- Civil segment revenue up 12% Y/Y in 2019
- Backlog up 21% Y/Y to $11.2 billion, driven by strong
double-digit growth across all segments
- Strong operating cash generation of $136.5 million in 2019
($248.0 million generated in second half of 2019)
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,
2019. As previously disclosed in the Company’s earnings release for
the second quarter of 2019, the Company’s results for 2019 were
impacted by a pre-tax, non-cash goodwill impairment charge of
$379.9 million.
Revenue for the fourth quarter and full year of 2019 was $1.2
billion and $4.5 billion, respectively, both of which are
comparable to revenue for the same periods last year. Revenue for
both periods of 2019 was favorably impacted by higher volume on
certain Civil segment projects but was mostly offset by a $123.9
million revenue impact associated with the SR 99 charge addressed
below. Despite the SR 99 revenue reduction, Civil segment revenue
increased 12% in 2019.
As previously disclosed in a Current Report on Form 8-K filed on
December 20, 2019, the Company recognized in the fourth quarter of
2019 an after-tax charge of $119.4 million (an impact of $2.38 per
diluted share) as a result of an adverse jury verdict in the case
related to construction of the Alaskan Way Viaduct Replacement
Project (“SR 99”) by a joint venture for which the Company holds a
45% share as a minority partner. Including the impact of this
charge, net loss attributable to the Company for the fourth quarter
of 2019 was $86.1 million, or a $1.71 loss per diluted share
(“LPS”), compared to net income attributable to the Company of
$49.4 million, or $0.98 of earnings per diluted share (“EPS”), for
the fourth quarter of 2018. For 2019, including the after-tax
goodwill impairment charge of $330.5 million (an impact of $6.58
per diluted share), net loss attributable to the Company was $387.7
million, or a $7.72 LPS, compared to net income attributable to the
Company of $83.4 million, or $1.66 of EPS, for 2018. For 2019,
adjusted net loss attributable to the Company and adjusted LPS,
which are non-GAAP financial measures and exclude the impact of the
impairment charge (but include the impact of the SR 99 charge),
were $57.2 million and $1.14, respectively. Non-GAAP financial
measures are reconciled to the most nearly comparable GAAP
financial measures in the financial tables below. Aside from the
impact of the charges mentioned above, the decrease in EPS for 2019
was principally due to net unfavorable adjustments on certain
projects in the Specialty Contractors segment (none of which were
individually material), which impacted gross profit for 2019 by
$41.5 million, mostly offset by a gain of $37.8 million resulting
from the Company increasing its ownership interest in a Civil
segment joint venture.
The Company generated $25.2 million and $136.5 million of
operating cash for the fourth quarter and full year of 2019,
respectively, compared to $56.2 million and $21.4 million for the
same periods last year. Cash generation was particularly strong in
the second half of 2019, driven mostly by improved working capital
management, as well as collections associated with certain dispute
resolutions, during that period. The Company anticipates that
substantial cash collections pertaining to additional expected
dispute resolutions over the coming year, combined with significant
project cash flows from large projects that are ramping up, will
contribute to continued strong operating cash flow.
Backlog was at a near-record level of $11.2 billion as of
December 31, 2019, an increase of 21% compared to $9.3 billion as
of December 31, 2018. New awards and adjustments to contracts in
process totaled $1.5 billion in the fourth quarter of 2019.
Significant new awards and contract adjustments in the fourth
quarter included the $432 million Division 20 Portal Widening and
Turnback Facility in California; more than $375 million for various
electrical and mechanical projects; the $263 million Miami-Dade
County Courthouse in Florida; the $79 million APEX technology and
life science building and $79 million Cal State East Bay Library,
both in California; and the $50 million 10th Avenue Historic Bridge
Rehabilitation project in Minnesota. Backlog is expected to
continue to grow in 2020, driven by strong customer demand
reflected in a significantly large volume of identified new project
opportunities for which the Company expects to compete.
Outlook and Guidance
“Though I am not happy with the charges we were required to take
in 2019, particularly with the unfavorable SR 99 jury verdict and
the underperformance of our Specialty Contractors group, I am
encouraged by our strong operating cash generation and backlog
growth for the year,” said Ronald Tutor, Chairman and Chief
Executive Officer. “Our focus in 2020 will be on delivering revenue
and earnings growth from our near-record backlog and improving our
operating performance in the Specialty Contractors group. We will
also pursue various new high-margin project opportunities and
continue to make progress in resolving and collecting our unbilled
receivables.”
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.
As in previous years, earnings in 2020 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.
Non-GAAP Financial Measures
To supplement our consolidated financial statements presented
under generally accepted accounting principles in the United States
(“GAAP”), we are presenting certain non-GAAP financial measures. We
are providing these non-GAAP financial measures to disclose
additional information to facilitate the comparison of past and
present operations, and they are among the indicators management
uses as a basis for evaluating the Company’s financial performance
as well as for forecasting future periods. We believe that these
non-GAAP financial measures, when considered together with our GAAP
financial results, provide management and investors with an
additional understanding of our business operating results,
including underlying trends.
These non-GAAP financial measures, which exclude the non-cash
goodwill impairment charge (as well as the tax benefit associated
with this charge), include adjusted net income (loss) attributable
to Tutor Perini Corporation and adjusted diluted earnings (loss)
per common share. These non-GAAP financial measures are not
intended to replace the presentation of our financial results in
accordance with GAAP, and they may not be comparable to other
similarly titled non-GAAP financial measures presented by other
companies. Reconciliations of these non-GAAP financial measures to
the most nearly comparable GAAP financial measures are presented
below. For the year ended December 31, 2018, there are no non-GAAP
financial measures presented or included in the reconciliation
tables below because the non-GAAP financial measures, as defined by
the Company, do not differ from GAAP results in those periods, as
the only adjustment occurred in 2019.
Reconciliation of Non-GAAP
Financial Measures
Year Ended December
31,
(in millions, except per common share
amounts)
2019
2018
Net income (loss) attributable to Tutor
Perini Corporation, as reported
$
(387.7
)
$
83.4
Plus: Goodwill impairment charge
379.9
—
Less: Tax benefit provided on goodwill
impairment charge
(49.4
)
—
Adjusted net income (loss) attributable to
Tutor Perini Corporation
$
(57.2
)
$
83.4
Diluted earnings (loss) per common share,
as reported
$
(7.72
)
$
1.66
Plus: Goodwill impairment charge
7.56
—
Less: Tax benefit provided on goodwill
impairment charge
(0.98
)
—
Adjusted diluted earnings (loss) per
common share
$
(1.14
)
$
1.66
Fourth Quarter Conference Call
The Company will host a conference call at 2:00 PM Pacific Time
on Wednesday, February 26, 2020, to discuss the fourth quarter and
full year 2019 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 clients 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 clients 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, 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
clients (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; the requirement to perform extra, or change order, work
resulting in disputes or claims or adversely affecting our working
capital, profits and cash flows; risks and other uncertainties
associated with assumptions and estimates used to prepare financial
statements; inability to retain key members of our management, to
hire and retain personnel required to complete projects or
implement succession plans for key officers; 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; a
significant slowdown or decline in economic conditions; failure to
meet our obligations under our debt agreements; the impact of
inclement weather conditions on projects; 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; client cancellations of, or
reductions in scope under, contracts reported in our backlog;
decreases in the level of government spending for infrastructure
and other public projects; increased competition and failure to
secure new contracts; impairment of our goodwill or other
indefinite-lived intangible assets; possible systems and
information technology interruptions, including due to cyberattack,
systems failures or other similar events; failure to comply with
laws and regulations related to government contracts; the potential
dilutive impact of our Convertible Notes in our diluted EPS
calculation; economic, political and other risks, including civil
unrest, security issues, labor conditions, corruption and other
unforeseeable events in countries where we do business, resulting
in unanticipated losses; adverse health events, such as an epidemic
or pandemic, could adversely affect our business; downgrades in our
credit ratings could have a material adverse effect on our business
and financial condition; uncertainty from the expected
discontinuance of the London Interbank Offered Rate and transition
to any other interest rate benchmark; conversion of our outstanding
Convertible Notes that could dilute ownership interests of existing
stockholders and could adversely affect the market price of our
common stock; 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, 2019 filed on February 26, 2020 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
Year Ended
December 31,
December 31,
(in thousands, except per common share
amounts)
2019
2018
2019
2018
REVENUE
$
1,177,725
$
1,183,284
$
4,450,832
$
4,454,662
COST OF OPERATIONS
(1,240,429
)
(1,025,663
)
(4,209,060
)
(4,000,209
)
GROSS PROFIT (LOSS)
(62,704
)
157,621
241,772
454,453
General and administrative expenses
(31,442
)
(66,941
)
(226,916
)
(262,577
)
Goodwill impairment
—
—
(379,863
)
—
INCOME (LOSS) FROM CONSTRUCTION
OPERATIONS
(94,146
)
90,680
(365,007
)
191,876
Other income, net
3,671
517
6,667
4,256
Interest expense
(16,242
)
(16,045
)
(67,494
)
(63,519
)
INCOME (LOSS) BEFORE INCOME
TAXES
(106,717
)
75,152
(425,834
)
132,613
Income tax benefit (expense)
30,488
(19,761
)
65,609
(34,832
)
NET INCOME (LOSS)
(76,229
)
55,391
(360,225
)
97,781
LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
9,888
5,986
27,465
14,345
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR
PERINI CORPORATION
$
(86,117
)
$
49,405
$
(387,690
)
$
83,436
BASIC EARNINGS (LOSS) PER COMMON
SHARE
$
(1.71
)
$
0.99
$
(7.72
)
$
1.67
DILUTED EARNINGS (LOSS) PER COMMON
SHARE
$
(1.71
)
$
0.98
$
(7.72
)
$
1.66
WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING:
BASIC
50,279
50,026
50,220
49,952
DILUTED
50,279
50,571
50,220
50,301
Tutor Perini
Corporation
Segment Information
Reportable Segments
Specialty
Consolidated
(in thousands)
Civil
Building
Contractors
Total
Corporate
Total
Quarter ended December 31, 2019
Total revenue
$
537,474
$
473,710
$
265,459
$
1,276,643
$
—
$
1,276,643
Elimination of intersegment revenue
(89,820
)
(8,800
)
(298
)
(98,918
)
—
98,918
Revenue from external customers
$
447,654
$
464,910
$
265,161
$
1,177,725
$
—
$
1,177,725
Income (loss) from construction
operations(a)
$
(78,805
)
$
16,752
$
(12,601
)
$
(74,654
)
$
(19,492
)
(b)
$
(94,146
)
Capital expenditures
$
21,208
$
169
$
130
$
21,507
$
12
$
21,519
Depreciation and amortization(c)
$
16,297
$
439
$
993
$
17,729
$
2,774
$
20,503
Quarter ended December 31, 2018
Total revenue
$
543,637
$
471,006
$
225,279
$
1,239,922
$
—
$
1,239,922
Elimination of intersegment revenue
(54,619
)
(2,019
)
—
(56,638
)
—
(56,638
)
Revenue from external customers
$
489,018
$
468,987
$
225,279
$
1,183,284
$
—
$
1,183,284
Income (loss) from construction
operations
$
74,696
$
16,125
$
17,180
$
108,001
$
(17,321
)
(b)
$
90,680
Capital expenditures
$
11,954
$
508
$
73
$
12,535
$
123
$
12,658
Depreciation and amortization(c)
$
9,329
$
498
$
1,059
$
10,886
$
2,800
$
13,686
(a)
During the three months ended December 31,
2019, the Company recorded a charge of $166.8 million in income
(loss) from construction operations (an after-tax impact of $119.4
million, or $2.38 per diluted share), which principally impacted
the Civil segment, as a result of the adverse jury verdict on the
Alaskan Way Viaduct Matter. In addition, the Company recognized a
one-time gain of $37.8 million (an after-tax impact of $27.1
million, or $0.54 per diluted share) in Civil segment general and
administrative expenses related to a remeasurement of its
investment in a joint venture.
(b)
Consists primarily of corporate general
and administrative expenses.
(c)
Depreciation and amortization is included
in income (loss) from construction operations.
Reportable Segments
Specialty
Consolidated
(in thousands)
Civil
Building
Contractors
Total
Corporate
Total
Year ended December 31, 2019
Total revenue
$
2,054,097
$
1,764,753
$
929,738
$
4,748,588
$
—
$
4,748,588
Elimination of intersegment revenue
(274,745
)
(22,713
)
(298
)
(297,756
)
—
(297,756
)
Revenue from external customers
$
1,779,352
$
1,742,040
$
929,440
$
4,450,832
$
—
$
4,450,832
Income (loss) from construction
operations(a)
$
(150,837
)
$
23,655
$
(172,637
)
$
(299,819
)
$
(65,188
)
(b)
$
(365,007
)
Capital expenditures
$
82,156
$
518
$
688
$
83,362
$
834
$
84,196
Depreciation and amortization(c)
$
47,905
$
1,934
$
4,136
$
53,975
$
11,069
$
65,044
Year ended December 31, 2018
Total revenue
$
1,810,232
$
1,866,902
$
1,006,870
$
4,684,004
$
—
$
4,684,004
Elimination of intersegment revenue
(224,139
)
(5,203
)
—
(229,342
)
—
(229,342
)
Revenue from external customers
$
1,586,093
$
1,861,699
$
1,006,870
$
4,454,662
$
—
$
4,454,662
Income (loss) from construction
operations(d)
$
168,256
$
43,939
$
43,430
$
255,625
$
(63,749
)
(b)
$
191,876
Capital expenditures
$
73,866
$
1,655
$
777
$
76,298
$
771
$
77,069
Depreciation and amortization(c)
$
29,685
$
1,956
$
4,358
$
35,999
$
11,268
$
47,267
(a)
During the year ended December 31, 2019,
the Company recorded a non-cash goodwill impairment charge of
$379.9 million in income (loss) from construction operations (an
after-tax impact of $330.5 million, or $6.58 per diluted share)
resulting from an interim impairment test the Company performed as
of June 1, 2019. In addition, during the year ended December 31,
2019 the Company recorded a charge of $166.8 million in income
(loss) from construction operations (an after-tax impact of $119.4
million, or $2.38 per diluted share), which principally impacted
the Civil segment, as a result of the adverse jury verdict on the
Alaskan Way Viaduct Matter. Lastly, the Company recognized a
one-time gain of $37.8 million (an after-tax impact of $27.1
million, or $0.54 per diluted share) in Civil segment general and
administrative expenses related to a remeasurement of its
investment in a joint venture.
(b)
Consists primarily of corporate general
and administrative expenses.
(c)
Depreciation and amortization is included
in income (loss) from construction operations.
(d)
During the year ended December 31, 2018,
the Company recorded a charge of $17.8 million in income (loss)
from construction operations (an after-tax impact of $12.8 million,
or $0.25 per diluted share), which was primarily non-cash, as a
result of the unexpected adverse outcome of an arbitration decision
related to a subcontract back charge dispute on a Civil segment
project in New York that was completed in 2013.
Tutor Perini
Corporation
Consolidated Balance
Sheets
As of December 31,
(in thousands, except share and per share
amounts)
2019
2018
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ($103,850 and
$43,131 related to variable interest entities ("VIEs"))
$
193,685
$
116,075
Restricted cash
8,416
3,788
Restricted investments
70,974
58,142
Accounts receivable ($91,090 and $62,482
related to VIEs)
1,354,519
1,261,072
Retainage receivable ($89,132 and $36,724
related to VIEs)
562,375
478,744
Costs and estimated earnings in excess of
billings ($22,764 and $0 related to VIEs)
1,123,544
1,142,295
Other current assets ($58,128 and $30,185
related to VIEs)
197,473
115,527
Total current assets
3,510,986
3,175,643
PROPERTY AND EQUIPMENT:
Land
39,047
41,599
Building and improvements
115,041
125,193
Construction equipment
560,547
486,034
Other equipment
183,197
181,578
897,832
834,404
Less accumulated depreciation
(388,147
)
(343,735
)
Total property and equipment, net ($49,919
and $51,508 related to VIEs)
509,685
490,669
GOODWILL
205,143
585,006
INTANGIBLE ASSETS, NET
155,270
85,911
OTHER ASSETS
104,693
50,523
TOTAL ASSETS
$
4,485,777
$
4,387,752
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt
$
124,054
$
16,767
Accounts payable ($93,848 and $18,070
related to VIEs)
682,699
621,728
Retainage payable ($13,967 and $0 related
to VIEs)
252,181
211,956
Billings in excess of costs and estimated
earnings ($422,847 and $263,764 related to VIEs)
844,389
573,190
Accrued expenses and other current
liabilities ($25,402 and $34,828 related to VIEs)
206,533
174,325
Total current liabilities
2,109,856
1,597,966
LONG-TERM DEBT, less current
maturities, net of unamortized discount and debt issuance costs
totaling $23,343 and $34,998
710,422
744,737
DEFERRED TAX LIABILITIES
35,686
105,521
OTHER LONG-TERM LIABILITIES
199,288
151,639
TOTAL LIABILITIES
3,055,252
2,599,863
COMMITMENTS AND CONTINGENCIES
EQUITY
Stockholders' equity:
Preferred stock – authorized 1,000,000
shares ($1 par value), none issued
—
—
Common stock – authorized 75,000,000
shares ($1 par value), issued and outstanding 50,278,816 and
50,025,996 shares
50,279
50,026
Additional paid-in capital
1,117,972
1,102,919
Retained earnings
313,991
701,681
Accumulated other comprehensive loss
(42,100
)
(45,449
)
Total stockholders' equity
1,440,142
1,809,177
Noncontrolling interests
(9,617
)
(21,288
)
TOTAL EQUITY
1,430,525
1,787,889
TOTAL LIABILITIES AND EQUITY
$
4,485,777
$
4,387,752
Tutor Perini
Corporation
Consolidated Statements of
Cash Flows
Year Ended December
31,
(in thousands)
2019
2018
Cash Flows from Operating
Activities:
Net income (loss)
$
(360,225
)
$
97,781
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Goodwill impairment
379,863
—
Depreciation
58,818
43,724
Amortization of intangible assets
6,226
3,543
Share-based compensation expense
19,143
22,782
Change in debt discount and deferred debt
issuance costs
13,207
12,072
Deferred income taxes
(71,609
)
(449
)
Gain on remeasurement of investment in
joint venture
(37,792
)
—
(Gain) loss on sale of property and
equipment
(4,688
)
402
Changes in other components of working
capital, net of balances acquired
131,257
(156,844
)
Other long-term liabilities
1,863
(2,007
)
Other, net
467
398
NET CASH PROVIDED BY OPERATING
ACTIVITIES
136,530
21,402
Cash Flows from Investing
Activities:
Business acquisition, cash balance
acquired net of cash paid
6,607
—
Acquisition of property and equipment
(84,196
)
(77,069
)
Proceeds from sale of property and
equipment
12,581
6,387
Investments in securities
(35,167
)
(20,848
)
Proceeds from maturities and sales of
investments in securities
24,120
21,322
NET CASH USED IN INVESTING
ACTIVITIES
(76,055
)
(70,208
)
Cash Flows from Financing
Activities:
Proceeds from debt
931,594
1,753,160
Repayment of debt
(870,277
)
(1,738,314
)
Business acquisition related payment
—
(15,951
)
Cash payments related to share-based
compensation
(2,363
)
(2,671
)
Distributions paid to noncontrolling
interests
(46,500
)
(29,000
)
Contributions from noncontrolling
interests
9,813
3,797
Debt issuance and extinguishment costs
(504
)
—
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES
21,763
(28,979
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
82,238
(77,785
)
Cash, cash equivalents and restricted
cash at beginning of year
119,863
197,648
Cash, cash equivalents and restricted
cash at end of year
$
202,101
$
119,863
Tutor Perini
Corporation
Backlog Information
Unaudited
Revenue
New Awards in the
Recognized in the
Backlog at
Quarter Ended
Quarter Ended
Backlog at
(in millions)
September 30, 2019
December 31, 2019(a)
December 31, 2019
December 31, 2019
Civil
$
5,949.6
$
535.2
$
(447.6
)
$
6,037.2
Building
2,652.4
602.8
(464.9
)
2,790.3
Specialty Contractors
2,273.9
384.9
(265.2
)
2,393.6
Total
$
10,875.9
$
1,522.9
$
(1,177.7
)
$
11,221.1
Revenue
New Awards in the
Recognized in the
Backlog at
Year Ended
Year Ended
Backlog at
(in millions)
December 31, 2018
December 31, 2019(a)
December 31, 2019
December 31, 2019
Civil
$
5,141.9
$
2,674.7
$
(1,779.4
)
$
6,037.2
Building
2,333.1
2,199.2
(1,742.0
)
2,790.3
Specialty Contractors
1,821.7
1,501.3
(929.4
)
2,393.6
Total
$
9,296.7
$
6,375.2
$
(4,450.8
)
$
11,221.1
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200226005727/en/
Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice
President, Investor Relations & Corporate Communications
www.tutorperini.com
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