Tutor Perini Credits Dispute Resolutions for Strong Operating Cash Flow

LOS ANGELES - Tutor Perini Corporation, a civil, building, and specialty construction company reported operating cash of $222.9 million for the third quarter of 2019 compared to $27.6 million for the same quarter last year. The strong operating cash flow was driven by collections associated with certain dispute resolutions, as well as from the company’s continued focus on improved working capital management.

Revenue for the third quarter of 2019 was $1.2 billion compared to $1.1 billion for the same quarter last year. The revenue growth was primarily driven by increased volume on civil segment projects, but was moderated by slower than anticipated progress during the quarter on various large projects. The company continues to anticipate increased volume and greater profitability during the fourth quarter of 2019 and throughout 2020.  

Income from construction operations for the third quarter of 2019 was $47.9 million compared to $47.3 million for the third quarter of 2018, as higher legal and personnel-related general and administrative expenses largely offset the income associated with the increased revenue. Net income attributable to the company for the third quarter of 2019 was $19.3 million, or $0.38 of earnings per diluted share (EPS), compared to $21.3 million, or $0.42 of EPS, for the same quarter last year. The decrease was primarily the result of higher income attributable to non-controlling interests compared to the third quarter of 2018.

“We are making good progress toward resolving our un-billed receivables and effectively managing our working capital, as evidenced by our record operating cash generated in the third quarter,” said Ronald Tutor, chairman and CEO. “I am pleased with this progress and expect it to continue through next year as we relentlessly pursue the recovery of significant cash we are owed.”
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