Tutor Perini Corporation Reports 19% Revenue Growth to $1.25 Billion in Latest Quarter

Tutor Perini Corporation reported significant financial growth in its latest quarterly results, with revenue reaching $1.25 billion for the three months ended March 31, 2025, a 19% increase from $1.05 billion in the same period last year. The company’s net income also saw a substantial rise, climbing to $42.7 million compared to $27.5 million in the prior year, resulting in diluted earnings per share of $0.53, up from $0.30. This growth was primarily driven by increased project execution activities across all segments, particularly in civil construction projects, including a detention facility in New York and mass-transit projects in California and Hawaii.

The company’s construction operations income increased by 34% to $65.3 million, reflecting improved project execution and higher-margin projects. The Civil segment was a key contributor, with revenue rising 29% to $610 million, while the Building segment reported a 12% increase to $459.8 million. The Specialty Contractors segment also experienced growth, with revenue up 7% to $176.8 million, although it still reported a loss from construction operations, which improved from a loss of $18.3 million to $7.1 million.

In terms of strategic developments, Tutor Perini secured new awards totaling $2 billion in the first quarter, significantly higher than the $873 million recorded in the same period last year. Notable contracts included the $1.18 billion Manhattan Tunnel project and additional funding for various healthcare and infrastructure projects. The company’s backlog reached a record $19.4 billion, up 4% from the previous record of $18.7 billion at the end of 2024, indicating a strong pipeline of future work.

Operationally, Tutor Perini's total assets increased to $4.45 billion as of March 31, 2025, compared to $4.24 billion at the end of 2024. The company’s cash and cash equivalents decreased to $276.5 million, primarily due to the early repayment of its Term Loan B. The company reported a working capital of $0.9 billion and maintained a current ratio of 1.33, indicating a solid liquidity position. Looking ahead, Tutor Perini anticipates continued revenue growth driven by strong new award bookings and favorable market conditions, particularly in infrastructure spending supported by federal funding initiatives.