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Tutor Perini Provides 2013 Guidance

Stocks in this article: TPC

Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, today provided the following full-year guidance for fiscal 2013:

  • Revenue is expected to range between $4.5 billion and $5.0 billion
  • Diluted earnings per share (EPS) are expected to range between $1.65 and $1.90

The following are some key estimated assumptions which factor into the above EPS guidance:

  • $56 million in depreciation and amortization expense
  • $40 million in interest expense
  • 40% effective tax rate
  • 49 million diluted shares outstanding

Commenting on the guidance, Ronald Tutor, Chairman and Chief Executive Officer, said, “We expect to deliver double-digit revenue growth in three of our four segments in 2013. As discussed during our recent fourth-quarter conference call, our Building segment is expected to return to an acceptable, albeit lower-than-historical, segment operating margin in 2013.” Tutor continued, “Our Civil segment is expected to maintain a segment operating margin generally consistent with its 2012 performance. Our Specialty Contractors segment is expected to have stable revenue in 2013 and a segment operating margin in the 6% to 8% range that we have communicated previously. Finally, our Management Services segment operating margin is expected to be close to last year’s margin and influenced by the shift towards lower margin work in existing and pending federal projects. As is typical in our business, our earnings in 2013 are expected to be weighted towards the second half of the year. In addition, we have a significant number of pending proposals with an aggregate value exceeding $2 billion. We will revisit guidance again mid-year, by which time we expect the results of these proposals to be made public.”

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil and building 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.

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