Can Higher-Margin Civil Projects Keep Lifting Tutor Perini's EPS?

Core Insights - Tutor Perini Corporation (TPC) is positioned to benefit from federal infrastructure legislation, driving multi-year demand in the construction and infrastructure sector [1] - The Civil segment of TPC is experiencing significant growth, with a record revenue of $1.43 billion in the first half of 2025, marking a 32.3% year-over-year increase [2] - TPC's backlog in the Civil segment has surged by 155.9% year-over-year to $11.17 billion as of June 30, 2025, indicating strong future revenue potential [2][3] Financial Performance - TPC has raised its 2025 GAAP earnings per share (EPS) guidance to a range of $1.70-$2.00, up from $1.60-$1.95, with adjusted EPS expected between $3.65-$3.95, an increase from $2.45-$2.80 [4] - Earnings estimates for TPC have increased significantly, with 2025 estimates up by 106.6% and 2026 estimates up by 28.9% over the past 30 days, indicating a projected year-over-year growth of 220.8% for 2025 [5] Market Position and Competition - The favorable industry backdrop is benefiting TPC and its competitors, such as Fluor Corp. and Granite Construction, as rising U.S. infrastructure funding supports growth across the sector [7][10] - Fluor has seen strong backlog expansion across various sectors, while Granite Construction is directly aligned with U.S. infrastructure funding, particularly in highways and bridges [8][10] Stock Performance and Valuation - TPC's stock has gained 24.7% since the second-quarter 2025 earnings release, outperforming the broader construction sector and the S&P 500 index [11] - The current valuation of TPC appears attractive, with a forward 12-month price-to-earnings (P/E) ratio of 15.1, suggesting a discount compared to industry peers [12]