Tutor Perini (TPC) Lower Following Weak FY13 Outlook
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Tutor Perini (NYSE: TPC) provided the following full-year guidance for fiscal 2013:
* Revenue is expected to range between $4.5 billion and $5.0 billion
* Diluted earnings per share (EPS) are expected to range between $1.65 and $1.90
**** The Street is currently looking for FY13 revs of $4.53 billion and EPS of $2.06.
The following are some key estimated assumptions which factor into the above EPS guidance:
* $56 million in depreciation and amortization expense
* $40 million in interest expense
* 40% effective tax rate
* 49 million diluted shares outstanding
Commenting on the guidance, Ronald Tutor, Chairman and Chief Executive Officer, said, “We expect to deliver double-digit revenue growth in three of our four segments in 2013. As discussed during our recent fourth-quarter conference call, our Building segment is expected to return to an acceptable, albeit lower-than-historical, segment operating margin in 2013.” Tutor continued, “Our Civil segment is expected to maintain a segment operating margin generally consistent with its 2012 performance. Our Specialty Contractors segment is expected to have stable revenue in 2013 and a segment operating margin in the 6% to 8% range that we have communicated previously. Finally, our Management Services segment operating margin is expected to be close to last year’s margin and influenced by the shift towards lower margin work in existing and pending federal projects. As is typical in our business, our earnings in 2013 are expected to be weighted towards the second half of the year. In addition, we have a significant number of pending proposals with an aggregate value exceeding $2 billion. We will revisit guidance again mid-year, by which time we expect the results of these proposals to be made public.”
* Revenue is expected to range between $4.5 billion and $5.0 billion
* Diluted earnings per share (EPS) are expected to range between $1.65 and $1.90
**** The Street is currently looking for FY13 revs of $4.53 billion and EPS of $2.06.
The following are some key estimated assumptions which factor into the above EPS guidance:
* $56 million in depreciation and amortization expense
* $40 million in interest expense
* 40% effective tax rate
* 49 million diluted shares outstanding
Commenting on the guidance, Ronald Tutor, Chairman and Chief Executive Officer, said, “We expect to deliver double-digit revenue growth in three of our four segments in 2013. As discussed during our recent fourth-quarter conference call, our Building segment is expected to return to an acceptable, albeit lower-than-historical, segment operating margin in 2013.” Tutor continued, “Our Civil segment is expected to maintain a segment operating margin generally consistent with its 2012 performance. Our Specialty Contractors segment is expected to have stable revenue in 2013 and a segment operating margin in the 6% to 8% range that we have communicated previously. Finally, our Management Services segment operating margin is expected to be close to last year’s margin and influenced by the shift towards lower margin work in existing and pending federal projects. As is typical in our business, our earnings in 2013 are expected to be weighted towards the second half of the year. In addition, we have a significant number of pending proposals with an aggregate value exceeding $2 billion. We will revisit guidance again mid-year, by which time we expect the results of these proposals to be made public.”
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