Tutor Perini Corporation · NYSE:TPC
Tutor Perini — Perini — Shareholder Meeting (September 2008)
26 slides from Tutor Perini's shareholder meeting presentation, Sep 5, 2008
Slide 1: Annual Meeting
Exhibit 99.1 Annual Meeting Perini September 5, 2008
Slide 2: Significant Financial Achievements and Recognition
Significant Financial Backlog Net Income Cash Award Merger Recognition James Rudolph Perini Launch Revenues ?Strong 1 Worth and Building Corporation A. of with before of outlook of and Cummings cash new Results of and construction of Achievements $8.0 Tutor-Saliba $2.6 Sletten $428.1 profits contrac
Slide 3: Financial Performance 2003-2007
Financial Income Perini Working 30.9 44.9 47.3 69.7 154.4 Net 125.4 178.0 153.3 194.0 293.5 New 2007 07 06 05 04 03 120.6 174.0 183.2 243.9 368.3 (dollars Building Civil Management Adjusted $3.745 Charge 2 Worth Work .263 resulting Before inCapital $3.398 to Performance millions) billions) Acquisiti
Slide 4: Record Results - Revenue by Quarter
Record (dollars Revenue Perini * Q2’08 Q1’08 Q4’07 Q3’07 Q2’07 Q1’07 Q4’06 Q3’06 Q2’06 Q1’06 Q3’05 1,388.4* 1,256.3 1,246.7 1,242.7 1,151.6 987.4 944.3 773.3 712.5 612.8 603.2 380.3 3 RecordResults—Revenue inNet millions) Income of $28.6M by QTR
Slide 5: The Combined Perini and Tutor-Saliba
The premier Perini Highly Accelerates Enhances Increases Maintains Presents 4 Combined complementary attractive size, leadership existing Perini publicly scale Perini ssynergy strong growth and positions traded Tutor-Saliba business diversity financial opportunities profile civil in models key and p
Slide 6: Our History of Successful JV Partnerships
Our535History Successful Perini Completed History 1987: 1996: 1997: 2000: 2001: 2,000 2,500 3,000 3,500 1,000 40 10 Number 1977 Cummulative 5 01980 ($317 500 30 $176 $248 Ron $of of 25 mm) 0significant Tutor 1985 JV Projects over million 20 ofNumber JV partnerships 1,500 Partnership 15 35 1990 joins
Slide 7: Complementary Business Models: Tutor-Saliba and Perini
Tutor-Saliba Perini Predominantly Highly Contributes Leading Significant Integrated 6 Complementary respected scalable Western commercial U.S. contractor business public additional government private business U.S. brand works in model contractor Guam civil client resources, in Business success model
Slide 8: Perini Key Markets and Projects Overview
Segment Perini End Hospitality Sports Key MGM Trump International U.S. Overhead Afghan British Surety General Home UAE Highways Civil Tappan LAX Cherry 7 Markets Projects Air Government Dept. Construction Runway Building Depot, MIRAGE and Services International Embassy, Hill Zee National Dynamics Fo
Slide 9: Proforma Combined Company Overview
Proforma Perini For 3% Backlog $3,440 6% 92% Includes $9,151 Three Key Civil International Building General Pre-construction Construction Design/build Additional Concrete Sitework Steel 8 Aggregates Mechanical/Plumbing Electrical 5% 2% the services erection $551 operating ($Six contracting as $1.2B
Slide 10: Proforma Contract Types and Award Mix
Proforma Perini For 3% 84% 74% 26% $3,440 Negotiated Private State Competitive Fixed Construction Multi-Year Federal Cost Includes 9 13% the Plus + &Price ($ Award Fixed $9,151* Six Local $1.2B inCombined &Contracts Negotiated Months millions) GMP Bidding Management Fee Fee McCarran Cost Guaranteed
Slide 11: Building Segment Overview
Building Per For 6% 70% $3,158 Backlog Office All (92% $8,407* * 57% 3% 16% 4% 14% 2% Focus Corporate Education Healthcare High Sports Transportation Correction Significant Condominiums Pending Hospitality 10Includes Other ($ $137 the Hospitality Tech/R&D of on in Bldgs. and Six Total Contract as mi
Slide 12: International Segment Overview
Proforma ($ Perini Overview International For Government U.S 3% 8% 5% (3% $102 Backlog All Industrial (2% $193 77% 14% 9% Diversified U.S. Private Surety Foreign Mix Estimated Pending Hospitality 11 inOther 84% the of military Government millions) companies Total cost-plus multinational Six Governme
Slide 13: Civil Segment Overview
Proforma Perini Overview Civil For (5% $180 3% 16% 41% 28% 12% Backlog (6% $551 26% 21% 36% 17% Specializing Wastewater Bridges Mass Principal Airports Sitework Predominantly Pending Highways 12 the ofTransit ($Total Six $73 $198 Contract as in operations $5 Combined $51 $115 $73.8M of Months millio
Slide 14: Our Leadership Position in Gaming and Hospitality
Leadership & Our Perini Leading #1 #7 #17 Proven Building Key The McCarran Planet Foothill Sheraton Moffet (1) Select Trump Wynn Las Paris MGM Morongo Gaylord 13 Gaming builder 2007 Vegas, builder Cosmopolitan Market Projects Las Encore Hospitality Hollywood MIRAGE Grand International Towers ability
Slide 15: Strong Competitive Position in Niche Markets
Strong Attractive Building Our Healthcare Rudolph Education Perini Select UCLA Children’s Florida Molecular 14 Competitive selectively became Projects Westwood Position Int’l. and Niche Facilities Foundry Hospital Facilities University Sletten a in leading Markets Position competes Hospital Other Be
Slide 16: Competitive Position in Sports and Transportation Markets
Perini Attractive Building Our Green Rudolph “CityCenter Sports Strong Completed Transportation Airport Pacific Redwood Jobing.Com 15 Competitive Building & Position track Shores Terminal and Entertainment City, Niche several Arena may record Sletten Center Facilities CA LEED inMarkets Position rece
Slide 17: Targeted Building Market Fundamentals
Targeted Perini Attractive Building Remaining NOTE: Sports 28.3% Hospitality End California Growth Non-residential Strong Favorable The McGraw 16 LEED Market & Transportation: growth Excludes inProjects Hill Entertainment: Niche demographics, population California Green 2008 &Fundamentals forecasts
Slide 18: Perini International Leadership Position
Leadership Perini International Our Demonstrated Positioned Proven Leading Top Key USN PAC USAF USACE Kosrae Water Overhead Restoration Facilities Home 17 Guam private Competitive Projects AIR Global Guam Tank Depot HERC Int’l track contractor ±Anaconda ±Iraq ±Basrah ±OCS & GIAA Coverage to Position
Slide 19: Targeted International Market Fundamentals
Targeted Perini International Remaining NOTE: Government 48.0% 12.2% End DoD—CENTCOM USACE U.S. HERC—Heavy SATOC—Sustainment, Year Contingency Record Relocation United 18 Market Air 2—$50M 1—$50M Hospitality Arab of Excludes planning Force Projects successful of 2008 Fundamentals Emirates Contracts:
Slide 20: Civil Market Position
Market Perini Position Civil Our California, Among Proven Strong Significant Established Industry-leading #16 Key I-80 LAX Harold I-95 Peekskill Pier CVN 9th Joint (1) Brooklyn-Queens Highways Expressway Mass Metro Tappan New 2007 St. Builder Competitive A San @ Projects York, Water Runway Transit M
Slide 21: Targeted Civil Market Fundamentals
Targeted Perini Civil Remaining NOTE: 18.0% Mass 11.4% 29.5% End U.S. California NY NYSDOT Current 20 Metro Market public Construction Transit: Other Bridges: Highways: Excludes NJ Projects recently and Transportation Regional 2008 Transportation infrastructure Fundamentals Sitework/Misc: $13,700 Ne
Slide 22: Business Strategy
Business Perini Focus Gain Expand Cross-utilize Capitalize Become Pursue Leverage Continue 21 new on Federal Expertise aStrategy Building to leadership strong extensive contracts significant onpursue serve building the Contracting relationships expertise clients toMarkets federal multi-year by track
Slide 23: Business Strategy (cont'd)
Business Perini Improve Build Capitalize Leverage Pursue Enhance Expand Continue 22 upon Selected expertise Civil geographic Strategy to the on established pursue grow Tutor-Saliba established Operating Strategic to backlog (cont’d) selected new presence position and Performance credentials Acquisit
Slide 24: Perini Successfully Integrated Acquisitions
Acquisitions Perini Successfully INCORPORATED RUDOLPH GENERAL #1 Employs Successful General Cummings A James Celebrated More Enhances CHERRY CONSTRUCTION Offices Leading Highways, Financial 23Perini Healthcare than A.in contractors builder civil Company >125 Cummings, Outlook diversity Redwood Ft. M
Slide 25: Perini Earnings Guidance
Perini Earnings Guidance Revenues Earnings Diluted 24 per for $5.5B—$5.9B $7.3B—$7.8B share FullPer Year $3.50—$3.75 $4.00—$4.20 Share 2008Growth in 2010 between 10% to 20% 2009
Slide 26: The Pre-eminent Publicly Traded Construction Services Firm
The Perini $ Pre-eminent Leading Expanded Strong Attractive Focused, 259.2B Premier financial pro and experienced growth international forma gaming Publicly profitable position backlog, opportunities and Traded management civil platform hospitality and $5.6B construction industry-leading Constructio