Financial Data and Key Metrics Changes - The company reported a 19% year-over-year revenue growth to $1,250,000,000 for the first quarter of 2025, with operating income up 34% to $65,000,000 and earnings per share increasing 77% to $0.53 [5][18][22] - The backlog grew 94% to a record $19,400,000,000, driven by strong project execution and new awards [5][25] Business Line Data and Key Metrics Changes - Civil segment revenue increased 29% to $610,000,000, while building segment revenue rose 12% to $460,000,000, and specialty contractors segment revenue grew 7% to $177,000,000 [18][19] - Civil segment income from construction operations was $80,000,000, up from $71,000,000, while building segment income decreased to $10,000,000 from $16,000,000 [19][20] Market Data and Key Metrics Changes - The company secured $2,000,000,000 in new awards and contract adjustments during the first quarter, contributing to the record backlog [6][7] - The Indo Pacific region is highlighted as a major area for project opportunities, particularly due to U.S. military initiatives [8][9] Company Strategy and Development Direction - The company is focusing on selective bidding for projects with favorable contractual terms and higher margins, leveraging its record backlog [8][25] - The management anticipates strong sustained backlog growth and is actively pursuing major projects, including a multibillion-dollar Midtown bus terminal replacement project [11][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, increasing the 2025 EPS guidance to a range of $1.6 to $1.95, up from the previous guidance [13][25] - The company does not foresee significant impacts from U.S. trade policy or federal spending programs on its major projects [15][16] Other Important Information - The company achieved a solid operating cash flow of $23,000,000 for the first quarter, marking the third-best first quarter result in its history [5][23] - Total debt was reduced by 24% to $406,000,000, contributing to a healthier balance sheet [24] Q&A Session Summary Question: Confirmation of a clean quarter without significant closeouts or contract settlements - Management confirmed that the quarter was clean from significant dispute resolution impacts, with cash collections expected in the second quarter [30][32] Question: What is needed to move projects from preconstruction to construction phase? - Management indicated that the passage of time and ongoing preconstruction activities are key, with several projects expected to transition soon [37] Question: Insights on EPS guidance for 2025 and beyond - Management explained that the guidance is based on the ramp-up of new projects with better margins and contractual terms, expecting significant earnings growth in 2026 and 2027 [47][51] Question: Impact of tariffs and regulatory changes on project planning - Management noted no significant speed-up in project planning due to regulatory changes, but some smaller projects have seen expedited timelines [60][62] Question: Opportunities in the Indo Pacific region - Management highlighted tremendous opportunities in Guam and surrounding areas, with significant government-funded projects being monitored [70][72]

Financial Data and Key Metrics Changes - The company reported a 19% year-over-year revenue growth to $1,250,000,000 for Q1 2025, with operating income up 34% to $65,000,000 and earnings per share increasing 77% to $0.53 [5][18] - The backlog grew 94% to a record $19,400,000,000, with operating cash flow at $23,000,000, marking the third-best first quarter result in the company's history [5][22] Business Line Data and Key Metrics Changes - Civil segment revenue increased 29% to $610,000,000, while building segment revenue rose 12% to $460,000,000, and specialty contractors segment revenue grew 7% to $177,000,000 [18][19] - Civil segment income from construction operations was $80,000,000, up from $71,000,000, while building segment income decreased to $10,000,000 from $16,000,000 [19][20] - The specialty contractors segment posted a loss of $7,000,000, an improvement from a loss of $18,000,000 the previous year [20] Market Data and Key Metrics Changes - The company secured $2,000,000,000 in new awards and contract adjustments during the first quarter, contributing to the record backlog [6][7] - The Indo-Pacific region is highlighted as a significant area for project opportunities, particularly due to U.S. military initiatives [8][9] Company Strategy and Development Direction - The company plans to be selective in bidding for projects with favorable contractual terms and higher margins, leveraging its record backlog [8][9] - The company is increasing its 2025 EPS guidance to a range of $1.6 to $1.95, reflecting confidence in future performance despite potential risks [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, anticipating that earnings in 2026 and 2027 will more than double the increased EPS guidance for 2025 [13][14] - There are no anticipated significant impacts from U.S. trade policy or federal spending programs on major projects [14][15] Other Important Information - The company has reduced total debt by 24% to $406,000,000, enhancing its balance sheet [22][23] - The company is considering returning capital to shareholders through dividends or share buybacks as cash accumulates [50][51] Q&A Session Summary Question: Was the quarter clean without significant closeouts or contract settlements? - Management confirmed that the quarter was clean from significant dispute resolution impacts, with cash collections expected in the second quarter [27][28] Question: What is needed to move projects from preconstruction to construction phase? - Management indicated that the passage of time and ongoing preconstruction activities are key, with several projects expected to move into backlog soon [33][35] Question: What are the expectations for EPS guidance in 2025, 2026, and 2027? - Management stated that the guidance is based on the ramp-up of new projects with better margins, expecting to double the EPS in the following years [44][46] Question: How is the company addressing potential tariff impacts? - Management noted that while costs are rising, they have favorable contract terms that protect against tariff impacts, and no significant negative effects have been felt on existing work [37][38] Question: What is the outlook for backlog growth? - Management believes that the backlog could grow from the current $19,400,000,000, depending on the success of upcoming bids [67][68] Question: When is peak revenue expected? - Management anticipates that peak revenues will occur in 2027, with significant increases expected in 2026 as major projects ramp up [69][70]

Financial Performance - Consolidated revenue for Q1 2025 was $1.2 billion, a 19% increase compared to Q1 2024[123] - Income from construction operations for Q1 2025 was $65.3 million, up 34% from Q1 2024[124] - Diluted earnings per share for Q1 2025 were $0.53, compared to $0.30 in Q1 2024[125] - Consolidated new awards in Q1 2025 totaled $2.0 billion, significantly higher than $873 million in Q1 2024[126] - Consolidated backlog as of March 31, 2025, reached a record $19.4 billion, up 4% from $18.7 billion at the end of 2024[127] Segment Performance - Civil segment revenue for Q1 2025 was $610.0 million, a 29% increase from $472.2 million in Q1 2024[139] - Civil segment income from construction operations increased 13% in Q1 2025 compared to Q1 2024[140] - Operating margin for the Civil segment was 13.0% in Q1 2025, down from 15.0% in Q1 2024[140] - New awards in the Civil segment totaled $1.5 billion for the three months ended March 31, 2025, a significant increase from $328.2 million for the same period in 2024[141] - Backlog for the Civil segment reached $9.7 billion as of March 31, 2025, up 136% from $4.1 billion as of March 31, 2024, setting a new all-time record for the segment[142] - Revenue for the Building segment increased by 12% to $459.8 million for the three months ended March 31, 2025, compared to $411.9 million in the same period in 2024[143] - Backlog for the Building segment was $6.7 billion as of March 31, 2025, a 61% increase from $4.2 billion as of March 31, 2024[148] - Revenue for the Specialty Contractors segment increased by 7% to $176.8 million for the three months ended March 31, 2025, compared to $164.9 million in the same period in 2024[149] - Backlog for the Specialty Contractors segment was $3.0 billion as of March 31, 2025, up 75% from $1.7 billion as of March 31, 2024, marking a new all-time record for the segment[153] - Operating margin for the Building segment decreased to 2.3% for the three months ended March 31, 2025, down from 3.9% in the same period in 2024[145] Cash Flow and Debt Management - Net cash provided by operating activities was $22.9 million for the three months ended March 31, 2025, a decrease of $75.4 million compared to $98.3 million in the same period in 2024[161][162] - Cash and cash equivalents decreased to $276.5 million as of March 31, 2025, down from $455.1 million as of December 31, 2024, primarily due to the early payoff of the Term Loan B[160] - Interest expense decreased by $4.9 million to $14.4 million for the three months ended March 31, 2025, compared to $19.3 million in the same period in 2024, driven by lower outstanding debt[156] - The Company entered into a credit agreement on August 18, 2020, providing for a $425.0 million Term Loan B facility and a $175.0 million revolving credit facility, later reduced to $170.0 million[170] - As of March 31, 2025, the Revolver had unused available borrowing capacity of $170.0 million, and the outstanding balance of the 2024 Senior Notes was $400.0 million[173] - The average borrowing rates for the Term Loan B and the Revolver for the three months ended March 31, 2025, were approximately 9.2% and 10.8%, respectively[174] - The First Lien Net Leverage ratio as of March 31, 2025, was (0.20) to 1.00, significantly below the required maximum of 2.25:1.00[175] - The 2020 Credit Agreement requires maintaining a maximum First Lien Net Leverage Ratio of 3.50:1.00, stepping down to 2.25:1.00 by December 31, 2023[176] - The Company voluntarily repaid the remaining $121.9 million outstanding balance of the Term Loan B during the first quarter of 2025[173] - The 2024 Amendment extended the Revolver maturity date to August 18, 2027, and permanently reduced the aggregate commitments for the Revolver by $5.0 million[171] - The borrowing rates have increased since late 2022 due to changes in market conditions affecting SOFR and LIBOR[174] - The Company is in compliance with the covenants under the 2020 Credit Agreement and expects to maintain compliance[176] Future Outlook - The Company anticipates continued revenue growth driven by strong new award bookings and significant projects in the pipeline[133] - The bipartisan Infrastructure Investment and Jobs Act is expected to provide $1.2 trillion in federal infrastructure funding, benefiting the Company's projects[136] Compliance and Accounting - There have been no material changes in contractual obligations or significant accounting policies since the last annual report[177][178]

News Release Tutor Perini Reports Strong First Quarter 2025 Results; Raises 2025 EPS Guidance LOS ANGELES – (BUSINESS WIRE) – May 7, 2025 – Tutor Perini Corporation (the "Company") (NYSE: TPC), a leading civil, building and specialty construction company, today reported strong results for the first quarter of 2025 (see attached tables). Revenue for the first quarter of 2025 was $1.25 billion, up 19% compared to $1.05 billion for the same period in 2024. The Company experienced solid year-over-year growth ac ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Let's take a look at what these Wall Street heavyweights have to say about Tutor Perini (TPC) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Tutor Perini currently has an average brokerage recommendati ...

Tutor Perini Corporation (NYSE:TPC) Q4 2024 Earnings Conference Call February 27, 2024 5:00 PM ET Company Participants Jorge Casado - VP, IR Ronald Tutor - Executive Chairman Gary Smalley - CEO President Ryan Soroka - EVP and CFO Conference Call Participants Adam Thalhimer - Thompson, Davis & Company Michael Dudas - Vertical Research Partners Operator Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation Fourth Quarter 2024 Earnings Conference Call. My name is Stacy and I will be your ...