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Dec 31, 2021
Tutor Perini Q4 2021 Earnings Report
Tutor Perini reported a decrease in revenue and net income compared to the same period last year, but highlighted a strong operating performance in the Civil segment.
Key Takeaways
Tutor Perini Corporation reported a decrease in revenue for the fourth quarter of 2021, driven by reduced project execution activities in the Building segment. Net income attributable to the company also decreased compared to the same period in 2020. However, the Civil segment showed strong operating performance, with the highest annual operating margin since 2014.
Revenue for the fourth quarter of 2021 was $1.0 billion, a 23% decrease compared to the same period last year.
Net income attributable to Tutor Perini Corporation for the fourth quarter of 2021 was $29.3 million, or $0.57 per diluted share.
Civil segment achieved its highest annual operating margin since 2014.
Backlog at December 31, 2021 was $8.2 billion, essentially level compared to the end of 2020.
Revenue by Segment
Forward Guidance
The Company anticipates continued solid revenue contributions from its existing backlog of large Civil segment infrastructure projects on the West Coast and other projects in Guam and is establishing its initial EPS guidance for 2022 at a range of $1.15 to $1.60.
Positive Outlook
- The recently enacted $1.2 trillion bipartisan Infrastructure Investment and Jobs Act is expected to significantly benefit the Company’s business.
- Expect a further increase in the already elevated demand for our services as a result of the passage of the federal infrastructure bill.
- Years of sustained growth opportunities.
- Anticipates continued solid revenue contributions from its existing backlog of large Civil segment infrastructure projects on the West Coast and other projects in Guam.
- Earnings in 2022 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.
Challenges Ahead
- Offsetting these contributions, however, are certain Civil segment projects that have recently completed or will soon be completing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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