Strong Results Drive Capital Return Shift at Tutor Perini (TPC)

Core Viewpoint - Tutor Perini Corporation has announced strong financial results, leading to a new capital return strategy that includes a quarterly dividend and a share repurchase program [2][3][4]. Financial Performance - Year-to-date operating cash flow reached a record $574.4 million, with $289.1 million generated in the third quarter [2]. - The company's backlog hit a new high of $21.6 billion, indicating strong future revenue potential [2][3]. Capital Return Strategy - The Board of Directors declared a quarterly cash dividend of $0.06 per share and approved a $200 million share repurchase program [2]. - Management plans to use dividends and share repurchases as tools to reward shareholders during the company's expansion phase [5]. Management Insights - CEO Gary Smalley highlighted the high operational performance and raised the 2025 earnings guidance for the third consecutive quarter [3]. - The board believes current macro conditions, steady customer demand, and significant funding for infrastructure projects will drive revenue and profit growth [4]. Future Outlook - The company anticipates strong cash generation in 2026 and 2027, supported by favorable market conditions [4].