Tutor Perini (NYSE: TPC) reported Q3 EPS of $0.72, $0.07 better than the analyst estimate of $0.65. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.33 billion.

• Revenue of $1.4 billion, up 21% Y/Y and the highest quarterly result in more than ten years, driven by double-digit growth across all segments
• Income from construction operations of $83.0 million, up 73% Y/Y and the highest Q3 result since the merger in 2008
• Diluted earnings per share (“EPS”) of $0.72, nearly doubled Y/Y
• Operating cash flow of $72.7 million (and $131.0 million YTD through Q3-20, the highest nine-month YTD result since the merger in 2008)
• 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 $1.99.

“Our results were outstanding for the third quarter and first nine months of 2020, reflecting double-digit growth that is being driven by large infrastructure projects. Our operating cash flow for the quarter was excellent, as anticipated, and our year-to-date cash flow set a new record since our merger in 2008. Furthermore, our Civil and Building segments are performing extremely well and delivering solid operating results,” remarked Ronald Tutor, Chairman and Chief Executive Officer. Tutor added, “The impacts of the COVID-19 pandemic lessened in the third quarter and are not materially impacting our business at this time, though we will continue to monitor developments and adjust our operations as necessary.”

As mentioned above, the COVID-19 pandemic had an immaterial impact on the Company’s results for the third quarter of 2020. Through the first nine months of 2020, we estimate that the COVID-19 impacts to revenue, income from construction operations and EPS were approximately $230 million, $15 million and $0.21, respectively. The vast majority of the Company’s projects, especially in the Civil segment, have been designated as essential business, which has allowed 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. Nonetheless, 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.

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