Tutor Perini (NYSE: TPC) reported Q1 EPS of $0.34, $0.28 better than the analyst estimate of $0.06. Revenue for the quarter came in at $1.25 billion versus the consensus estimate of $1.03 billion.

• Revenue of $1.3 billion, up 30% Y/Y, driven by the ramp-up of large infrastructure projects
• Strongest first-quarter revenue growth in the past 8 years
• Diluted earnings per share (EPS) of $0.34, the highest first-quarter EPS in the past 10 years
• Backlog remains healthy at $10.6 billion, with several large civil projects bidding later this year
• Affirming 2020 EPS guidance of $1.80 to $2.10

GUIDANCE:

Tutor Perini sees FY2020 EPS of $1.80-$2.10, versus the consensus of $1.81.

Outlook and Guidance

“We are off to a solid start in 2020, delivering the strong revenue and earnings growth we have anticipated as the large projects awarded to us over the past couple of years accelerate and contribute more significantly,” remarked Ronald Tutor, Chairman and Chief Executive Officer. Tutor continued, “We expect continued revenue and earnings growth this year, driven by our large backlog and improved operating performance in the Specialty Contractors group. As mentioned last quarter, we are pursuing various new high-margin project opportunities and expect to make significant progress this year and next year in resolving and collecting our unbilled receivables.”

The COVID-19 pandemic did not significantly impact the Company’s financial results for the first quarter of 2020. The vast majority of the Company’s projects, especially in its Civil segment, have been designated as essential business, which allows the Company to continue its work on those projects. However, due to the fluidity of the COVID-19 pandemic, the Company is unable at this time to accurately predict the pandemic’s future impact on the Company’s business, financial condition or performance. Notwithstanding this uncertainty, since the majority of the Company’s projects have, as mentioned above, thus far been deemed essential and been largely unaffected by the pandemic, the Company does not currently foresee any adverse material impact from the pandemic on its financial results for this year.

Accordingly, based on the Company’s results to date in 2020 and its current outlook for the remainder of the year, the Company is affirming its EPS guidance and still expects EPS to be in the range of $1.80 to $2.10. As in previous years, earnings in 2020 are expected to be weighted more heavily in the second half of the year due to the anticipated continuation of large project ramp-up activities, as well as typical business seasonality.

For earnings history and earnings-related data on Tutor Perini (TPC) click here.