Tutor Perini Corporation · NYSE:TPC
Tutor Perini — UBS Engineering & Construction Spring 1x1 Conference (March 2015)
18 slides from Tutor Perini's conference presentation, Mar 12, 2015
Slide 1: UBS Engineering & Construction Spring 1x1 Conference
UBS Engineering & Construction Spring 1x1 Conference New York, NY March 12, 2015
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 global provider of diversified general contracting, design-build and self-perform construction services for private and public clients Tutor Perini rankings (2014): 120 years of successful project execution #1 Specialty Contractor in NY region #3 Builder in Entertainment
Slide 4: Diverse Geographical Footprint
Diverse Geographical Footprint Well-positioned to capture work in all 50 states and in targeted international markets 3
Slide 5: Current Significant Projects
Current Significant Projects (values shown are approximate) Various MTA Projects, NY - $1.9B Alaskan Way Viaduct (SR-99) Replacement, WA (JV) - $1.4B California High-Speed Rail, CA (JV) - $1.0B Hudson Yards (various projects), NY - $1.0B San Francisco MTA Central Subway, CA - $840M Vario
Slide 6: Business Organization
Business Organization A Leading Construction Services Firm FY14 Revenue: $4.5B FY14 EBIT(a): $242M Civil Segment Building Segment Specialty Contractors Segment FY14 Revenue: $1.7B FY14 Revenue: $1.5B FY14 Revenue: $1.3B FY14 EBIT: $221M FY14 EBIT: $25M FY14 EBIT: $51M Q4-14 Backlog: $3.6B Q4-14 Back
Slide 7: Civil Segment
Civil Segment Construction and rehabilitation of highways, bridges, tunnels, mass transit systems, and wastewater treatment facilities Focused on large-scale complex projects ($100M to $1B+) Strong self-performance capabilities Centralized estimation capabilities & sizeable equipment fleet C
Slide 8: Building Segment
Building Segment Private / Non-Residential and Public Projects Building Construction Success Drivers Expertise in Hospitality & Gaming, Design-Build, & Accelerated Delivery $11B bid pipeline over next 12 months Southeastern U.S. Focus Deep customer relationships & end market expertise Pr
Slide 9: Specialty Contractors Segment
Specialty Contractors Segment Electrical Specialty Contractors Success Drivers Based in New York, NY & Houston, TX $4B bid pipeline over next 12 months Electric / Power Subcontractor Strong electrical and mechanical proficiencies Self-performing more work obtained by the Mechanical Civil a
Slide 10: Integrated Project Approach Success
Integrated Project Approach Success Example Projects: Hudson Yards Development Midtown Manhattan, NY Total project expected to exceed $4B SFMTA Central Subway Underground stations, tracks & systems San Francisco, CA Project value: $840M Key Success Drivers Integrated service capabilities proved a
Slide 11: Core Strengths Providing Significant Benefits
Core Strengths Providing Significant Benefits Core Strengths Benefits Realized Cost estimating Durable competitive advantage Advanced self-perform capabilities Higher profit margin opportunities Construction risk management Larger project pursuits with less competition Project manageme
Slide 12: Revenue Growth Drivers
Revenue Growth Drivers Civil – Transportation California High-Speed Rail, First Segment ($1.022B JV) Mass Transit Systems, Bridges, Transportation & Highways New York MTA East Side Access Projects ($844M) San Francisco MTA Central Subway ($840M) Platform at Hudson Yards ($510M) JFK Runwa
Slide 13: Diversified Mix of Customers and End Markets
Diversified Mix of Customers and End Markets Revenue by Customer 2007 2010 2014 State & Federal Gov’t Federal Gov’t Federal Gov’t Local Gov’t 3% 4% 11% 9% 40% Private 44% 47% 86% State & 56% Private Local Gov’t State & Private Local Gov’t Revenue by Segment 2007 2010 2014 Civil Specialty 5% 3% Speci
Slide 14: Strong Backlog & Pending Awards
Strong Backlog & Pending Awards (as of Q4-14) Other Other Education Mass Transit Government 6% 4% 16% Healthcare 4% Healthcare 6% 4% Mixed-Use 44% 5% 6% 15% Condos Hospitality & Gaming 7% 65% Education 7% 11% Government Mixed-Use Building (mostly Hudson Yards*) Bridges Backlog of $7.8B Pending award
Slide 15: Financials
Financials ($ in millions) Revenue Adjusted EBITDA (a) $6,000 $350 7.5% $5,500* $5,000 $5,000* $300 $288 $4,492 7.0% $4,111 $4,176 $250 $245 Adj. EBITDA Margin $4,000 $3,716 $222 $220 Adj. EBITDA $201 6.5% Revenue $3,199 $200 $3,000 6.4% 6.3% $150 5.9% 5.9% 6.0% $2,000 $100 5.4% 5.5% $1,000 $50 $0 $
Slide 16: Historical Financial Overview
Historical Financial Overview Revenue & Margins by Segment ($ in millions) Civil Segment $1,750 $1,687 17.0% $1,500 $1,441 $1,336 $1,250 Operating Margin 13.1% 14.0% 12.1% $985 12.3% Revenue $1,000 $730 11.0% $750 8.9% 8.5% $500 8.0% $250 $0 5.0% 2010 2011 2012 (a) 2013 2014 Building Segment Special
Slide 17: Guidance
Guidance (as of February 26, 2015) FY15 Guidance Revenue Range EPS Range* $5.0B - $5.5B $2.20 - $2.50 * Assumptions: Includes $0.55 ($46M) of depreciation and amortization expense (exc. SR-99 project) Includes $0.46 ($39M) of interest expense 41% effective tax rate 49.5 million average dilut
Slide 18: Contact: Jorge Casado, Vice President, Investor Relations
Contact: Jorge Casado Vice President, Investor Relations (818) 408-5746 Jorge.Casado@tutorperini.com
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