Tutor Perini Reports Strong Second Quarter 2025 Results; Raises 2025 EPS Guidance
-
Revenue of
$1.37 billion 22% Y/Y -
Income from construction operations of
$76.4 million 89% Y/Y, reflecting strong operating performance and contributions from higher-margin projects -
Diluted earnings per share ("EPS") of
$0.38 $0.02 -
Adjusted EPS of
$1.41 315% compared to$0.34 -
Record second-quarter operating cash flow of
$262.4 million $285.3 million -
Record backlog of
$21.1 billion 102% Y/Y and reflecting$3.1 billion -
Company increases 2025 EPS guidance: 2025 GAAP EPS guidance now expected in the range of
$1.70 $2.00 $1.60 $1.95 $3.65 $3.95 $2.45 $2.80 - Company expects both GAAP EPS and Adjusted EPS for 2026 and 2027 to be higher than the upper end of its increased 2025 guidance
Revenue for the second quarter of 2025 was
Income from construction operations for the second quarter of 2025 was
The Company generated
Record Backlog
The Company booked
-
The
$1.87 billion New York ; -
A
$538 million California ; -
Two civil works projects in the Midwest collectively valued at
$127 million -
$90 million California ; and -
$54 million California .
The Company expects its backlog will remain strong in 2025 due in part to several Building segment projects currently in the preconstruction phase that are anticipated to advance to the construction phase later this year. In addition, Tutor Perini expects to continue bidding selectively on various project opportunities this year that will drive long-term shareholder value. The Company continues to have numerous major project bidding opportunities, particularly on the West Coast, in the Midwest, and in the Indo-Pacific region, and is well positioned to continue winning its share of new projects this year and over the next several years.
Significant Balance Sheet Improvements
The Company has continued to make significant strides in improving its balance sheet. Total debt as of June 30, 2025 was
Management Remarks
Gary Smalley, Tutor Perini's Chief Executive Officer and President, remarked, "Our second-quarter results were exceptional across all key metrics and reflect our continued outstanding operating performance and significant business momentum. Our strong revenue growth and profitability is being driven by our record backlog, which has continued to grow and includes various larger long-duration and higher-margin projects, most of which are in the early stages. We are confident that our record backlog will continue to drive higher revenue and strong profitability over the rest of 2025 and even more so in 2026 and 2027, as our newer projects advance to construction. Our operating cash flow for the first six months of 2025 was our highest first-half result ever, and we expect strong earnings and cash flow to continue through the rest of this year and beyond. Our earnings to date are considerably higher than expected, raising our confidence in Tutor Perini's outlook, as demonstrated by a second consecutive quarter of increased earnings guidance. We believe that our growth and earnings momentum remains poised to continue over the next several years."
Outlook and Guidance
Tutor Perini's business has performed extremely well through the first half of 2025, and the Company anticipates continued strong operating performance and financial results over the rest of this year, with significantly higher revenue and earnings still expected in 2026 and 2027 as various newer large projects advance to the construction phase.
Based on the Company's outstanding year-to-date results in 2025 and management's increased confidence in its performance trajectory for the remainder of the year, the Company is now providing 2025 GAAP EPS guidance in the range of
The Company continues to see strong demand for its services, driven by well-funded state, local and federal customers that have numerous large-scale, high-priority infrastructure projects planned over the next several years, as well as by certain commercial customers that continue to advance projects for new or renovated buildings in end markets such as healthcare, education, and hospitality and gaming.
Although share-based compensation expense increased substantially in the second quarter of 2025 due to the dramatic increase in the Company's share price, as discussed above, and it is expected to be higher than previously anticipated for the full year of 2025, the Company expects that share-based compensation expense will decrease considerably in 2026 and further in 2027 once certain liability-classified awards have vested. Because of the substantial increase in share-based compensation expense this year and the significant impact that it has had and will continue to have through the end of 2026 on the Company's reported GAAP financial results, the Company is also reporting certain financial results on an adjusted basis, as described below.
Tutor Perini still does not currently anticipate any significant impact from recently imposed tariffs or the curtailment of federal funding programs but continues to closely monitor these issues.
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements presented under GAAP, we are presenting certain non-GAAP financial measures. These non-GAAP financial measures are intended to provide additional insights that facilitate the comparison of our past and present performance, and they are among the indicators management uses to assess the Company’s financial performance and to forecast future performance. By including these non-GAAP financial measures, we aim to provide investors and stakeholders a clearer understanding of our operating results and enhance transparency with respect to the key financial metrics used by our management in its financial and operational decision-making.
These non-GAAP financial measures, which exclude share-based compensation expense for the three and six months ended June 30, 2025 and 2024 (as well as the tax benefit associated with the expense), include adjusted net income attributable to the Company and adjusted earnings per share. We exclude share-based compensation expense because this expense could result in significant volatility in our reported earnings, driven primarily by fluctuations in the expense recognized for certain long-term incentive compensation awards with payouts that are indexed to the Company’s common stock. By adjusting for share-based compensation, our non-GAAP measures present a supplemental depiction of our operational performance and financial health. This approach allows stakeholders to focus on our core operational efficiency and profitability without the variable impact to earnings caused by significant changes in our stock price. Our non-GAAP measures are intended to offer a consistent basis for evaluating the Company’s performance, which management believes is meaningful to stakeholders.
The non-GAAP financial measures included in this earnings release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis.
Reconciliations of these non-GAAP financial measures and guidance are found in the tables below:
Reconciliation of Non-GAAP Financial Measures |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
(in millions, except per common share amounts) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
Net income attributable to Tutor Perini Corporation, as reported |
$ |
20.0 |
|
$ |
0.8 |
|
$ |
48.0 |
|
$ |
16.6 |
|
||||
Plus: Share-based compensation expense(a) |
|
55.4 |
|
|
16.9 |
|
|
62.0 |
|
|
22.4 |
|
||||
Less: Tax benefit provided on share-based compensation expense |
|
(0.3 |
) |
|
(0.2 |
) |
|
(0.5 |
) |
|
(0.3 |
) |
||||
Adjusted net income attributable to Tutor Perini Corporation |
$ |
75.1 |
|
$ |
17.5 |
|
$ |
109.5 |
|
$ |
38.7 |
|
||||
|
|
|
|
|
||||||||||||
EPS, as reported |
$ |
0.38 |
|
$ |
0.02 |
|
$ |
0.90 |
|
$ |
0.31 |
|
||||
Plus: Share-based compensation expense impact per diluted share |
|
1.04 |
|
|
0.32 |
|
|
1.17 |
|
|
0.43 |
|
||||
Less: Tax benefit provided on share-based compensation expense per diluted share |
|
(0.01 |
) |
|
(0.00 |
) |
|
(0.01 |
) |
|
(0.01 |
) |
||||
Adjusted EPS |
$ |
1.41 |
|
$ |
0.34 |
|
$ |
2.06 |
|
$ |
0.73 |
|
||||
| ____________________ | ||
(a) |
The amount represents share-based compensation expense recorded during the three and six months ended June 30, 2025 and 2024. This includes expense associated with certain long-term incentive compensation awards that have payouts indexed to the Company’s common stock. As such, significant fluctuations in the price of the Company’s common stock during any reporting period have caused and could continue to cause significant fluctuations in the reported expense. The increase in the expense for the three and six months ended June 30, 2025 as compared to the prior-year periods was driven by the substantial increase in the price of the Company’s stock during the 2025 period. |
|
Reconciliation of Non-GAAP Guidance |
||
|
|
|
(in common share amounts) |
Full Year 2025 |
|
GAAP EPS guidance |
|
|
Plus: Share-based compensation expense impact per diluted share (estimated) |
|
|
Less: Tax benefit provided on share-based compensation expense per diluted share (estimated) |
|
|
Adjusted EPS guidance |
|
|
Second Quarter 2025 Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, August 6, 2025, to discuss the second quarter 2025 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.
The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay on the website shortly after the call.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.
Forward-Looking Statements
The statements contained in this release, including those set forth in the section “Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential impacts on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; revisions of estimates of contract risks, revenue or costs; economic factors such as inflation, tariffs, the timing of new awards, or the pace of project execution, which have resulted and may continue to result in losses or lower than anticipated profit; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; an inability to obtain bonding could have a negative impact on our operations and results; a significant slowdown or decline in economic conditions, such as those presented during a recession; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; decreases in the level of federal, state and local government spending for infrastructure and other public projects; possible systems and information technology interruptions and breaches in data security and/or privacy; the impact of inclement weather conditions, disasters and other catastrophic events outside of our control on projects; risks related to our international operations, such as uncertainty of
Tutor Perini Corporation |
||||||||||||||||
Condensed Consolidated Statements of Income |
||||||||||||||||
Unaudited |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands, except per common share amounts) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
REVENUE |
|
$ |
1,373,681 |
|
|
$ |
1,127,470 |
|
|
$ |
2,620,314 |
|
|
$ |
2,176,457 |
|
COST OF OPERATIONS |
|
|
(1,177,686 |
) |
|
|
(1,010,392 |
) |
|
|
(2,289,918 |
) |
|
|
(1,944,129 |
) |
GROSS PROFIT |
|
|
195,995 |
|
|
|
117,078 |
|
|
|
330,396 |
|
|
|
232,328 |
|
General and administrative expenses |
|
|
(119,565 |
) |
|
|
(76,585 |
) |
|
|
(188,641 |
) |
|
|
(143,029 |
) |
INCOME FROM CONSTRUCTION OPERATIONS |
|
|
76,430 |
|
|
|
40,493 |
|
|
|
141,755 |
|
|
|
89,299 |
|
Other income, net |
|
|
6,204 |
|
|
|
5,838 |
|
|
|
10,892 |
|
|
|
11,149 |
|
Interest expense |
|
|
(13,588 |
) |
|
|
(23,084 |
) |
|
|
(27,940 |
) |
|
|
(42,391 |
) |
INCOME BEFORE INCOME TAXES |
|
|
69,046 |
|
|
|
23,247 |
|
|
|
124,707 |
|
|
|
58,057 |
|
Income tax expense |
|
|
(21,960 |
) |
|
|
(7,278 |
) |
|
|
(34,872 |
) |
|
|
(14,586 |
) |
NET INCOME |
|
|
47,086 |
|
|
|
15,969 |
|
|
|
89,835 |
|
|
|
43,471 |
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
27,112 |
|
|
|
15,157 |
|
|
|
41,863 |
|
|
|
26,899 |
|
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION |
|
$ |
19,974 |
|
|
$ |
812 |
|
|
$ |
47,972 |
|
|
$ |
16,572 |
|
BASIC EARNINGS PER COMMON SHARE |
|
$ |
0.38 |
|
|
$ |
0.02 |
|
|
$ |
0.91 |
|
|
$ |
0.32 |
|
DILUTED EARNINGS PER COMMON SHARE |
|
$ |
0.38 |
|
|
$ |
0.02 |
|
|
$ |
0.90 |
|
|
$ |
0.31 |
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
||||||||
BASIC |
|
|
52,724 |
|
|
|
52,327 |
|
|
|
52,631 |
|
|
|
52,210 |
|
DILUTED |
|
|
53,194 |
|
|
|
52,848 |
|
|
|
53,102 |
|
|
|
52,682 |
|
Tutor Perini Corporation |
||||||||||||||||||||||||
Segment Information |
||||||||||||||||||||||||
Unaudited |
||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Reportable Segments |
|
|
|
|
||||||||||||||||||||
(in thousands) |
Civil |
|
Building |
|
Specialty Contractors |
|
Total |
|
Corporate |
|
Consolidated Total |
|||||||||||||
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
||||||||||||||||||
Total revenue |
$ |
784,615 |
|
$ |
486,035 |
|
$ |
177,412 |
|
$ |
1,448,062 |
|
$ |
— |
|
$ |
1,448,062 |
|
||||||
Elimination of intersegment revenue |
|
(50,428 |
) |
|
(23,953 |
) |
|
— |
|
|
(74,381 |
) |
|
— |
|
|
(74,381 |
) |
||||||
Revenue from external customers |
$ |
734,187 |
|
$ |
462,082 |
|
$ |
177,412 |
|
$ |
1,373,681 |
|
$ |
— |
|
$ |
1,373,681 |
|
||||||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
||||||||||||||||||
Less: |
|
|
|
|
|
|
||||||||||||||||||
Cost of operations |
$ |
570,117 |
|
$ |
426,592 |
|
$ |
180,942 |
|
$ |
1,177,651 |
|
$ |
35 |
|
$ |
1,177,686 |
|
||||||
General and administrative expenses(a) |
|
23,955 |
|
|
13,040 |
|
|
14,486 |
|
|
51,481 |
|
|
68,084 |
|
|
119,565 |
|
||||||
Income (loss) from construction operations |
$ |
140,115 |
|
$ |
22,450 |
|
$ |
(18,016 |
) |
$ |
144,549 |
|
$ |
(68,119 |
) |
$ |
76,430 |
|
||||||
Capital expenditures |
$ |
24,558 |
|
$ |
522 |
|
$ |
1,260 |
|
$ |
26,340 |
|
$ |
496 |
|
$ |
26,836 |
|
||||||
Depreciation and amortization(b) |
$ |
11,078 |
|
$ |
543 |
|
$ |
671 |
|
$ |
12,292 |
|
$ |
609 |
|
$ |
12,901 |
|
||||||
|
|
|
|
|
|
|
||||||||||||||||||
Three Months Ended June 30, 2024 |
|
|
|
|
|
|
||||||||||||||||||
Total revenue |
$ |
577,519 |
|
$ |
433,797 |
|
$ |
163,066 |
|
$ |
1,174,382 |
|
$ |
— |
|
$ |
1,174,382 |
|
||||||
Elimination of intersegment revenue |
|
(31,031 |
) |
|
(15,931 |
) |
|
50 |
|
|
(46,912 |
) |
|
— |
|
|
(46,912 |
) |
||||||
Revenue from external customers |
$ |
546,488 |
|
$ |
417,866 |
|
$ |
163,116 |
|
$ |
1,127,470 |
|
$ |
— |
|
$ |
1,127,470 |
|
||||||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
||||||||||||||||||
Less: |
|
|
|
|
|
|
||||||||||||||||||
Cost of operations |
$ |
450,258 |
|
$ |
402,934 |
|
$ |
156,451 |
|
$ |
1,009,643 |
|
$ |
749 |
|
$ |
1,010,392 |
|
||||||
General and administrative expenses(a) |
|
20,643 |
|
|
9,885 |
|
|
14,511 |
|
|
45,039 |
|
|
31,546 |
|
|
76,585 |
|
||||||
Income (loss) from construction operations |
$ |
75,587 |
|
$ |
5,047 |
|
$ |
(7,846 |
) |
$ |
72,788 |
|
$ |
(32,295 |
) |
$ |
40,493 |
|
||||||
Capital expenditures |
$ |
9,479 |
|
$ |
68 |
|
$ |
(30 |
) |
$ |
9,517 |
|
$ |
1,401 |
|
$ |
10,918 |
|
||||||
Depreciation and amortization(b) |
$ |
10,727 |
|
$ |
585 |
|
$ |
574 |
|
$ |
11,886 |
|
$ |
2,120 |
|
$ |
14,006 |
|
||||||
| ____________________ | ||
(a) |
Consists primarily of corporate general and administrative expenses. |
|
(b) |
Depreciation and amortization is included in income (loss) from construction operations. |
|
Tutor Perini Corporation |
||||||||||||||||||||||||
Segment Information |
||||||||||||||||||||||||
Unaudited |
||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Reportable Segments |
|
|
||||||||||||||||||||||
(in thousands) |
Civil |
Building |
Specialty Contractors |
Total |
Corporate |
Consolidated Total |
||||||||||||||||||
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
||||||||||||||||||
Total revenue |
$ |
1,429,618 |
|
$ |
974,359 |
|
$ |
354,220 |
|
$ |
2,758,197 |
|
$ |
— |
|
$ |
2,758,197 |
|
||||||
Elimination of intersegment revenue |
|
(85,390 |
) |
|
(52,493 |
) |
|
— |
|
|
(137,883 |
) |
|
— |
|
|
(137,883 |
) |
||||||
Revenue from external customers |
$ |
1,344,228 |
|
$ |
921,866 |
|
$ |
354,220 |
|
$ |
2,620,314 |
|
$ |
— |
|
$ |
2,620,314 |
|
||||||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
||||||||||||||||||
Less: |
|
|
|
|
|
|
||||||||||||||||||
Cost of operations |
$ |
1,078,890 |
|
$ |
862,880 |
|
$ |
348,113 |
|
$ |
2,289,883 |
|
$ |
35 |
|
$ |
2,289,918 |
|
||||||
General and administrative expenses(a) |
|
45,623 |
|
|
26,077 |
|
|
31,234 |
|
|
102,934 |
|
|
85,707 |
|
|
188,641 |
|
||||||
Income (loss) from construction operations |
$ |
219,715 |
|
$ |
32,909 |
|
$ |
(25,127 |
) |
$ |
227,497 |
|
$ |
(85,742 |
) |
$ |
141,755 |
|
||||||
Capital expenditures |
$ |
51,408 |
|
$ |
1,538 |
|
$ |
2,100 |
|
$ |
55,046 |
|
$ |
1,894 |
|
$ |
56,940 |
|
||||||
Depreciation and amortization(b) |
$ |
21,768 |
|
$ |
1,070 |
|
$ |
1,275 |
|
$ |
24,113 |
|
$ |
1,362 |
|
$ |
25,475 |
|
||||||
|
|
|
|
|
|
|
||||||||||||||||||
Six Months Ended June 30, 2024 |
|
|
|
|
|
|
||||||||||||||||||
Total revenue |
$ |
1,080,341 |
|
$ |
855,973 |
|
$ |
327,946 |
|
$ |
2,264,260 |
|
$ |
— |
|
$ |
2,264,260 |
|
||||||
Elimination of intersegment revenue |
|
(61,688 |
) |
|
(26,165 |
) |
|
50 |
|
|
(87,803 |
) |
|
— |
|
|
(87,803 |
) |
||||||
Revenue from external customers |
$ |
1,018,653 |
|
$ |
829,808 |
|
$ |
327,996 |
|
$ |
2,176,457 |
|
$ |
— |
|
$ |
2,176,457 |
|
||||||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
||||||||||||||||||
Less: |
|
|
|
|
|
|
||||||||||||||||||
Cost of operations |
$ |
831,882 |
|
$ |
786,930 |
|
$ |
324,567 |
|
$ |
1,943,379 |
|
$ |
750 |
|
$ |
1,944,129 |
|
||||||
General and administrative expenses(a) |
|
40,441 |
|
|
21,711 |
|
|
29,587 |
|
|
91,739 |
|
|
51,290 |
|
|
143,029 |
|
||||||
Income (loss) from construction operations |
$ |
146,330 |
|
$ |
21,167 |
|
$ |
(26,158 |
) |
$ |
141,339 |
|
$ |
(52,040 |
) |
$ |
89,299 |
|
||||||
Capital expenditures |
$ |
17,610 |
|
$ |
285 |
|
$ |
273 |
|
$ |
18,168 |
|
$ |
3,184 |
|
$ |
21,352 |
|
||||||
Depreciation and amortization(b) |
$ |
20,981 |
|
$ |
1,170 |
|
$ |
1,172 |
|
$ |
23,323 |
|
$ |
4,265 |
|
$ |
27,588 |
|
||||||
| ____________________ | ||
(a) |
Consists primarily of corporate general and administrative expenses. |
|
(b) |
Depreciation and amortization is included in income (loss) from construction operations. |
|
Tutor Perini Corporation |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
Unaudited |
||||||||
(in thousands, except share and per share amounts) |
|
As of June 30,
|
|
As of December 31,
|
||||
ASSETS |
||||||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents ( |
|
$ |
526,090 |
|
|
$ |
455,084 |
|
Restricted cash |
|
|
20,990 |
|
|
|
9,104 |
|
Restricted investments |
|
|
157,373 |
|
|
|
139,986 |
|
Accounts receivable ( |
|
|
1,337,652 |
|
|
|
986,893 |
|
Retention receivable ( |
|
|
629,735 |
|
|
|
560,163 |
|
Costs and estimated earnings in excess of billings ( |
|
|
856,379 |
|
|
|
942,522 |
|
Other current assets ( |
|
|
370,003 |
|
|
|
192,915 |
|
Total current assets |
|
|
3,898,222 |
|
|
|
3,286,667 |
|
PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of |
|
|
454,554 |
|
|
|
422,988 |
|
GOODWILL |
|
|
205,143 |
|
|
|
205,143 |
|
INTANGIBLE ASSETS, NET |
|
|
64,950 |
|
|
|
66,069 |
|
DEFERRED INCOME TAXES |
|
|
117,173 |
|
|
|
143,289 |
|
OTHER ASSETS |
|
|
130,035 |
|
|
|
118,554 |
|
TOTAL ASSETS |
|
$ |
4,870,077 |
|
|
$ |
4,242,710 |
|
LIABILITIES AND EQUITY |
||||||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
26,120 |
|
|
$ |
24,113 |
|
Accounts payable ( |
|
|
716,428 |
|
|
|
631,468 |
|
Retention payable ( |
|
|
254,077 |
|
|
|
240,971 |
|
Billings in excess of costs and estimated earnings ( |
|
|
1,684,397 |
|
|
|
1,216,623 |
|
Accrued expenses and other current liabilities ( |
|
|
274,908 |
|
|
|
219,525 |
|
Total current liabilities |
|
|
2,955,930 |
|
|
|
2,332,700 |
|
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling |
|
|
393,298 |
|
|
|
510,025 |
|
OTHER LONG-TERM LIABILITIES |
|
|
281,030 |
|
|
|
241,379 |
|
TOTAL LIABILITIES |
|
|
3,630,258 |
|
|
|
3,084,104 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
||||
EQUITY |
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock - authorized 1,000,000 shares ( |
|
|
— |
|
|
|
— |
|
Common stock - authorized 112,500,000 shares ( |
|
|
52,743 |
|
|
|
52,486 |
|
Additional paid-in capital |
|
|
1,145,283 |
|
|
|
1,146,800 |
|
Retained earnings (deficit) |
|
|
17,397 |
|
|
|
(30,575 |
) |
Accumulated other comprehensive loss |
|
|
(30,244 |
) |
|
|
(33,988 |
) |
Total stockholders' equity |
|
|
1,185,179 |
|
|
|
1,134,723 |
|
Noncontrolling interests |
|
|
54,640 |
|
|
|
23,883 |
|
TOTAL EQUITY |
|
|
1,239,819 |
|
|
|
1,158,606 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
4,870,077 |
|
|
$ |
4,242,710 |
|
Tutor Perini Corporation |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
Unaudited |
||||||||
Six Months Ended June 30, |
||||||||
(in thousands) |
2025 |
|
2024 |
|||||
Cash Flows from Operating Activities: |
|
|
|
|||||
Net income |
$ |
89,835 |
|
|
$ |
43,471 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
Depreciation |
|
24,356 |
|
|
|
26,470 |
|
|
Amortization of intangible assets |
|
1,119 |
|
|
|
1,118 |
|
|
Share-based compensation expense |
|
61,970 |
|
|
|
22,437 |
|
|
Change in debt discounts and deferred debt issuance costs |
|
2,209 |
|
|
|
4,366 |
|
|
Deferred income taxes |
|
24,903 |
|
|
|
5,969 |
|
|
(Gain) loss on sale of property and equipment |
|
(2,928 |
) |
|
|
595 |
|
|
Changes in other components of working capital |
|
83,171 |
|
|
|
49,150 |
|
|
Other long-term liabilities |
|
(4,128 |
) |
|
|
1,188 |
|
|
Other, net |
|
4,768 |
|
|
|
(3,351 |
) |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
285,275 |
|
|
|
151,413 |
|
|
|
|
|
||||||
Cash Flows from Investing Activities: |
|
|
|
|||||
Acquisition of property and equipment |
|
(56,940 |
) |
|
|
(21,352 |
) |
|
Proceeds from sale of property and equipment |
|
4,235 |
|
|
|
1,434 |
|
|
Investments in securities |
|
(33,730 |
) |
|
|
(22,073 |
) |
|
Proceeds from maturities and sales of investments in securities |
|
18,754 |
|
|
|
17,979 |
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(67,681 |
) |
|
|
(24,012 |
) |
|
|
|
|
||||||
Cash Flows from Financing Activities: |
|
|
|
|||||
Proceeds from debt |
|
188,215 |
|
|
|
597,900 |
|
|
Repayment of debt |
|
(304,865 |
) |
|
|
(800,819 |
) |
|
Cash payments related to share-based compensation |
|
(5,152 |
) |
|
|
(2,194 |
) |
|
Distributions paid to noncontrolling interests |
|
(20,400 |
) |
|
|
(12,400 |
) |
|
Contributions from noncontrolling interests |
|
7,500 |
|
|
|
— |
|
|
Debt issuance, extinguishment and modification costs |
|
— |
|
|
|
(25,079 |
) |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
(134,702 |
) |
|
|
(242,592 |
) |
|
|
|
|
||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
82,892 |
|
|
|
(115,191 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
464,188 |
|
|
|
394,680 |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
547,080 |
|
|
$ |
279,489 |
|
|
Tutor Perini Corporation |
||||||||||||||
Backlog Information |
||||||||||||||
Unaudited |
||||||||||||||
(in millions) |
|
Backlog at March 31, 2025 |
|
New Awards in the
Three Months Ended
|
|
Revenue Recognized in the
Three Months Ended
|
|
Backlog at June 30, 2025 |
||||||
Civil |
|
$ |
9,682.7 |
|
$ |
2,218.8 |
|
$ |
(734.2 |
) |
|
$ |
11,167.3 |
|
Building |
|
|
6,709.2 |
|
|
664.0 |
|
|
(462.1 |
) |
|
|
6,911.1 |
|
Specialty Contractors |
|
|
3,001.3 |
|
|
181.0 |
|
|
(177.4 |
) |
|
|
3,004.9 |
|
Total |
|
$ |
19,393.2 |
|
$ |
3,063.8 |
|
$ |
(1,373.7 |
) |
|
$ |
21,083.3 |
|
(in millions) |
|
Backlog at December 31, 2024 |
|
New Awards in the
Six Months Ended
|
|
Revenue Recognized in the
Six Months Ended
|
|
Backlog at June 30, 2025 |
||||||
Civil |
|
$ |
8,835.6 |
|
$ |
3,675.9 |
|
$ |
(1,344.2 |
) |
|
$ |
11,167.3 |
|
Building |
|
|
7,026.9 |
|
|
806.1 |
|
|
(921.9 |
) |
|
|
6,911.1 |
|
Specialty Contractors |
|
|
2,811.4 |
|
|
547.7 |
|
|
(354.2 |
) |
|
|
3,004.9 |
|
Total |
|
$ |
18,673.9 |
|
$ |
5,029.7 |
|
$ |
(2,620.3 |
) |
|
$ |
21,083.3 |
|
| ____________________ | ||
(a) |
New awards consist of the original contract price of projects added to backlog plus or minus subsequent changes to the estimated total contract price of existing contracts. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250806384714/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation
