Tutor Perini Corporation · NYSE:TPC
Tutor Perini — Q4 2020 Earnings Presentation
15 slides from Tutor Perini's earnings presentation, Feb 24, 2021
Slide 1: Investor Presentation February 2021
Investor Presentation February 2021 Alaskan Way Viaduct (SR 99) Replacement Project, Seattle
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this presentation that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the Company’s expectations, hopes, beliefs
Slide 3: Company Overview
Company Overview Leading provider of diversified general contracting, design-build and self-perform construction services for public and private clients • Civil segment infrastructure projects drive profitability • Significant increase in infrastructure spending has already begun Tutor Perini rank
Slide 4: Diverse Geographical Footprint
Diverse Geographical Footprint Well positioned to capture work in all 50 states and in targeted international markets 4
Slide 5: Significant Projects That Are Well Underway
Significant Projects That Are Well Underway (approximate contract values) Los Angeles MTA Purple Line Sections 2 & 3 (JV) – $3.1B Various New York MTA East Side Access Projects – $2.0B California High-Speed Rail (JV) – $2.2B Newark Airport Terminal One, NJ (JV) – $1.4B San Francisco MTA Ce
Slide 6: Segment Overview and Financials
Segment Overview and Financials (2020 financials; backlog as of year-end 2020) A Leading Construction Services Firm Revenue: $5.3B Income from Construction Operations (ICO): $262.3M (1) Operating Margin: 4.9%(1) Q4-20 Backlog: $8.3B Civil Segment Building Segment Specialty Contractors Segment Revenu
Slide 7: Civil Segment Drives TPC's Profitability
Civil Segment Drives TPC’s Profitability Winning Large and Highly Visible Projects Construction and rehabilitation of “essential” infrastructure, including highways, bridges, tunnels, mass-transit systems and wastewater treatment facilities TPC’s highest margin segment (typically 10% to 12%) F
Slide 8: Building Segment
Building Segment Private / Non-Residential and Building Construction Success Drivers Public Projects Expertise in Hospitality and Gaming, Large and active bid pipeline across diverse end markets Design-Build and Accelerated Delivery — Significant volume of prospective projects in California an
Slide 9: Specialty Contractors Segment
Specialty Contractors Segment One of the largest electrical contractors Specialty Contractors Success Drivers FIVE STAR ELECTRIC in New York City Strong electrical and mechanical proficiencies Electrical contractor with offices in Solid demand, especially in New York City and California, dri
Slide 10: Vertical Integration: A Competitive Advantage
Vertical Integration: A Competitive Advantage (approximate values) Example Projects: Hudson Yards Development Platform, tunnel and buildings Midtown Manhattan, NY Total project volume: $2.4B New York MTA East Side Access Subway stations, tracks and systems Queens to Manhattan, NY Project value: $3.1
Slide 11: Core Strengths Provide Significant Benefits
Core Strengths Provide Significant Benefits Core Strengths Benefits Realized Cost estimating Greater project cost and schedule Self-perform capabilities certainty Diverse construction experience – Civil, Durable competitive advantage Building and Specialty Contractors Higher profit margi
Slide 12: Backlog of $8.3B Provides Revenue Stability
Backlog of $8.3B Provides Revenue Stability (as of Q4-20) Backlog by Segment Backlog by Customer Specialty Contractors 23% $1.9B Building Private 20% State and Local $1.7B 20% Government 72% $1.7B $6.0B Federal Gov't 8% Civil $0.7B 57% $4.8B Note: Dollar amounts of backlog by segment and customer ty
Slide 13: FY21 Guidance
Guidance (as of February 24, 2021) FY21 Guidance EPS Range $1.80 - $2.20 Assumptions: No new significant or worsening impacts from the COVID-19 pandemic General and administrative expenses of approximately $255M to $265M Includes $110M of depreciation and amortization expense Includes $67M o
Slide 14: Why Consider Investing in Tutor Perini?
Why Consider Investing in Tutor Perini? 2020 results featured EPS that exceeded guidance, along with record operating income and record operating cash Market leader with strong résumé of successfully completed projects Vast majority of current projects have been considered “essential” – resili
Slide 15: Contact: Jorge Casado, Vice President, Investor Relations
Contact: Jorge Casado Vice President, Investor Relations (818) 408-5746 Jorge.Casado@tutorperini.com 15