These non-GAAP financial measures are reconciled to the most nearly comparable GAAP financial measures in the financial tables below.
Plus: Goodwill impairment chargeDuring the three months ended June 30, 2020, income (loss) from construction operations was impacted by $13.2 million (an unfavorable after-tax impact of $9.5 million, or $0.19 per diluted share) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. International callers should dial +1-201-689-8349.Less: Tax benefit provided on goodwill impairment chargeAccounts receivable ($129,081 and $91,090 related to VIEs)Adjusted net income attributable to Tutor Perini CorporationElimination of intersegment revenueIncome from construction operations for the second quarter of 2020 was $57.7 million compared to a loss from construction operations of $341.7 million for the second quarter of last year that resulted primarily from a $379.9 million pre-tax non-cash goodwill impairment charge recorded in that period. Because state budgets are likely to be overwhelmed with COVID-19 expenses, Tutor said, it is important that the federal government step in with an infrastructure bill that will fill in potential, future funding gaps. The construction company posted revenue of $1.28 billion in the period. Tutor Perini expects full-year earnings to be $1.80 to $2.10 per share. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC).
Earnings in 2020 are expected to be weighted more heavily to the second half of the year due to the anticipated continued progress of large infrastructure projects, as well as typical business seasonality.Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $11,911 and $0Proceeds from maturities and sales of investments in securitiesIncome (loss) from construction operations, as reportedAccumulated other comprehensive loss(in thousands, except per common share amounts)Net income (loss) attributable to Tutor Perini Corporation, as reportedBillings in excess of costs and estimated earnings ($434,608 and $422,847 related to VIEs)Loss (gain) on sale of property and equipmentEffective income tax rate, as reportedDuring the six months ended June 30, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from construction operations (an unfavorable after-tax impact of $329.5 million, or $6.57 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019.Cash and cash equivalents ($92,056 and $103,850 related to variable interest entities ("VIEs"))Acquisition of property and equipmentCosts and estimated earnings in excess of billings ($26,392 and $22,764 related to VIEs)Preferred stock - authorized 1,000,000 shares ($1 par value), none issuedAccounts payable ($110,676 and $93,848 related to VIEs)The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, July 29, 2020, to discuss the second quarter 2020 results. "Suffice it to say we're enjoying an excellent start to the year and are confident that the rest of the year will continue to show progress and improved performance compared to last year." To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. We are providing these non-GAAP financial measures to disclose additional information to facilitate the comparison of past and present operations, and they are among the indicators management uses as a basis for evaluating the Company’s financial performance as well as for forecasting future periods. "Our first-quarter results were nothing short of outstanding and well ahead of our own expectations," Tutor said. Income from construction operations for the second quarter of 2020 increased 51% compared to adjusted income from construction operations of $38.2 million for the same period last year. To receive notifications via email, enter your email address and select at least one subscription below.
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