Tutor Perini Reports Strong Third Quarter 2025 Results; Further Raises 2025 Adjusted EPS Guidance

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]