Tutor Perini Corporation (NYSE:TPC) Q4 2018 Earnings Conference Call Transcript
Feb 27, 2019 • 05:00 pm ET
Ronald N. Tutor
competition in the billion-dollar plus projects. There are very few companies in the United States that can successfully build billion-dollar plus infrastructure projects, and as such there are very few bidders as we go forward. We continue to recruit and focus on adding to our organization and training engineers in our training programs, but I would be definite to once again state that is the one governing factor that will limit our growth to what we feel comfortable with.
As a reminder, the projected margins on our new awards from last year in the backlog on average are considerably higher than the existing margins that we have earned over the past years. And we expect that margin to increase as frankly we raise our margins given the lack of competition. So over time, as the older work with lesser margin burns off and is replaced by higher margin new work at an accelerated pace, we feel there is an opportunity for significant increases in both operating income and earnings per share. We look forward to delivering improved results in 2019, some resolves of the curse of our unbilled receivables, and continued earnings growth as well as operating cash.
With that, I will turn the call over to the operator for questions. Thank you.