Tutor Perini Corp. (TPC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Tutor Perini Corp. has a market cap of $1.02 billion; its shares were traded at around $20.77 with a P/E ratio of 8.62 and P/S ratio of 0.2. Tutor Perini Corp. had an annual average earning growth of 17.9% over the past 10 years.TPC is in the portfolios of David Dreman of Dreman Value Management, John Buckingham of Al Frank Asset Management, Inc., Jim Simons of Renaissance Technologies LLC.
Our backlog of uncompleted construction work at March 31, 2010 was approximately $3.8 billion, as compared to the $4.3 billion reported at December 31, 2009. Additions to new work during the first quarter of 2010 include an energy research plant in California for approximately $92 million and a government hospital project in Florida for approximately $40 million. While our overall backlog decreased during the first quarter of fiscal year 2010, we have pending awards and prospects for both public and private sector customers that could enter backlog in the near future. The decrease in our backlog reflects the completion of large hospitality and gaming work, such as Project CityCenter, and the continued lack of nonresidential building new work acquired.
segment s work at Project CityCenter (approximately $110 million in revenues recorded in the current quarter) in December 2009 and a decline in our backlog due to continued financing and economic challenges in the private nonresidential building market. Our Civil segment was favorably impacted by several projects awarded during 2009, increasing civil construction revenues by $35.4 million (or 39.6%), from $89.3 million in the first quarter of 2009 to $124.7 million in the first quarter of 2010. Management Services revenues decreased by $31.9 million (or 37.1%), from $86.0 million in the first quarter of 2009 to $54.1 million in the first quarter of 2010, due primarily to the completion of several of our projects in Iraq.
Overall Income from Construction Operations decreased by $28.4 million (or 45.4%), from $62.6 million in the first quarter of 2009 to $34.2 million in the first quarter of 2010. This decrease was primarily due to our Building segment s income from construction operations which was impacted by the completion of our work at Project CityCenter and the delay in replenishing our backlog due to overall economic challenges. However, our Building segment achieved an increase in operating margin due to a higher mix of public works projects during the first quarter of 2010. We are positioned to continue to improve our operating margins through an increased mix of public works projects, which are predominantly performed under fixed price contracts, and through performing a higher level of self-performed work. Our Civil segment s income from construction operations decreased by $4.4 million (or 34.6%), from $12.7 million in the first quarter of 2009 to $8.3 million in the first quarter of 2010, primarily reflecting higher operating results recorded in the first quarter of 2009 from favorable performance on work in New York. Operating margins in the Civil segment were lower in the first quarter of 2010 due to the start up of new work which resulted in an under absorption of general and administrative costs. Management Services income from construction operations decreased by $12.5 million (or 80.1%), from $15.6 million in the first quarter of 2009 to $3.1 million in the first quarter of 2010, primarily reflecting higher operating results on work in Iraq recorded in the first quarter of 2009.
On a consolidated basis, Other Income decreased by $1.0 million (or 76.9%), from $1.3 million in the first quarter of 2009 to $0.3 million in the first quarter of 2010. This decrease was primarily due to a decrease in our interest income on investments as we had a lower average investment balance during the first quarter of 2010 as compared to the first quarter of 2009. Consolidated Interest Expense increased $0.3 million (or 25.0%), from $1.2 million in the first quarter of 2009 to $1.5 million in the first quarter of 2010. This increase was due to a higher average outstanding debt balance during the first quarter of 2010. Our consolidated Provision for Income Taxes decreased $11.7 million (or 49.4%) from the changes in Revenues and Income from Construction Operations discussed above.
At March 31, 2010 and December 31, 2009, cash held by us and available for general corporate purposes was $232.9 million and $323.9 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 $24.1 million and $24.4 million, respectively, and our Restricted Cash was $23.5 million and $0, respectively.
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Tutor Perini Corp. has a market cap of $1.02 billion; its shares were traded at around $20.77 with a P/E ratio of 8.62 and P/S ratio of 0.2. Tutor Perini Corp. had an annual average earning growth of 17.9% over the past 10 years.TPC is in the portfolios of David Dreman of Dreman Value Management, John Buckingham of Al Frank Asset Management, Inc., Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
On January 13, 2010, we entered into a Second Amendment to the Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”). The Amended Credit Agreement allows us to borrow up to $205 million on a revolving credit basis, with a $50 million sublimit for letters of credit, and an additional $107 million as of March 31, 2010 under a supplementary facility (the “Supplementary Facility”) to the extent that the $205 million base facility has been fully drawn. Subject to certain conditions, we have the option to increase the base facility by up to an additional $45 million. This amendment and Supplementary Facility provides us with access to an additional source of liquidity. For a description of additional material terms of the Amended Credit Agreement, see Note 9 of Notes to Consolidated Condensed Financial Statements entitled “Financial Commitments”.Our backlog of uncompleted construction work at March 31, 2010 was approximately $3.8 billion, as compared to the $4.3 billion reported at December 31, 2009. Additions to new work during the first quarter of 2010 include an energy research plant in California for approximately $92 million and a government hospital project in Florida for approximately $40 million. While our overall backlog decreased during the first quarter of fiscal year 2010, we have pending awards and prospects for both public and private sector customers that could enter backlog in the near future. The decrease in our backlog reflects the completion of large hospitality and gaming work, such as Project CityCenter, and the continued lack of nonresidential building new work acquired.
segment s work at Project CityCenter (approximately $110 million in revenues recorded in the current quarter) in December 2009 and a decline in our backlog due to continued financing and economic challenges in the private nonresidential building market. Our Civil segment was favorably impacted by several projects awarded during 2009, increasing civil construction revenues by $35.4 million (or 39.6%), from $89.3 million in the first quarter of 2009 to $124.7 million in the first quarter of 2010. Management Services revenues decreased by $31.9 million (or 37.1%), from $86.0 million in the first quarter of 2009 to $54.1 million in the first quarter of 2010, due primarily to the completion of several of our projects in Iraq.
Overall Income from Construction Operations decreased by $28.4 million (or 45.4%), from $62.6 million in the first quarter of 2009 to $34.2 million in the first quarter of 2010. This decrease was primarily due to our Building segment s income from construction operations which was impacted by the completion of our work at Project CityCenter and the delay in replenishing our backlog due to overall economic challenges. However, our Building segment achieved an increase in operating margin due to a higher mix of public works projects during the first quarter of 2010. We are positioned to continue to improve our operating margins through an increased mix of public works projects, which are predominantly performed under fixed price contracts, and through performing a higher level of self-performed work. Our Civil segment s income from construction operations decreased by $4.4 million (or 34.6%), from $12.7 million in the first quarter of 2009 to $8.3 million in the first quarter of 2010, primarily reflecting higher operating results recorded in the first quarter of 2009 from favorable performance on work in New York. Operating margins in the Civil segment were lower in the first quarter of 2010 due to the start up of new work which resulted in an under absorption of general and administrative costs. Management Services income from construction operations decreased by $12.5 million (or 80.1%), from $15.6 million in the first quarter of 2009 to $3.1 million in the first quarter of 2010, primarily reflecting higher operating results on work in Iraq recorded in the first quarter of 2009.
On a consolidated basis, Other Income decreased by $1.0 million (or 76.9%), from $1.3 million in the first quarter of 2009 to $0.3 million in the first quarter of 2010. This decrease was primarily due to a decrease in our interest income on investments as we had a lower average investment balance during the first quarter of 2010 as compared to the first quarter of 2009. Consolidated Interest Expense increased $0.3 million (or 25.0%), from $1.2 million in the first quarter of 2009 to $1.5 million in the first quarter of 2010. This increase was due to a higher average outstanding debt balance during the first quarter of 2010. Our consolidated Provision for Income Taxes decreased $11.7 million (or 49.4%) from the changes in Revenues and Income from Construction Operations discussed above.
At March 31, 2010 and December 31, 2009, cash held by us and available for general corporate purposes was $232.9 million and $323.9 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 $24.1 million and $24.4 million, respectively, and our Restricted Cash was $23.5 million and $0, respectively.
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