Tutor Perini Corporation · NYSE:TPC
Tutor Perini — D.A. Davidson & Co. Engineering & Construction Conference 2014
19 slides from Tutor Perini's conference presentation, Sep 9, 2014
Slide 1: D.A. Davidson & Co. Engineering & Construction Conference
D.A. Davidson & Co. Engineering & Construction Conference San Francisco, CA September 9, 2014
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 (2013/2014): 120 years of successful project execution #1 Specialty Contractor in NY region #2 Builder in Entertai
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 Q2-14 LTM Revenue: $4.2B Q2-14 LTM EBIT(a): $235M Civil Segment Building Segment Specialty Contractors Segment Q2-14 LTM Revenue: $1.6B Q2-14 LTM Revenue: $1.4B Q2-14 LTM Revenue: $1.2B Q2-14 LTM EBIT: $225M Q2-14 LTM EBIT: $26M Q2-14 LTM EB
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 $12B 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 $5B 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) Bidding on next California HSR contract (State estimates $1.5B - $2.0B) Bridges, Mass Transit Systems, & Highways New York MTA East Side Access Projects ($844M) San Francisco MTA Central Su
Slide 13: Diversified Mix of Customers and End Markets
Diversified Mix of Customers and End Markets Revenue by Customer 2007 2010 Q2-14 LTM State & Federal Gov’t Federal Gov’t Federal Gov’t Local Gov’t 3% 5% 11% 9% Private 37% 44% 47% 86% State & 58% Private Local Gov’t State & Private Local Gov’t Revenue by Segment 2007 2010 Q2-14 LTM Civil Specialty 5
Slide 14: Strong Backlog & Pending Awards
Strong Backlog & Pending Awards (as of Q2-14) Other Other Mass Transit 16% 13% Healthcare 29% Condos 6% 6% Transportation 6% Mixed-Use 7% 12% 63% 8% Hospitality & Government 9% 25% Gaming Mixed-Use Building Education Bridges Backlog of $7.8B (highest since ’08) Pending awards of $4.2B $27B pipeline
Slide 15: Financials: Revenue and Adjusted EBITDA
Financials ($ in millions) Revenue Adjusted EBITDA (a) $5,000 $350 7.5% $4,700* $4,500* $4,111 $4,176 $300 $297** $4,000 $281** 7.0% $3,716 Adj. EBITDA Margin $245 Adj. EBITDA $250 $3,199 $222 Revenue $220 $3,000 $201 6.5% $200 6.2% 6.3% $2,000 $150 5.9% 5.9% 6.0% $100 $1,000 5.4% 5.5% $50 $0 $0 5.0
Slide 16: Historical Financial Overview
Historical Financial Overview Revenue & Margins by Segment ($ in millions) Civil Segment $1,750 $1,597 17.0% $1,500 $1,336 $1,346 14.1% $1,250 Operating Margin 14.0% 12.1% 12.5% $985 Revenue $1,000 $730 11.0% $750 8.9% 8.5% $500 8.0% $250 $0 5.0% 2010 2011 2012 (a) 2013 LTM Q2-14 Building Segment Sp
Slide 17: Guidance
Guidance (as of August 5, 2014) FY14 Guidance Revenue Range EPS Range* $4.5B - $4.7B $2.20 - $2.40 * Assumptions: Includes $0.73 ($60M) of depreciation and amortization expense Includes $0.50 ($41M) of interest expense Includes potential earn-out contingencies from recent acquisitions 40% ef
Slide 18: Why Invest in Tutor Perini?
Why Invest in Tutor Perini? Market leader with strong resume of successfully completed projects Consistent record of profitability and liquidity $7.8B backlog (highest since 2008) + $4.2B in pending awards Mega-scale project awards favorable growth and profit outlook Strong $27B bid pipe
Slide 19: Contact: Jorge Casado, Vice President, Investor Relations
Contact: Jorge Casado Vice President, Investor Relations (818) 408-5746 Jorge.Casado@tutorperini.com
Tutor Perini — D.A. Davidson & Co. Engineering & Construction Conference 2014 on 6ix