Tutor Perini Corporation announced it will pay a quarterly cash dividend of $0.06 per share, the first dividend in the company’s history, and will begin a $200 million share‑repurchase program that will be executed over the next 12 months. The dividend will be paid on December 23, 2025, with a record date of December 9, 2025, while the buyback program will allow the company to repurchase shares at market prices as cash flow permits.
The announcement follows a strong third‑quarter performance. Revenue rose 31% year‑over‑year to $1.42 billion, driven by larger, higher‑margin civil and specialty‑contracting projects that expanded the backlog to $21.6 billion, a 54% increase from the prior year. Adjusted earnings per share reached $1.15, a 91.7% beat over the consensus estimate of $0.60, while operating cash flow for the quarter was $289.1 million, contributing to a record year‑to‑date operating cash flow of $574.4 million. Debt has been reduced by 23% to $413 million, underscoring the company’s strengthened balance sheet.
The revenue and earnings beats stem from a combination of higher‑margin project mix and disciplined cost management. The company’s focus on larger infrastructure contracts has lifted the average margin in the civil and specialty‑contracting segments, while careful control of labor and material costs kept operating expenses in check. The backlog expansion signals continued demand for the company’s services, providing a pipeline that supports the cash‑generating capacity needed for the new dividend and buyback. Management noted that tariffs and potential funding cuts are not expected to materially impact the project pipeline, reinforcing confidence in the company’s earnings outlook.
CEO Gary Smalley emphasized the company’s confidence in its long‑term earnings trajectory, stating, “Our business is performing exceptionally well this year, and we recently increased our 2025 earnings guidance for the third consecutive quarter.” He added that the company’s strategic shift toward capital allocation—through dividends and share repurchases—reflects the robust cash flow and the desire to return excess capital to shareholders while maintaining investment in high‑return projects.
The $200 million share‑repurchase program will be carried out over the next 12 months, giving the company flexibility to buy back shares at prevailing market prices as cash flow allows. The dividend, set at $0.06 per share, translates to an annualized payout of $0.24 per share, marking a new chapter in Tutor Perini’s shareholder return policy. These initiatives are supported by the company’s record backlog and strong cash‑flow generation, positioning it to sustain capital returns without compromising operational investment.
Tutor Perini’s capital‑allocation moves come at a time of heightened infrastructure spending under the Infrastructure Investment and Jobs Act. The company has identified more than $25 billion in upcoming bidding opportunities over the next 12 to 18 months, including high‑profile projects such as the Sepulveda Transit Corridor and the Penn Station Transformation. The combination of a growing backlog, disciplined cost structure, and a strategic focus on higher‑margin projects underpins the company’s confidence in continued growth and its ability to support shareholder returns.
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