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Jun 30, 2020
Tutor Perini Q2 2020 Earnings Report
Reported strong results driven by civil segment growth and strong operating cash flow.
Key Takeaways
Tutor Perini reported a strong second quarter with revenue up 13% year-over-year, driven by growth in the Civil segment. The company generated $92.2 million in operating cash flow, the highest second-quarter result since the merger in 2008. Diluted EPS was $0.37, a significant improvement year-over-year. The company affirms its 2020 EPS guidance of $1.80 to $2.10.
Strong operating cash flow of $92.2 million, the highest second-quarter result since the merger in 2008.
Revenue of $1.3 billion, up 13% year-over-year, driven by 20% year-over-year growth in the Civil segment.
Double-digit revenue growth year-to-date across all segments despite COVID-19 impacts.
Diluted earnings per share of $0.37, vastly improved year-over-year.
Revenue by Segment
Forward Guidance
The Company is affirming its EPS guidance and still expects EPS to be in the range of $1.80 to $2.10. Earnings in 2020 are expected to be weighted more heavily to the second half of the year due to the anticipated continued progress of large infrastructure projects, as well as typical business seasonality.
Positive Outlook
- Anticipated continued progress of large infrastructure projects.
- Typical business seasonality.
- Favorable execution on large infrastructure projects is driving strong revenue and earnings growth.
- Good progress toward settlements of disputes with project owners.
- Anticipate additional settlements and associated cash collections later this year and next year.
Challenges Ahead
- COVID-19 pandemic reduced the Company’s revenue, income from construction operations and diluted EPS for the second quarter of 2020 by an estimated $130 million, $9 million and $0.13, respectively.
- Due to the fluidity of the COVID-19 pandemic, the Company is unable at this time to accurately predict the pandemic’s future impact on the Company’s business, financial condition or performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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