Tutor Perini Corporation reported third‑quarter 2025 results that surpassed expectations across key metrics. Revenue climbed 31% to $1.42 billion, driven by a 124% jump in specialty‑contractor sales and solid performance in civil and building segments. Adjusted earnings per share reached $1.15, beating the consensus estimate of $0.96 by $0.19, while GAAP net income rose to $3.6 million.
The company’s construction‑operations income swung from a $106.8 million loss in the same quarter of 2024 to a $40.1 million profit, reflecting a shift toward higher‑margin projects and improved contractual terms. Civil and building revenue grew 31% and 28% respectively, and specialty‑contractor revenue surged 124%, underscoring the effectiveness of the company’s focus on high‑margin work.
Operating cash flow hit a record $289.1 million, and the backlog expanded to $21.6 billion, a 54% increase from the end of Q3 2024. The operating margin improved to 2.8% from –9.8% a year earlier, a result of disciplined cost management and a favorable mix of projects that allowed the company to capture higher pricing power.
Management raised its full‑year 2025 adjusted EPS guidance to $4.00–$4.20, a lift that signals confidence in sustained revenue growth and margin expansion. The company also reported a 23% reduction in total debt to $413 million, strengthening its balance sheet and providing flexibility for future investment.
CEO and President Gary Smalley said the quarter was “outstanding across all key metrics” and highlighted the company’s ability to secure $2 billion of new awards, which helped push the backlog to a record level. He added that favorable macroeconomic tailwinds and a focus on high‑margin projects were key drivers of the strong performance.
Investors responded positively to the results, reflecting confidence in the company’s execution, the robustness of its backlog, and the outlook for continued profitability.
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