Tutor Perini(TPC) - 2025 Q3 - Quarterly Results

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]