Stock Monitor: Limbach Holdings Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 12, 2018 / Active-Investors.com has just released a free earnings report on Tutor Perini Corp. (NYSE: TPC). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TPC. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 27, 2018. The construction Company beat earnings estimates and achieved a record cash generation. The Company also initiated guidance for FY18. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Tutor Perini most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the fourth quarter ended December 31, 2017, Tutor Perini's revenues were $1.19 billion compared to $1.25 billion in Q4 2016. The Company's revenue numbers lagged analysts' estimates of $1.37 billion.
For the full fiscal year 2017, Tutor Perini's revenues were $4.76 billion compared to $4.97 billion in FY16.
For Q4 2017, Tutor Perini's income from construction operations was $59.3 million, up 14% compared to $52.1 million in Q4 2016, driven by contributions from certain higher-margin Civil projects.
Tutor Perini's net income attributable to common shareholders increased substantially to $80.9 million, or $1.60 per diluted share, in Q4 2017 compared to $30.3 million, or $0.60 per diluted share, in Q4 2016. The Company's reported quarter results included a tax benefit of $53.3 million, or $1.05 per diluted share, which primarily resulted from the remeasurement of the Company's net deferred tax liabilities due to the Tax Cuts and Jobs Act 2017 (TCJA), enacted in December 2017. Tutor Perini's earnings numbers beat Wall Street's estimates of $0.50 per share, even after excluding the benefit of the TCJA.
For FY17, Tutor Perini's net income attributable to common shareholders was $148.4 million, or $2.92 per diluted share, compared to $95.8 million, or $1.92 per diluted share, in FY16. The Company's earnings results for FY17 included a tax benefit of $53.3 million, or $1.05 per diluted share, from the TCJA. Additionally, the Company's net income for FY17 was also favorably impacted by a gain of $37 million, or $0.43 per diluted share, on a legal settlement that was recorded in other income earlier in FY17.
During Q4 2017, Tutor Perini's Civil segment recorded revenues of $492.3 million, up 9% compared to $452.3 million in Q4 2016.
Tutor Perini's Building segment generated revenues of $462.5 million, down 16% compared to $551.8 million in Q4 2016, predominantly due to a reduced activity on various building projects, particularly in California and Florida, that are completed or nearing completion. The Company's Specialty Contractors segment's revenues were $306.0 million, up 1% compared to $302.0 million in Q4 2016.
During FY17, Tutor Perini generated operating cash of $163.6 million, which established a new record for annual operating cash generation. The Company's operating cash exceeded net income in FY17 for a second consecutive year. Tutor Perini is anticipating cash generation to continue to be strong in FY18, and that cash flow from operations will again exceed net income for FY18.
Tutor Perini's backlog was $7.3 billion as of December 31, 2017, up 17% compared to $6.2 billion as of December 31, 2016.
Tutor Perini's new awards and adjustments to contracts in progress were $1.0 billion and $5.8 billion during Q4 2017 and FY17, respectively, compared to $0.8 billion and $3.7 billion for the year ago comparable periods. For FY17, the largest of new awards was the $1.4 billion Purple Line Section 2 extension of the Los Angeles subway. These new awards resulted in a solid book-to-burn ratio of 1.22 for the year.
For FY18, the Company is establishing its earnings per diluted share forecasts to be in the range of $1.90 to $2.30. The Company's results are anticipated to be weighted towards H2 FY18, due to the seasonality of the business.
Stock Performance Snapshot
April 11, 2018 - At Wednesday's closing bell, Tutor Perini's stock declined 3.30%, ending the trading session at $21.95.
Volume traded for the day: 508.08 thousand shares.
After yesterday's close, Tutor Perini's market cap was at $1.14 billion.
Price to Earnings (P/E) ratio was at 11.71.
The stock is part of the Industrial Goods sector, categorized under the Heavy Construction industry.
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