Back to top

Image: Bigstock

Bull of the Day: Tutor Perini (TPC)

Read MoreHide Full Article

Tutor Perini Corp.(TPC - Free Report) just beat and raised 2025 earnings guidance as its construction backlog hit a record high. This Zacks Rank #1 (Strong Buy) expects earnings in 2026 and 2027 to more than double 2025 earnings.

Tutor Perini is a civil, building and specialty construction company offering general contracting and design-build services to private customers and public agencies worldwide. It has expertise on large, complex projects.

Tutor Perini often self-performs multiple project components including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditions as well as fire protection.

It’s a small cap company with a market cap of $1.88 billion.

Big Beat in the First Quarter of 2025

On May 7, 2025, Tutor Perini reported its first quarter 2025 earnings and blew by the Zacks Consensus Estimate by 783%. It reported earnings of $0.53 compared to the Zacks Consensus of just $0.06.

It was the company’s second best first quarter EPS ever.

Tutor Perini has beat 3 out of the last 4 quarters.

Revenue was up 19% to $1.25 billion from $1.05 billion in the year ago period. Growth was solid across all three segments but was primarily driven by increased project execution activities on certain newer, higher-margin projects. These projects have significant scope of work remaining.

During the first quarter, the company voluntarily repaid the remaining $121.9 million outstanding balance of the Term Loan B, which contributed to a 24% reduction in the company’s total debt as compared to the total debt at the end of 2024.

Tutor Perini expects solid operating cash flow for the rest of 2025.

Tutor Perini has a Record Backlog

The business keeps rolling in. In the first quarter, Tutor Perini booked another $2 billion in new awards and contract adjustments, bringing the company’s new backlog to a record of $19.4 billion as of March 31, 2025.

That is up 94% compared to the end of the first quarter of 2024.

Included in those new awards and contracts was the $1.18 billion Manhattan Tunnel project in New York; a $100 million electrical project in Texas; $241 million in additional funding for the Apra Harbor Waterfront Repairs project in Guam; and $111 million of additional funding for certain healthcare facility projects in California.

Additionally, the backlog is expected to remain robust as it has already won more than $500 million in new awards in the second quarter of 2025.

But it is not resting on these laurels. Other big projects are available. In the Civil segment, Tutor Perini recently bid the multi-billion-dollar Midtown Bus Terminal Replacement project in New York and was awaiting contractor selection by the owner.

Tutor Perini Expects No Impact from the Tariffs

Many investors are worried about the impact of the 2025 tariffs. As of May 7, 2025, Tutor Perini did not expect to see any significant impact from the tariffs or the curtailment of federal funding.

But they will take that quarter by quarter.

Tutor Perini Raised Full Year Earnings Guidance

With a record backlog and opportunities to add to it further, it’s not a surprise that Tutor Perini is bullish about 2025.

It raised full year earnings guidance to a range of $1.60 to $1.95 from its prior guidance of $1.50 to $1.90.

Tutor Perini is lightly followed on the Street, but one analyst did raise their earnings estimates for both 2025 and 2026 after the earnings report.

The Zacks Consensus jumped to $1.84 from $1.53 prior to the report. That is earnings growth of 158.8% as the company lost $3.13 last year.

2026 is also looking bullish as the company said they expect earnings to more than double that of 2025 in 2026 and 2027.

1 estimate was raised for 2026 in the last 30 days as well, pushing up 2026 to $2.87. That is further earnings growth of 56%.

Here’s what it looks like on the 5-year price and consensus chart.

Zacks Investment Research
Image Source: Zacks Investment Research

Shares Soar in 2025

Tutor Perini is a small cap company. The small caps have struggled in 2025 but not Tutor Perini.

Shares soared to new 5-year highs on the earnings beat and guidance raise and are outperforming the Russell 2000 small cap index year-to-date.

Zacks Investment Research
Image Source: Zacks Investment Research

Yet, the company is still attractively priced. Tutor Perini trades with a forward price-to-earnings (P/E) ratio of just 19.3.

But it has even cheaper value metrics with a price-to-sales (P/S) ratio of 0.4 and a price-to-book (P/B) ratio of 1.6. A P/S ratio under 1.0 and a P/B ratio under 3.0 usually indicate value.

With a record backlog, Tutor Perini is a small cap stock to keep on your short list.


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Tutor Perini Corporation (TPC) - free report >>

Published in