Tutor Perini Corp. (TPC, Financial) filed Quarterly Report for the period ended 2011-03-31.
Tutor Perini Corp. has a market cap of $1.23 billion; its shares were traded at around $26.17 with a P/E ratio of 12.3 and P/S ratio of 0.4. Tutor Perini Corp. had an annual average earning growth of 19.3% over the past 10 years.
Overall Revenues decreased by $249.8 million (or 28.9%), from $865.1 million in 2010 to $615.3 million in 2011. This decrease was due primarily to a $245.9 million (or 35.8%) decrease in our Building segment revenues, from $686.3 million in 2010 to $440.4 million in 2011, resulting from the substantial completion of large hospitality and gaming work in Las Vegas, including the MGM CityCenter and Cosmopolitan projects. Civil segment revenues increased by $4.1 million (or 3.3%), from $124.7 million in 2010 to $128.8 million in 2011, due primarily to the start-up of new infrastructure projects in the western United States, partly offset by a decline in volume from projects nearing completion in the metropolitan New York area. Management Services segment revenues decreased by $8.0 million (or 14.8%), from $54.1 million in 2010 to $46.1 million in 2011, due primarily to the substantial completion of U.S. military facilities in Iraq.
Overall Income from Construction Operations decreased by $15.7 million (or 45.9%), from $34.2 million in 2010 to $18.5 million in 2011, due primarily to decreases in our Building and Management Services segments, partly offset by an increase in our Civil segment. Civil segment income from construction operations increased by $3.8 million (or 45.8%), from $8.3 million in 2010 to $12.1 million in 2011, due primarily to an increase in operating margin as a result of favorable performance on several infrastructure projects in the western United States, as well as on a highway project in Virginia. Building segment income from construction operations decreased by $19.2 million (or 59.4%), from $32.3 million in 2010 to $13.1 million in 2011, due primarily to the decrease in revenues discussed above, as well as a decline in operating margin in 2011 compared to 2010, primarily caused by a decrease in the volume of self-performed work on certain large projects, particularly in Las Vegas. Management Services income from construction operations decreased by $0.4 million (or 12.9%), from $3.1 million in 2010 to $2.7 million in 2011, due primarily to the decrease in revenues discussed above.
Other Income (Expense), net decreased by $0.7 million (or 233.3%), from income of $0.3 million in the first quarter of 2010 to an expense of $0.4 million in the first quarter of 2011, due primarily to charges recorded to adjust a business acquisition related liability to its present value. Interest Expense increased by $5.7 million (or 380.0%), from $1.5 million in the first quarter of 2010 to $7.2 million in the first quarter of 2011. This increase was due to interest recorded on our $300 million senior notes, which were issued in October 2010. The Provision for Income Taxes decreased by $8.0 million (or 66.7%), from $12.0 million in the first quarter of 2010 to $4.0 million in the first quarter of 2011, due to the decrease in pretax income. The effective tax rate was 36.5% for both the first quarter of 2011 and 2010.
At March 31, 2011 and December 31, 2010, cash held by us and available for general corporate purposes was $338.9 million and $455.5 million, respectively. Our proportionate share of cash held by joint ventures and available only for joint venture-related uses, including distributions to joint venture partners, was $28.2 million and $15.9 million at March 31, 2011 and December 31, 2010, respectively, and our Restricted Cash was $28.0 million and $23.6 million at March 31, 2011 and December 31, 2010, respectively.
The Credit Agreement allows us to borrow up to $260 million on a revolving credit basis (the “Revolving Facility”), with a $50 million sublimit for letters of credit, and an additional $99.6 million under a supplemental facility to the extent that the $260 million base facility has been fully drawn (the “Supplemental Facility”). Subject to certain conditions, we have the option to increase the base facility by up to an additional $50 million. In addition, the Credit Agreement provides that the Supplemental Facility shall be reduced by the amount of any reduction in the principal amount of certain auction rate securities that we presently hold. Any outstanding loans under the Revolving Facility mature on May 4, 2016, while the Supplemental Facility matures on November 19, 2012. Similar to the Existing Agreement, the Credit Agreement requires us to comply with certain financial and other covenants including minimum net worth, minimum fixed charge coverage and maximum leverage ratios. We were in compliance with the covenants of the Existing Agreement as of March 31, 2011. For a description of additional material terms of the Credit Agreement, see Note 9 of Notes to Consolidated Condensed Financial Statements.
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Tutor Perini Corp. has a market cap of $1.23 billion; its shares were traded at around $26.17 with a P/E ratio of 12.3 and P/S ratio of 0.4. Tutor Perini Corp. had an annual average earning growth of 19.3% over the past 10 years.
Highlight of Business Operations:
For the first quarter of 2011, we recorded revenues of $615.3 million, income from construction operations of $18.5 million and net income of $6.9 million. Basic and diluted earnings per common share for the first quarter of 2011 were $0.15 and $0.14, respectively, as compared to $0.43 and $0.42, respectively, for the first quarter of 2010. Our operating results decreased during the first quarter of 2011, compared to the same period in 2010, as a result of the substantial completion of large hospitality and gaming work in the Building segment, an overall lag in the timing of the start-up of new work in our backlog, and increased interest expense associated with our senior unsecured notes, issued in October 2010.Overall Revenues decreased by $249.8 million (or 28.9%), from $865.1 million in 2010 to $615.3 million in 2011. This decrease was due primarily to a $245.9 million (or 35.8%) decrease in our Building segment revenues, from $686.3 million in 2010 to $440.4 million in 2011, resulting from the substantial completion of large hospitality and gaming work in Las Vegas, including the MGM CityCenter and Cosmopolitan projects. Civil segment revenues increased by $4.1 million (or 3.3%), from $124.7 million in 2010 to $128.8 million in 2011, due primarily to the start-up of new infrastructure projects in the western United States, partly offset by a decline in volume from projects nearing completion in the metropolitan New York area. Management Services segment revenues decreased by $8.0 million (or 14.8%), from $54.1 million in 2010 to $46.1 million in 2011, due primarily to the substantial completion of U.S. military facilities in Iraq.
Overall Income from Construction Operations decreased by $15.7 million (or 45.9%), from $34.2 million in 2010 to $18.5 million in 2011, due primarily to decreases in our Building and Management Services segments, partly offset by an increase in our Civil segment. Civil segment income from construction operations increased by $3.8 million (or 45.8%), from $8.3 million in 2010 to $12.1 million in 2011, due primarily to an increase in operating margin as a result of favorable performance on several infrastructure projects in the western United States, as well as on a highway project in Virginia. Building segment income from construction operations decreased by $19.2 million (or 59.4%), from $32.3 million in 2010 to $13.1 million in 2011, due primarily to the decrease in revenues discussed above, as well as a decline in operating margin in 2011 compared to 2010, primarily caused by a decrease in the volume of self-performed work on certain large projects, particularly in Las Vegas. Management Services income from construction operations decreased by $0.4 million (or 12.9%), from $3.1 million in 2010 to $2.7 million in 2011, due primarily to the decrease in revenues discussed above.
Other Income (Expense), net decreased by $0.7 million (or 233.3%), from income of $0.3 million in the first quarter of 2010 to an expense of $0.4 million in the first quarter of 2011, due primarily to charges recorded to adjust a business acquisition related liability to its present value. Interest Expense increased by $5.7 million (or 380.0%), from $1.5 million in the first quarter of 2010 to $7.2 million in the first quarter of 2011. This increase was due to interest recorded on our $300 million senior notes, which were issued in October 2010. The Provision for Income Taxes decreased by $8.0 million (or 66.7%), from $12.0 million in the first quarter of 2010 to $4.0 million in the first quarter of 2011, due to the decrease in pretax income. The effective tax rate was 36.5% for both the first quarter of 2011 and 2010.
At March 31, 2011 and December 31, 2010, cash held by us and available for general corporate purposes was $338.9 million and $455.5 million, respectively. Our proportionate share of cash held by joint ventures and available only for joint venture-related uses, including distributions to joint venture partners, was $28.2 million and $15.9 million at March 31, 2011 and December 31, 2010, respectively, and our Restricted Cash was $28.0 million and $23.6 million at March 31, 2011 and December 31, 2010, respectively.
The Credit Agreement allows us to borrow up to $260 million on a revolving credit basis (the “Revolving Facility”), with a $50 million sublimit for letters of credit, and an additional $99.6 million under a supplemental facility to the extent that the $260 million base facility has been fully drawn (the “Supplemental Facility”). Subject to certain conditions, we have the option to increase the base facility by up to an additional $50 million. In addition, the Credit Agreement provides that the Supplemental Facility shall be reduced by the amount of any reduction in the principal amount of certain auction rate securities that we presently hold. Any outstanding loans under the Revolving Facility mature on May 4, 2016, while the Supplemental Facility matures on November 19, 2012. Similar to the Existing Agreement, the Credit Agreement requires us to comply with certain financial and other covenants including minimum net worth, minimum fixed charge coverage and maximum leverage ratios. We were in compliance with the covenants of the Existing Agreement as of March 31, 2011. For a description of additional material terms of the Credit Agreement, see Note 9 of Notes to Consolidated Condensed Financial Statements.
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