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Investing.com -- Tutor Perini Corporation (NYSE:TPC), a leading civil, building and specialty construction company, saw its shares surge 12% after reporting first-quarter earnings that significantly exceeded analyst expectations and raising its full-year guidance.
The company reported Q1 adjusted earnings per share of $0.53, handily beating the analyst estimate of $0.10. Revenue for the quarter came in at $1.25 billion, up 19% YoY and surpassing the consensus estimate of $1.06 billion.
Tutor Perini’s strong performance was driven by increased project execution activities on newer, higher-margin projects across all three of its segments. The company’s backlog reached a record $19.4 billion at the end of Q1, up 94% YoY, reflecting $2.0 billion of new awards and contract adjustments during the quarter.
Based on its robust start to the year, Tutor Perini raised its 2025 EPS guidance to a range of $1.60 to $1.95, up from its previous outlook of $1.50 to $1.90. The company also reiterated its expectation for EPS in 2026 and 2027 to be more than double its 2025 guidance.
"We’ve delivered an outstanding start to 2025 with strong revenue, operating income, earnings, operating cash flow, and backlog growth," said Gary Smalley, Tutor Perini’s CEO and President. "As we continue to execute work in our record backlog and as various megaprojects progress from the design to the construction phase, we believe strongly in our ability to drive exceptional earnings and cash flow over the next several years."
The company generated $22.9 million in operating cash flow during Q1 and reduced its total debt by $128.5 million, or 24%, since the end of 2024 through the early payoff of its Term Loan B.
Tutor Perini’s strong results and positive outlook reflect the ongoing demand for its services, driven by well-funded state, local, and federal customers with numerous large-scale infrastructure projects planned over the coming years.
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