINGS PER COMMON SHARE

$

0.57

 

$

0.70

 

$

1.80

 

$

2.14

 

DILUTED EARNINGS PER COMMON SHARE

$

0.57

 

$

0.69

 

$

1.79

 

$

2.12

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

 

 

 

 

BASIC

 

51,082

 

 

50,827

 

 

51,017

 

 

50,656

 

DILUTED

 

51,382

 

 

51,295

 

 

51,369

 

 

51,077

 

Tutor Perini Corporation

Segment Information

 



 

 

 

 

 

 

 



Reportable Segments

 

 

 

(in thousands)

Civil

Building

Specialty

Contractors

Total

Corporate

 

Consolidated

Total

Quarter ended December 31, 2021

 

 

 

 

 

 

 

Total revenue

$

593,080

 

$

306,775

 

$

242,481

 

$

1,142,336

 

$

 

 

$

1,142,336

 

Elimination of intersegment revenue

 

(74,465

)

 

(29,507

)

 

(1,594

)

 

(105,566

)

 

 

 

 

(105,566

)

Revenue from external customers

$

518,615

 

$

277,268

 

$

240,887

 

$

1,036,770

 

$

 

 

$

1,036,770

 

Income (loss) from construction operations

$

78,481

 

$

9,207

 

$

(15,775

)

$

71,913

 

$

(15,659

)

(a)

$

56,254

 

Capital expenditures

$

11,040

 

$

148

 

$

178

 

$

11,366

 

$

66

 

 

$

11,432

 

Depreciation and amortization(b)

$

22,598

 

$

405

 

$

688

 

$

23,691

 

$

2,342

 

 

$

26,033

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2020

 

 

 

 

 

 

 

Total revenue

$

617,115

 

$

566,236

 

$

295,978

 

$

1,479,329

 

$

 

 

$

1,479,329

 

Elimination of intersegment revenue

 

(84,817

)

 

(44,520

)

 

(476

)

 

(129,813

)

 

 

 

 

(129,813

)

Revenue from external customers

$

532,298

 

$

521,716

 

$

295,502

 

$

1,349,516

 

$

 

 

$

1,349,516

 

Income (loss) from construction operations

$

64,079

 

$

16,038

 

$

10,612

 

$

90,729

 

$

(16,329

)

(a)

$

74,400

 

Capital expenditures

$

9,905

 

$

242

 

$

965

 

$

11,112

 

$

273

 

 

$

11,385

 

Depreciation and amortization(b)

$

23,200

 

$

429

 

$

993

 

$

24,622

 

$

2,778

 

 

$

27,400

 

 

 

 

 

 

 

 

 



Reportable Segments

 

 

 

(in thousands)

Civil

Building

Specialty

Contractors

Total

Corporate

 

Consolidated

Total

Year ended December 31, 2021

 

 

 

 

 

 

 

Total revenue

$

2,443,828

 

$

1,574,759

 

$

1,120,115

 

$

5,138,702

 

$

 

 

$

5,138,702

 

Elimination of intersegment revenue

 

(348,068

)

 

(146,657

)

 

(2,147

)

 

(496,872

)

 

 

 

 

(496,872

)

Revenue from external customers

$

2,095,760

 

$

1,428,102

 

$

1,117,968

 

$

4,641,830

 

$

 

 

$

4,641,830

 

Income (loss) from construction operations

$

266,214

 

$

28,721

 

$

(9,961

)

$

284,974

 

$

(58,170

)

(a)

$

226,804

 

Capital expenditures

$

37,067

 

$

359

 

$

476

 

$

37,902

 

$

692

 

 

$

38,594

 

Depreciation and amortization(b)

$

102,723

 

$

1,677

 

$

3,316

 

$

107,716

 

$

10,513

 

 

$

118,229

 



 

 

 

 

 

 

 

Year ended December 31, 2020

 

 

 

 

 

 

 

Total revenue

$

2,565,210

 

$

2,114,459

 

$

1,135,018

 

$

5,814,687

 

$

 

 

$

5,814,687

 

Elimination of intersegment revenue

 

(365,311

)

 

(129,818

)

 

(795

)

 

(495,924

)

 

 

 

 

(495,924

)

Revenue from external customers

$

2,199,899

 

$

1,984,641

 

$

1,134,223

 

$

5,318,763

 

$

 

 

$

5,318,763

 

Income (loss) from construction operations

$

245,835

 

$

53,158

 

$

17,203

 

$

316,196

 

$

(53,852

)

(a)

$

262,344

 

Capital expenditures

$

51,044

 

$

878

 

$

1,917

 

$

53,839

 

$

942

 

 

$

54,781

 

Depreciation and amortization(b)

$

90,250

 

$

1,703

 

$

3,983

 

$

95,936

 

$

11,098

 

 

$

107,034

 

________________________________________________________________________

(a)

Consists primarily of corporate general and administrative expenses.

(b)

Depreciation and amortization is included in income (loss) from construction operations.

Tutor Perini Corporation

Consolidated Balance Sheets

 

 

As of December 31,

(in thousands, except share and per share amounts)

2021

2020

ASSETS

CURRENT ASSETS:

Cash and cash equivalents ($102,679 and $105,735 related to VIEs)

$

202,197

 

$

374,289

 

Restricted cash

 

9,199

 

 

77,563

 

Restricted investments

 

84,355

 

 

78,912

 

Accounts receivable ($116,415 and $86,012 related to VIEs)

 

1,454,319

 

 

1,415,063

 

Retainage receivable ($162,259 and $122,335 related to VIEs)

 

568,881

 

 

648,441

 

Costs and estimated earnings in excess of billings ($143,105 and $39,846 related to VIEs)

 

1,356,768

 

 

1,236,734

 

Other current assets ($43,718 and $51,746 related to VIEs)

 

186,773

 

 

249,455

 

Total current assets

 

3,862,492

 

 

4,080,457

 

PROPERTY AND EQUIPMENT:

 

 

Land

 

40,175

 

 

44,167

 

Building and improvements

 

116,146

 

 

116,422

 

Construction equipment

 

580,909

 

 

570,675

 

Other equipment

 

175,832

 

 

192,247

 

 

 

913,062

 

 

923,511

 

Less accumulated depreciation

 

(483,417

)

 

(434,294

)

Total property and equipment, net ($2,203 and $12,840 related to VIEs)

 

429,645

 

 

489,217

 

GOODWILL

 

205,143

 

 

205,143

 

INTANGIBLE ASSETS, NET

 

85,068

 

 

123,115

 

OTHER ASSETS

 

142,550

 

 

147,685

 

TOTAL ASSETS

$

4,724,898

 

$

5,045,617

 

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

 

 

Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $0 and $2,040

$

24,406

 

$

100,188

 

Accounts payable ($96,097 and $116,461 related to VIEs)

 

512,056

 

 

794,611

 

Retainage payable ($37,007 and $26,439 related to VIEs)

 

268,945

 

 

315,135

 

Billings in excess of costs and estimated earnings ($355,270 and $362,427 related to VIEs)

 

761,689

 

 

839,222

 

Accrued expenses and other current liabilities ($8,566 and $9,595 related to VIEs)

 

210,017

 

 

215,207

 

Total current liabilities

 

1,777,113

 

 

2,264,363

 

LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $17,109 and $20,209

 

969,248

 

 

925,277

 

DEFERRED INCOME TAXES

 

70,989

 

 

82,966

 

OTHER LONG-TERM LIABILITIES

 

233,828

 

 

230,066

 

TOTAL LIABILITIES

 

3,051,178

 

 

3,502,672

 

COMMITMENTS AND CONTINGENCIES

 

 

EQUITY

 

 

Stockholders' equity:

 

 

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

 

 

 

 

Common stock – authorized 112,500,000 shares ($1 par value), issued and outstanding 51,095,706 and 50,827,205 shares

 

51,096

 

 

50,827

 

Additional paid-in capital

 

1,133,150

 

 

1,127,385

 

Retained earnings

 

514,310

 

 

422,385

 

Accumulated other comprehensive loss

 

(43,635

)

 

(46,741

)

Total stockholders' equity

 

1,654,921

 

 

1,553,856

 

Noncontrolling interests

 

18,799

 

 

(10,911

)

TOTAL EQUITY

 

1,673,720

 

 

1,542,945

 

TOTAL LIABILITIES AND EQUITY

$

4,724,898

 

$

5,045,617

 

Tutor Perini Corporation

Consolidated Statements of Cash Flows

 



Year Ended December 31,

(in thousands)

2021

2020

Cash Flows from Operating Activities:

 

 

Net income

$

134,150

 

$

152,337

 

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

 

 

Depreciation

 

82,732

 

 

74,879

 

Amortization of intangible assets

 

35,497

 

 

32,155

 

Share-based compensation expense

 

11,642

 

 

11,833

 

Change in debt discounts and deferred debt issuance costs

 

5,756

 

 

20,153

 

Deferred income taxes

 

(13,887

)

 

48,253

 

(Gain) loss on sale of property and equipment

 

2,639

 

 

(1,673

)

Changes in other components of working capital, net of balances acquired

 

(422,227

)

 

(169,976

)

Other long-term liabilities

 

14,766

 

 

4,352

 

Other, net

 

478

 

 

459

 

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

 

(148,454

)

 

172,772

 

 

 

 

Cash Flows from Investing Activities:

 

 

Acquisition of property and equipment

 

(38,594

)

 

(54,781

)

Proceeds from sale of property and equipment

 

7,245

 

 

14,550

 

Investments in securities

 

(30,761

)

 

(31,331

)

Proceeds from maturities and sales of investments in securities

 

24,771

 

 

25,204

 

NET CASH USED IN INVESTING ACTIVITIES

 

(37,339

)

 

(46,358

)

 

 

 

Cash Flows from Financing Activities:

 

 

Proceeds from debt

 

740,743

 

 

1,301,282

 

Repayment of debt

 

(777,762

)

 

(1,119,887

)

Cash payments related to share-based compensation

 

(1,989

)

 

(1,397

)

Distributions paid to noncontrolling interests

 

(22,655

)

 

(48,467

)

Contributions from noncontrolling interests

 

7,000

 

 

3,000

 

Debt issuance, extinguishment and modification costs

 

 

 

(11,194

)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

 

(54,663

)

 

123,337

 

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(240,456

)

 

249,751

 

Cash, cash equivalents and restricted cash at beginning of year

 

451,852

 

 

202,101

 

Cash, cash equivalents and restricted cash at end of year

$

211,396

 

$

451,852

 

Tutor Perini Corporation

Backlog Information

Unaudited



 

 

 

 

 

 

 

 

(in millions)

 

Backlog at

September 30, 2021

 

New Awards in the

Quarter Ended December 31, 2021(a)

 

Revenue Recognized in the

Quarter Ended December 31, 2021

 

Backlog at December 31, 2021

Civil

 

$

4,515.1

 

$

557.0

 

$

(518.6

)

 

$

4,553.5

Building

 

 

2,424.4

 

 

161.8

 

 

(277.3

)

 

 

2,308.9

Specialty Contractors

 

 

1,468.9

 

 

145.2

 

 

(240.9

)

 

 

1,373.2

Total

 

$

8,408.4

 

$

864.0

 

$

(1,036.8

)

 

$

8,235.6



 

 

 

 

 

 

 

 

(in millions)

 

Backlog at December 31, 2020

 

New Awards in the

Year Ended December 31, 2021(a)

 

Revenue Recognized in the

Year Ended December 31, 2021

 

Backlog at December 31, 2021

Civil

 

$

4,783.6

 

$

1,865.7

 

$

(2,095.8

)

 

$

4,553.5

Building

 

 

1,702.3

 

 

2,034.7

 

 

(1,428.1

)

 

 

2,308.9

Specialty Contractors

 

 

1,859.8

 

 

631.3

 

 

(1,117.9

)

 

 

1,373.2

Total

 

$

8,345.7

 

$

4,531.7

 

$

(4,641.8

)

 

$

8,235.6

________________________________________________________________________

(a)

New awards consist of the original contract price of projects added to our backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.

 

Contacts

Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com

Contacts

Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com