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Dec 31, 2020
Tutor Perini Q4 2020 Earnings Report
Reported a revenue increase and strong operating cash flow despite challenges from the COVID-19 pandemic.
Key Takeaways
Tutor Perini reported a 15% increase in revenue for the fourth quarter of 2020, reaching $1.3 billion. Net income attributable to the company was $35.5 million, or $0.69 per diluted share. The company's operating cash flow was $41.8 million for the quarter.
Revenue for the fourth quarter of 2020 increased by 15% year-over-year, reaching $1.3 billion.
Net income attributable to the company for the fourth quarter was $35.5 million, or $0.69 per diluted share.
Operating cash flow for the fourth quarter was $41.8 million.
Backlog at the end of 2020 was $8.3 billion.
Revenue by Segment
Forward Guidance
The Company is establishing its initial EPS guidance for 2021 at a range of $1.80 to $2.20. Earnings in 2021 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.
Positive Outlook
- Continued revenue growth from the existing backlog of large civil infrastructure projects on the West Coast and other projects in Guam.
- Pursuit of several large prospective projects on the West Coast, in the Northeast and in Guam that are expected to be bid and awarded in 2021 and 2022.
- Anticipated timing of large project activities in the second half of the year.
- Typical business seasonality expected to contribute to earnings.
- Optimism that the federal government will provide infrastructure funding support that many state and local customers are relying upon.
Challenges Ahead
- Certain large civil projects in the Northeast are completing or will be nearing completion over the next year.
- The timing and magnitude of revenue contributions from prospective projects may not be sufficient to offset revenue reductions associated with the projects that will be completed or nearing completion in 2021.
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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