Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - Tutor Perini Corporation (TPC) reported strong third-quarter 2025 results, with earnings and revenues exceeding expectations and showing year-over-year growth [1][3] - The company raised its adjusted earnings per share (EPS) guidance for the third consecutive quarter, indicating confidence in future performance [2][10] Financial Performance - Adjusted EPS for the quarter was $1.15, surpassing the Zacks Consensus Estimate of 96 cents by 19.8%, compared to an adjusted loss per share of $1.92 in the same quarter last year [3][7] - Revenues reached $1.42 billion, exceeding the consensus estimate of $1.34 billion by 5.3% and increasing 31% year over year from $1.08 billion [3][8] Backlog and Project Execution - As of September 30, 2025, Tutor Perini's backlog increased by 54% year over year to $21.6 billion, driven by new awards and contract adjustments [4][8] - The Civil segment saw revenues rise by 31% year over year to $770.2 million, with a backlog increase of 26% to $11.2 billion [5] - The Specialty Contractors segment experienced a significant revenue increase of 124% year over year to $226.5 million, with a backlog growth of 7% to $3 billion [6] Operating Highlights - Income from construction operations improved to $40.1 million, a turnaround from a loss of $106.8 million in the prior year, supported by higher-margin projects [7] - Adjusted net income totaled $61.9 million, contrasting with a loss of $84.5 million reported in the same quarter last year [7] Liquidity and Cash Flow - As of September 30, 2025, Tutor Perini had cash and cash equivalents of $695.7 million, up from $455.1 million at the end of 2024 [8] - Net cash provided by operating activities was $574.4 million in the first nine months of 2025, compared to $174 million in the prior year [9] Future Outlook - The company now expects adjusted EPS for 2025 to be in the range of $4.00-$4.20, an increase from the previous guidance of $3.65-$3.95 [10]

Core Insights - Tutor Perini reported quarterly earnings of $1.15 per share, exceeding the Zacks Consensus Estimate of $0.96 per share, and a significant improvement from a loss of $1.92 per share a year ago, resulting in an earnings surprise of +19.79% [1] - The company achieved revenues of $1.42 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.34% and showing growth from $1.08 billion in the same quarter last year [2] - Tutor Perini's stock has increased approximately 171.6% year-to-date, significantly outperforming the S&P 500's gain of 15.1% [3] Earnings Outlook - The future performance of Tutor Perini's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is $0.89 on revenues of $1.28 billion, and for the current fiscal year, it is $3.78 on revenues of $5.24 billion [7] Industry Context - The Building Products - Heavy Construction industry, to which Tutor Perini belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Dycom Industries, another company in the same industry, is expected to report quarterly earnings of $3.15 per share, reflecting a year-over-year increase of +17.5%, with revenues projected at $1.4 billion, up 10.1% from the previous year [9]

Core Insights - Tutor Perini reported record operating cash flow of $289 million for Q3 2025 and $574 million for the first nine months, driven by collections from new and ongoing projects [1][25][31] - The company anticipates a strong period of double-digit revenue growth and increased profitability over the next several years, supported by favorable macroeconomic conditions and substantial infrastructure investments [2][5][32] - The backlog reached a record $21.6 billion, up 54% year over year, indicating strong future revenue potential [6][31] Financial Performance - Q3 2025 revenue was $1.42 billion, a 31% increase year over year, with the Civil segment revenue up 41% to $770 million [18][7] - Adjusted earnings per share for Q3 was $1.15, a significant improvement from an adjusted loss of $1.61 per share in the same quarter last year [9][24] - Operating income increased across all segments, with the Civil segment achieving a solid operating margin of 12.9% [20][21] Project and Market Outlook - The company added $2 billion in new awards in Q3, contributing to a robust project pipeline, particularly in California and New York [6][10][11] - Upcoming bidding opportunities exceed $25 billion over the next 12 to 18 months, with significant projects including the $12 billion Sepulveda Transit Corridor and the $5 billion Penn Station transformation [12][11] - The Specialty Contractors segment returned to profitability, reflecting strong revenue growth and improved project execution [8][22] Strategic Initiatives - Tutor Perini plans to build its cash position to support potential strategic capital allocation alternatives, such as dividends or share repurchase programs [5][26] - The company remains selective in pursuing projects with favorable contractual terms and higher margins, focusing on quality over quantity [13][41] - Management raised the adjusted EPS guidance for 2025 to a range of $4 to $4.20, reflecting confidence in continued strong performance [14][32]

Financial Data and Key Metrics Changes - Tutor Perini reported a strong third-quarter revenue of $1.42 billion, representing a 31% year-over-year increase [16] - Operating cash flow reached $289 million for the quarter and $574 million for the first nine months of 2025, both setting new records [4][23] - Adjusted earnings per share (EPS) for the third quarter was $1.15, a significant improvement from an adjusted loss of $1.61 per share in the same quarter last year [8][22] - GAAP EPS was $0.07 for the third quarter, compared to a loss of $1.92 per share in the same quarter last year [9][21] Business Line Data and Key Metrics Changes - Civil segment revenue was $770 million, up 41% year-over-year, with operating income from construction operations at $99 million, a substantial improvement from a loss of $13 million last year [16][17] - Building segment revenue was $419 million, slightly down from last year, but operating income improved to $14 million from a loss of $4 million [16][18] - Specialty contractor segment revenue surged 124% to $226 million, with a return to profitability, reporting an income of $6 million compared to a loss of $57 million last year [16][19] Market Data and Key Metrics Changes - The company's backlog reached a record $21.6 billion, up 54% year-over-year, driven by $2 billion in new awards and contract adjustments in the third quarter [6][27] - The civil segment continues to perform at record levels, while the specialty contractor segment has shown significant recovery and profitability [8][19] Company Strategy and Development Direction - Tutor Perini aims to capitalize on favorable macroeconomic conditions and strong market demand for construction services, particularly in civil and building segments [5][10] - The company is focused on pursuing projects with favorable contractual terms and higher margins, emphasizing a selective approach to bidding [12] - Future bidding opportunities are expected to exceed $25 billion over the next 12 to 18 months, with significant projects primarily located in California, New York, and the Midwest [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and raised guidance for adjusted EPS for 2025 to a range of $4-$4.20, up from previous guidance [13] - The outlook remains positive beyond 2025, with expectations for significantly higher adjusted EPS in 2026 and 2027 [14] - Management does not foresee significant impacts from government funding cuts or the recent federal government shutdown on major projects [15] Other Important Information - The company plans to continue building its cash position until it reaches a level suitable for initiating strategic capital allocation alternatives, such as dividends or share repurchase programs [5] - Total debt decreased by 23% to $413 million, with cash on hand exceeding total debt by $283 million [23] Q&A Session Summary Question: Can you give a little more color on specialty turning positive? - Management indicated that the specialty performance is driven by successful non-claim resolution work, leading to improved results [33] Question: Does the specialty revenue trend up from the Q3 level? - Management confirmed that specialty revenue is expected to increase as larger projects ramp up [34] Question: How many of the legacy disputes are remaining? - Management estimated about a dozen significant legacy disputes remain [35] Question: Is bidding activity staying robust? - Management affirmed that bidding activity remains strong across major geographies, particularly in New York and California [41] Question: Could you exit the fourth quarter at another record? - Management suggested that while new records may occur, the growth may be lumpier and not consistently increasing [49] Question: What is the outlook for building segment margins? - Management expects building segment margins to improve significantly by mid-2026 due to the mix of higher-margin projects [72] Question: What are the dynamics with government funding? - Management does not anticipate significant impacts from government funding changes, maintaining active dialogue with customers [74]

Financial Performance - Consolidated revenue for Q3 2025 was $1.4 billion, up 30.7% from $1.1 billion in Q3 2024, and $4.0 billion for the nine months ended September 30, 2025, up 23.8% from $3.3 billion in the same period last year[145]. - Income from construction operations for Q3 2025 was $40.1 million, a significant improvement from a loss of $106.8 million in Q3 2024, and $181.8 million for the nine months ended September 30, 2025, compared to a loss of $17.5 million in the same period last year[146][147]. - Diluted earnings per share for Q3 2025 was $0.07, compared to a loss of $1.92 in Q3 2024, and $0.97 for the nine months ended September 30, 2025, compared to a loss of $1.61 in the same period last year[150]. - Adjusted net income attributable to Tutor Perini Corporation for the three months ended September 30, 2025, was $61.9 million, compared to a loss of $84.5 million in 2024, and for the nine months ended September 30, 2025, it was $171.4 million, compared to a loss of $45.8 million in 2024[165]. Awards and Backlog - Consolidated new awards for Q3 2025 totaled $2.0 billion, down from $4.7 billion in Q3 2024, while new awards for the nine months ended September 30, 2025 were $7.0 billion, compared to $7.1 billion in the same period last year[152]. - The consolidated backlog as of September 30, 2025, was a record $21.6 billion, up 3% from $21.1 billion at the end of Q2 2025 and up 54% from the backlog at the end of Q3 2024[153]. - New awards in the Civil segment totaled $112.0 million and $3.8 billion for the three and nine months ended September 30, 2025, compared to $3.1 billion and $4.2 billion for the same periods in 2024[173]. - New awards in the Building segment totaled $1.4 billion and $2.2 billion for the three and nine months ended September 30, 2025, consistent with the same periods in 2024[180]. - New awards in the Specialty Contractors segment reached $464.7 million for Q3 2025, up 104% from $227.8 million in Q3 2024[187]. Segment Performance - Revenue for the Civil segment increased by 41.1% to $770.2 million for the three months ended September 30, 2025, compared to $545.8 million in 2024, and by 35.1% to $2,114.5 million for the nine months ended September 30, 2025, compared to $1,564.5 million in 2024[167]. - Revenue for the Building segment decreased by 3.9% to $418.7 million for the three months ended September 30, 2025, but increased by 5.9% to $1,340.5 million for the nine months ended September 30, 2025, compared to $1,265.6 million in 2024[175]. - Revenue for the Specialty Contractors segment increased by 123.8% to $226.5 million for the three months ended September 30, 2025, and by 35.3% to $580.7 million for the nine months ended September 30, 2025, compared to $429.2 million in 2024[184]. Operating Margins - Operating margin for the Civil segment improved to 12.9% for the three months ended September 30, 2025, compared to (2.3)% in 2024, and to 15.1% for the nine months ended September 30, 2025, compared to 8.6% in 2024[172]. - Operating margin for the Building segment was 3.4% for the three months ended September 30, 2025, compared to (0.9)% in 2024, and 3.5% for the nine months ended September 30, 2025, compared to 1.4% in 2024[179]. - Operating margin improved to 2.7% for Q3 2025, compared to a negative margin of (56.2)% in Q3 2024[186]. Cash Flow and Financial Position - Net cash provided by operating activities was $574.4 million for the first nine months of 2025, the largest amount for any first nine months in the company's history[197]. - Cash and cash equivalents increased to $695.7 million as of September 30, 2025, compared to $455.1 million at the end of 2024[195]. - Net cash used in investing activities was $130.9 million for the first nine months of 2025, primarily for capital expenditures of $105.9 million[199]. - Net cash used in financing activities was $149.6 million for the first nine months of 2025, mainly due to a $124.0 million net repayment of debt[200]. - The company had working capital of $1.0 billion as of September 30, 2025, with a current assets to current liabilities ratio of 1.30[201]. Compliance and Risk Management - The company does not foresee significant impacts from potential tariff changes or federal funding scrutiny on its major projects in backlog[154]. - The company expects to maintain its competitive edge due to limited competition for larger project opportunities and strong public funding[152]. - The First Lien Net Leverage ratio as of September 30, 2025, was (0.64) to 1.00, which is below the required maximum of 2.25 to 1.00[211]. - The company was in compliance with the covenants under the 2020 Credit Agreement as of September 30, 2025, and expects to continue compliance[212]. - There have been no material changes in the company's contractual obligations since the last Annual Report on Form 10-K for the year ended December 31, 2024[213]. - There has been no material change in the company's significant accounting policies and estimates since the last Annual Report on Form 10-K for the year ended December 31, 2024[214]. - There has been no material change in the company's exposure to market risk since the last Annual Report on Form 10-K for the year ended December 31, 2024[216]. Corporate Expenses - Share-based compensation expense increased significantly to $42.2 million for Q3 2025 and $81.7 million for the nine months ended September 30, 2025, due to a substantial increase in the company's stock price[148]. - Corporate general and administrative expenses increased to $79.7 million for Q3 2025, up from $32.5 million in Q3 2024, primarily due to higher share-based compensation[189].

Financial Performance - Revenue for Q3 2025 was $1.42 billion, up 31% from $1.08 billion in Q3 2024[4] - Net income attributable to the Company was $3.6 million, or EPS of $0.07, compared to a net loss of $100.9 million, or a loss per share of $1.92 in Q3 2024[7] - Adjusted EPS for Q3 2025 was $1.15, up from an adjusted loss per share of $1.61 in Q3 2024[9] - Gross profit for Q3 2025 was $169.40 million, compared to a loss of $25.83 million in Q3 2024, indicating a significant turnaround[39] - Total revenue for the nine months ended September 30, 2025, was $4,035.67 million, up from $3,259.27 million in the same period of 2024, reflecting a 24% increase[39] - The company reported a net income of $108,683 for the nine months ended September 30, 2025, compared to a net loss of $46,131 in the same period of 2024[49] Construction Operations - Income from construction operations was $40.1 million, a significant increase from a loss of $106.8 million in Q3 2024[6] - Tutor Perini Corporation's income from construction operations for Q3 2025 was $40.09 million, a recovery from a loss of $106.81 million in Q3 2024[39] - Income from construction operations for the nine months ended September 30, 2025, was $181,849, compared to a loss of $17,508 in the same period of 2024, indicating a significant turnaround[44] Cash Flow and Debt - Record operating cash flow of $289.1 million in Q3 2025, compared to $22.6 million in Q3 2024[10] - Total debt decreased by 23% to $413 million as of September 30, 2025, with cash exceeding total debt by $283 million[14] - Cash flows from operating activities for the nine months ended September 30, 2025, were $574,396, compared to $173,970 in 2024, reflecting a substantial increase of 230.5%[49] - Cash, cash equivalents, and restricted cash at the end of the period were $758,084, compared to $301,397 at the end of September 30, 2024, showing a significant increase[49] Backlog and Future Outlook - Backlog reached a record $21.6 billion, up 54% year-over-year, with $2.0 billion in new awards during Q3 2025[13] - The Company expects strong demand for construction services driven by well-funded infrastructure projects over the next several years[22] - Management anticipates significantly higher revenue and earnings in 2026 and 2027 as new large projects advance to the construction phase[19] - The backlog at September 30, 2025, was $21,640.8 million, compared to $18,673.9 million at December 31, 2024, indicating an increase of 15.8%[51] - The company recognized $7,002.6 million in revenue from new awards in the backlog for the nine months ended September 30, 2025[51] Capital Expenditures and Investments - Capital expenditures for Q3 2025 totaled $48.95 million, compared to $6.91 million in Q3 2024, indicating increased investment in operations[41] - Capital expenditures for the nine months ended September 30, 2025, totaled $105,891, significantly higher than $28,266 in the same period of 2024[49] Assets and Financial Position - Total current assets as of September 30, 2025, were $4,172,321, up from $3,286,667 as of December 31, 2024, marking an increase of 27%[47] - Total assets increased to $5,165,254 as of September 30, 2025, from $4,242,710 as of December 31, 2024, representing a growth of 21.8%[47] Risks and Challenges - The company highlighted ongoing risks including economic factors, litigation outcomes, and competition that could impact future performance[36]

Core Insights - Tutor Perini Corporation reported strong third-quarter results for 2025, with significant growth in revenue and profitability, reflecting continued business momentum and operational success [2][14][15] Financial Performance - Revenue for Q3 2025 was $1.42 billion, a 31% increase from $1.08 billion in Q3 2024 [2][10] - Income from construction operations was $40.1 million, a substantial recovery from a loss of $106.8 million in Q3 2024 [4][10] - Net income attributable to the Company was $3.6 million, or EPS of $0.07, compared to a net loss of $100.9 million, or a loss of $1.92 per share in Q3 2024 [5][10] - Adjusted net income for Q3 2025 was $61.9 million, translating to an Adjusted EPS of $1.15, compared to an Adjusted net loss of $84.5 million, or a loss of $1.61 per share in Q3 2024 [5][10] Cash Flow and Backlog - The Company generated record operating cash flow of $289.1 million in Q3 2025, significantly up from $22.6 million in Q3 2024 [6][10] - Total backlog reached a record $21.6 billion as of September 30, 2025, a 54% increase from the previous year, driven by $2.0 billion in new awards and contract adjustments [9][10] Guidance and Outlook - The Company raised its 2025 Adjusted EPS guidance to a range of $4.00 to $4.20, up from $3.65 to $3.95, reflecting confidence in continued strong performance [17][10] - Management anticipates that the strong demand for construction services will persist, particularly in infrastructure projects funded by state, local, and federal customers [19][15] Strategic Positioning - Tutor Perini is well-positioned to capitalize on attractive bidding opportunities, particularly in the West Coast, Midwest, and Indo-Pacific regions, with a focus on large-scale, high-priority projects [12][19]

Investor Presentation November 2025 I-74 Mississippi River Bridge, Bettendorf, IA – Moline, IL Forward-Looking Statements Statements contained in this presentation that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-histori ...

Core Points - Tutor Perini Corporation will host a conference call on November 5, 2025, at 2:00 PM Pacific Time to discuss its third quarter 2025 results [1][2] - The earnings announcement will be issued the same day after market close [2] - The conference call will feature key executives including Gary Smalley (CEO), Ryan Soroka (CFO), and Ronald Tutor (Executive Chairman) [2] Company Overview - Tutor Perini Corporation is a leading civil, building, and specialty construction company, providing diversified general contracting and design-build services globally [4] - The company has been in operation since 1894, known for executing large, complex projects on time and within budget while maintaining strict safety and quality control measures [4] - Services offered include general contracting, pre-construction planning, project management, and expertise in various project delivery methods such as design-bid-build and public-private partnerships [4]