Q3 2025 Tutor Perini Corp Earnings Call Transcript
Key Points
- Tutor Perini Corp (TPC) reported record operating cash flow of $289 million for the third quarter and $574 million for the first nine months of 2025.
- The company's backlog reached a new record of $21.6 billion, up 54% year over year, driven by $2 billion in new awards and contract adjustments.
- Revenue for the third quarter increased by 31% year over year, with significant growth in the civil and specialty contractor segments.
- Adjusted earnings per share for the third quarter were $1.15, a substantial improvement from the adjusted loss per share of $1.61 in the same quarter last year.
- Tutor Perini Corp (TPC) raised its 2025 EPS guidance for the third consecutive quarter, now expecting adjusted EPS in the range of $4 to $4.20.
- The building segment's revenue was slightly down compared to last year, although it is expected to increase in the coming quarters.
- Share-based compensation expense increased significantly due to the dramatic growth in the company's stock price, impacting operating income.
- The effective tax rate for 2025 is now higher than previously anticipated due to the increase in non-deductible share-based compensation expense.
- The company's cash flow, while strong, is expected to be more moderate in the coming quarters compared to the exceptional third quarter performance.
- The backlog growth is expected to be more 'flattish' in the fourth quarter, indicating potential variability in future quarters.
Good day ladies and gentlemen, and welcome to Tuta Perrini Corporations. The 3rd quarter, 2025 earnings conference call. My name is Julie, and I'll be your coordinator for today. All participants are currently in a listen-only mode following management's prepared remarks, we will open the call for question-and-answer session. As a reminder, this conference call is being recorded. Depending what you require operator assistance during the conference, please press 0 on your telephone keypad. I will now turn the conference over to your host today, Mr. Jorge Casado, senior Vice President of Investor relations. Thank you. Please proceed.
Hello and thank you all for joining us. With us today are Gary Smalley, CEO and President, Ron Tudor, executive Chairman, and Ryan Soroka, executive Vice President and CFO. Gary and Ryan will review the details of the quarter and provide some commentary regarding our outlook and guidance. Ron is here to help answer any project specific questions as he remains
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