Core Insights - Tutor Perini Corporation (TPC) is focused on enhancing its position in large-scale rail and transit infrastructure, supported by a record backlog and a growing pipeline of civil opportunities [1][4] - The company's total backlog reached an all-time high of $19.4 billion as of March 31, 2025, reflecting a 94% year-over-year increase, with the Civil segment contributing $9.7 billion [1][8] Project Highlights - In Q1, Tutor Perini secured a $1.18 billion contract for the Manhattan tunnel project, part of the Gateway initiative to modernize rail infrastructure between Newark and New York Penn Station [2] - Upcoming significant projects include the $12 billion California transit project, the $3.8 billion Southeast Gateway line, the $1 billion North Valley Rail project, the $900 million Foothill Gold Line, and the $1.8 billion South Jersey Glassboro-to-Camden line [3] Market Performance - TPC's stock has increased by 140.4% over the past three months, outperforming the Zacks Building Products - Heavy Construction industry, the broader Zacks Construction sector, and the S&P 500 index [5] - The current valuation of TPC appears attractive, with a forward 12-month price-to-earnings ratio of 20.54, which is lower than peers EMCOR Group, Inc. and MasTec, Inc. [9][11] Earnings Outlook - The Zacks Consensus Estimate for Tutor Perini's earnings indicates a year-over-year increase of 155.9% for 2025 and 76.6% for 2026, with the estimate for 2025 remaining unchanged over the past 30 days [12]