Tutor Perini (NYSE: TPC) reported Q4 EPS of $0.98, $0.19 better than the analyst estimate of $0.79. Revenue for the quarter came in at $1.18 billion versus the consensus estimate of $1.37 billion.

• Diluted earnings per share (EPS) of $0.98 for Q4 2018 and $1.66 for FY18
• Strong Q4 operating margins across all segments
• Record backlog of $9.3 billion, up 28% Y/Y, with double-digit Y/Y backlog growth across all segments
• More than $2.5 billion of pending awards anticipated in Q1 2019
• Cash flow from operations of $56.2 million for Q4 2018 and $21.4 million for FY18
• FY19 EPS Guidance: $2.00 to $2.30

GUIDANCE:

Tutor Perini sees FY2019 EPS of $2.00-$2.30, versus the consensus of $2.23.

“We concluded the year with excellent fourth-quarter results highlighted by record backlog, strong operating margins across all segments, improved performance in the Specialty Contractors segment and solid operating cash generation,” said Ronald Tutor, Chairman and Chief Executive Officer. “The outlook for further backlog growth remains favorable, as we expect to book more than $2.5 billion of pending awards during the first quarter of 2019. We expect that our growing backlog will provide a solid foundation for revenue growth and improved profitability over the next several years.”

The Company anticipates strong, double-digit revenue growth and higher operating margins across all segments in 2019, with particularly notable margin improvement expected in the Specialty Contractors segment and slight margin improvements in the Civil and Building segments. For 2019, the Company is establishing its initial EPS guidance at a range of $2.00 to $2.30. Earnings in 2019 are expected to be weighted more heavily in the second half of the year due to the anticipated timing of project ramp-up activities, as well as typical business seasonality.

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