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This California-based general contracting company’s second-quarter 2025 adjusted earnings of $1.41 per share and revenues of $1.37 billion topped the Zacks Consensus Estimate by 386.2% and 11.6%, respectively. Year over year, the metrics rose 315% and 22%, respectively, driven by ongoing favorable demand for infrastructure projects, supported by robust federal and state funding initiatives in the United States.
Tutor Perini’s earnings surpassed the consensus estimate in each of the last two reported quarters. The average surprise can be observed from the chart below.
Image Source: Zacks Investment Research
How Are Estimates Placed for TPC Stock?
The Zacks Consensus Estimate for the third-quarter EPS has remained unchanged at 96 cents over the past 30 days. The estimated figure indicates 150% growth from the year-ago reported figure. The consensus mark for revenues is pegged at $1.34 billion, implying a 24.1% year-over-year increase.
For 2025, Tutor Perini is expected to register a 21.2% increase from a year ago in revenues. Its bottom line is expected to witness an improvement of 220.8% from a year ago. Below is what to expect in the third quarter for TPC stock.
Image Source: Zacks Investment Research
Factors Likely to Shape Tutor Perini’s Q3 Results
Tutor Perini’s top line in the third quarter of 2025 is expected to have been supported by favorable market dynamics and steady public infrastructure spending. The company is likely to have gained from healthy project activity across key end markets, driven by strong federal and state funding initiatives and improving demand conditions. A disciplined bidding approach focused on higher-margin, lower-competition projects is expected to have strengthened revenue visibility and profitability.
The Civil segment (which accounted for 53% of the total second-quarter 2025 revenues) is expected to have remained a major contributor during the quarter. Rising investments in transit, bridges and tunneling projects are likely to have supported execution activity. Ongoing work across major regions, including California, New York and the Midwest, is expected to have aided revenue growth. Continued progress on complex civil infrastructure projects, along with favorable contract terms, is likely to have supported margins within the segment.
The Building segment (which accounted for 34% of the total second-quarter 2025 revenues) is expected to have benefited from higher-margin projects and consistent execution across healthcare and institutional developments. Demand from public and private clients is expected to have remained stable, while efficient project management is likely to have aided profitability. The company’s focus on large, technically challenging projects is expected to have strengthened its performance outlook.
The Specialty Contractors segment (which accounted for 13% of the total second-quarter 2025 revenues) is expected to have benefited from its involvement in newer large projects and steady progress in execution activities. The segment’s revenue base is likely to have improved as major projects advanced, supporting overall cost leverage.
The Zacks Consensus Estimate for revenues from the Building and Specialty Contractors segments is pegged at $484 million and $178 million, indicating year-over-year growth of 5.9% and 76.2%, respectively. The consensus mark for the Civil segment’s revenues is pegged at $682 million, up 19.9% year over year.
A record backlog continues to provide strong visibility for revenue growth. The company’s disciplined project selection and execution efficiency are expected to have supported performance during the to-be-reported quarter.
From the margin perspective, a favorable mix of higher-margin civil and building projects is expected to have aided overall profitability. Operational discipline, project execution strength and reduced competition for large-scale projects are likely to have supported margin stability. While inflation and tariff uncertainties might have posed near-term challenges, steady infrastructure spending and project ramp-ups are expected to have offset these pressures.
What the Zacks Model Unveils for Tutor Perini
Our proven model does not conclusively predict an earnings beat for Tutor Perini this time around. The company does not have the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat.
Earnings ESP: TPC has an Earnings ESP of 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
So far this year, shares of Tutor Perini have risen 178.3%, well above the Zacks Building Products - Heavy Construction industry’s 45.4% growth. The stock has further outperformed the broader Construction sector and the S&P 500, which have gained 5.7% and 17.9%, respectively, in the same period.
Image Source: Zacks Investment Research
Furthermore, Tutor Perini stock has outperformed some other players, including MasTec, Inc. (MTZ - Free Report) , EMCOR Group, Inc. (EME - Free Report) and Primoris Services Corporation (PRIM - Free Report) . In the year-to-date period, MasTec, EMCOR and Primoris have gained 49.9%, 48.9% and 85.2%, respectively. Let us look at the factors driving this performance.
Tutor Perini’s shares are currently trading at a forward 12-month price-to-earnings (P/E) ratio of 14.99, a 52.9% discount to the industry average of 22.92.
TPC’s P/E Ratio (Forward 12 Months) vs. Industry
Image Source: Zacks Investment Research
TPC stock also appears undervalued compared with other peer companies. MasTec, EMCOR and Primoris have a forward P/E of 27.07, 25.04 and 25.85, respectively.
Is It Time to Buy TPC Stock?
Tutor Perini continues to benefit from strong public infrastructure spending and disciplined project execution, supported by a record backlog that provides multi-year growth visibility. A healthy mix of higher-margin civil and building projects, along with steady progress on large-scale developments, positions the company for sustained performance. However, near-term challenges such as inflation, labor costs and execution timelines may limit upside momentum in the coming quarters.
From a valuation standpoint, the stock appears attractively priced compared with peers, trading at a notable discount to the industry average. Still, after a sharp rally this year, further gains may hinge on steady margin expansion and consistent project execution. Investors may consider holding the stock ahead of the earnings release, with a focus on upcoming business updates and operational performance.
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Tutor Perini Before Q3 Earnings: Buy, Sell or Hold the Stock?
Key Takeaways
Tutor Perini Corporation (TPC - Free Report) is scheduled to report its third quarter of 2025 results on Nov. 5, after market close.
This California-based general contracting company’s second-quarter 2025 adjusted earnings of $1.41 per share and revenues of $1.37 billion topped the Zacks Consensus Estimate by 386.2% and 11.6%, respectively. Year over year, the metrics rose 315% and 22%, respectively, driven by ongoing favorable demand for infrastructure projects, supported by robust federal and state funding initiatives in the United States.
Tutor Perini’s earnings surpassed the consensus estimate in each of the last two reported quarters. The average surprise can be observed from the chart below.
Image Source: Zacks Investment Research
How Are Estimates Placed for TPC Stock?
The Zacks Consensus Estimate for the third-quarter EPS has remained unchanged at 96 cents over the past 30 days. The estimated figure indicates 150% growth from the year-ago reported figure. The consensus mark for revenues is pegged at $1.34 billion, implying a 24.1% year-over-year increase.
For 2025, Tutor Perini is expected to register a 21.2% increase from a year ago in revenues. Its bottom line is expected to witness an improvement of 220.8% from a year ago. Below is what to expect in the third quarter for TPC stock.
Image Source: Zacks Investment Research
Factors Likely to Shape Tutor Perini’s Q3 Results
Tutor Perini’s top line in the third quarter of 2025 is expected to have been supported by favorable market dynamics and steady public infrastructure spending. The company is likely to have gained from healthy project activity across key end markets, driven by strong federal and state funding initiatives and improving demand conditions. A disciplined bidding approach focused on higher-margin, lower-competition projects is expected to have strengthened revenue visibility and profitability.
The Civil segment (which accounted for 53% of the total second-quarter 2025 revenues) is expected to have remained a major contributor during the quarter. Rising investments in transit, bridges and tunneling projects are likely to have supported execution activity. Ongoing work across major regions, including California, New York and the Midwest, is expected to have aided revenue growth. Continued progress on complex civil infrastructure projects, along with favorable contract terms, is likely to have supported margins within the segment.
The Building segment (which accounted for 34% of the total second-quarter 2025 revenues) is expected to have benefited from higher-margin projects and consistent execution across healthcare and institutional developments. Demand from public and private clients is expected to have remained stable, while efficient project management is likely to have aided profitability. The company’s focus on large, technically challenging projects is expected to have strengthened its performance outlook.
The Specialty Contractors segment (which accounted for 13% of the total second-quarter 2025 revenues) is expected to have benefited from its involvement in newer large projects and steady progress in execution activities. The segment’s revenue base is likely to have improved as major projects advanced, supporting overall cost leverage.
The Zacks Consensus Estimate for revenues from the Building and Specialty Contractors segments is pegged at $484 million and $178 million, indicating year-over-year growth of 5.9% and 76.2%, respectively. The consensus mark for the Civil segment’s revenues is pegged at $682 million, up 19.9% year over year.
A record backlog continues to provide strong visibility for revenue growth. The company’s disciplined project selection and execution efficiency are expected to have supported performance during the to-be-reported quarter.
From the margin perspective, a favorable mix of higher-margin civil and building projects is expected to have aided overall profitability. Operational discipline, project execution strength and reduced competition for large-scale projects are likely to have supported margin stability. While inflation and tariff uncertainties might have posed near-term challenges, steady infrastructure spending and project ramp-ups are expected to have offset these pressures.
What the Zacks Model Unveils for Tutor Perini
Our proven model does not conclusively predict an earnings beat for Tutor Perini this time around. The company does not have the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat.
Earnings ESP: TPC has an Earnings ESP of 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
TPC Stock’s Price Performance & Valuation
So far this year, shares of Tutor Perini have risen 178.3%, well above the Zacks Building Products - Heavy Construction industry’s 45.4% growth. The stock has further outperformed the broader Construction sector and the S&P 500, which have gained 5.7% and 17.9%, respectively, in the same period.
Image Source: Zacks Investment Research
Furthermore, Tutor Perini stock has outperformed some other players, including MasTec, Inc. (MTZ - Free Report) , EMCOR Group, Inc. (EME - Free Report) and Primoris Services Corporation (PRIM - Free Report) . In the year-to-date period, MasTec, EMCOR and Primoris have gained 49.9%, 48.9% and 85.2%, respectively. Let us look at the factors driving this performance.
Tutor Perini’s shares are currently trading at a forward 12-month price-to-earnings (P/E) ratio of 14.99, a 52.9% discount to the industry average of 22.92.
TPC’s P/E Ratio (Forward 12 Months) vs. Industry
Image Source: Zacks Investment Research
TPC stock also appears undervalued compared with other peer companies. MasTec, EMCOR and Primoris have a forward P/E of 27.07, 25.04 and 25.85, respectively.
Is It Time to Buy TPC Stock?
Tutor Perini continues to benefit from strong public infrastructure spending and disciplined project execution, supported by a record backlog that provides multi-year growth visibility. A healthy mix of higher-margin civil and building projects, along with steady progress on large-scale developments, positions the company for sustained performance. However, near-term challenges such as inflation, labor costs and execution timelines may limit upside momentum in the coming quarters.
From a valuation standpoint, the stock appears attractively priced compared with peers, trading at a notable discount to the industry average. Still, after a sharp rally this year, further gains may hinge on steady margin expansion and consistent project execution. Investors may consider holding the stock ahead of the earnings release, with a focus on upcoming business updates and operational performance.