{"id":33138,"date":"2025-11-08T09:44:41","date_gmt":"2025-11-08T17:44:41","guid":{"rendered":"https:\/\/essential.construction\/news\/tutor-perini-posts-21-6b-backlog-buoyed-by-infrastructure-spending\/"},"modified":"2025-11-08T09:44:41","modified_gmt":"2025-11-08T17:44:41","slug":"tutor-perini-posts-21-6b-backlog-buoyed-by-infrastructure-spending","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/tutor-perini-posts-21-6b-backlog-buoyed-by-infrastructure-spending\/","title":{"rendered":"Tutor Perini posts $21.6B backlog, buoyed by infrastructure spending"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"text-to-speech\">\n    <button class=\"text-to-speech__button button\"><br \/>\n        <img decoding=\"async\" class=\"text-to-speech__button__icon\" src=\"https:\/\/www.constructiondive.com\/static\/img\/play.svg?500116090725\" alt=\"-\"><br \/>\n        Listen to the article<br \/>\n        <span class=\"text-to-speech__button__audio-length\">4 min<\/span><br \/>\n    <\/button><\/p>\n<div class=\"text-to-speech__controls\">\n        <audio controls=\"\" class=\"js-text-to-speech\" preload=\"none\"><source src=\"https:\/\/text-to-speech.divecdn.com\/newspost\/805049\/2025-11-07_15.31.49\/tutor-perini-q3-2025-earnings-record-backlog.wav\" type=\"audio\/mp3\"><\/source><\/audio><\/p>\n<div class=\"text-to-speech__controls__text\">\n            This audio is auto-generated. Please let us know if you have <a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/contact\/\" target=\"_blank\">feedback<\/a>.\n        <\/div>\n<\/p><\/div>\n<\/div>\n<h3>Dive Brief:<\/h3>\n<ul>\n<li><span><span><span><span><span><span>Tutor Perini racked up <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/investors.tutorperini.com\/press-releases\/press-release-details\/2025\/Tutor-Perini-Reports-Strong-Third-Quarter-2025-Results-Further-Raises-2025-Adjusted-EPS-Guidance\/default.aspx\" target=\"_blank\"><span><span><span><span><span><span><span><span>$2 billion in new awards and contract adjustments<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> in the third quarter and its existing jobs remain on track despite President Donald Trump\u2019s threats to pull funding from major infrastructure builds, the company said on an earnings call Wednesday.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span><span><span><span><span><span>The firm\u2019s backlog swelled to $21.6 billion, an increase of 54% from the same period in 2024 and a company record. CEO and President Gary Smalley said existing and upcoming work wasn\u2019t threatened by the macroeconomic or policy environment.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span><span><span><span><span><span>\u201cWe still do not anticipate that tariffs will have a significant impact on our business,\u201d Smalley said. \u201cWe also do not currently foresee the risk of any of our major projects and backlog being canceled, delayed, defunded or otherwise materially impacted by the administration&#8217;s targeted funding cuts or by the recent federal government shutdown.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<\/ul>\n<h3>Dive Insight:<\/h3>\n<p><span><span><span><span><span><span>Smalley said that included its work on the <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/news\/tutor-perini-tariffs-backlog-earnings\/757164\/\" target=\"_blank\"><span><span><span><span><span><span><span><span>first phase of the California High-Speed Rail<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> job and its projects in New York. In October, the contractor confirmed that its <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/news\/gateway-construction-trump-claim-termination\/803364\/\" target=\"_blank\"><span><span><span><span><span><span><span><span>work on the Manhattan Tunnel<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> as part of <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/news\/weeks-marine-hudson-river-ground-stabilization\/731975\/\" target=\"_blank\"><span><span><span><span><span><span><span><span>Amtrak\u2019s $16 billion Gateway Program<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> was still active and moving forward, despite President Donald Trump\u2019s claims that the project had been terminated.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Smalley reiterated that work status on the Nov. 5 call.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<figure class=\"image-right inside_story\">\n<div class=\"figure_content\">\n<div><img decoding=\"async\" alt=\"A headshot shows Tutor Perini executive Gary Smalley.\" data-imagemodel=\"148488\" src=\"https:\/\/imgproxy.divecdn.com\/4RLIoKIvTmnRkQOAifn4a5Z2M3y97dPJg-CGCHV0IgY\/g:ce\/rs:fit:0:860\/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9zbWFsbGV5LmpwZw==.webp\"\/><\/div>\n<\/div><figcaption class=\"inside_story_caption\">\n<p>Gary Smalley<\/p>\n<p>Courtesy of Tutor Perini<\/p>\n<p>\u00a0<\/p>\n<\/figcaption><\/figure>\n<p><span><span><span><span><span><span>\u201cWe&#8217;ve had discussions with our customers, and they have confirmed that our projects are funded and authorized, and they are not expected to be adversely impacted,\u201d Smalley said. \u201cFor us, it continues to be business as usual at this time on all of our major projects.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Third quarter revenue came in at $1.42 billion, a 31% increase from $1.08 billion during the same period in 2024. It notched profits of $3.63 million, up from a $100.86 million loss during last year\u2019s Q3.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Combined with its surging backlog, those results led the firm to increase its guidance for the third time in as many quarters. While it declined to specify GAAP numbers due to its rising share price making stock-based compensation awards a moving target, it raised its 2025 earnings per share target to a range of $4.00 to $4.20 on an adjusted basis. That was up from its previous goal of $3.65 to $3.95.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>With its backlog now sitting at a record high, Smalley said there was still room for more. The firm sees \u201cwell over $25 billion of upcoming bidding opportunities over the next 12 to 18 months.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>The largest of those include the $12 billion Sepulveda Transit Corridor in Los Angeles; the $5 billion Penn Station Transformation project in New York City; the $3.8 billion Southeast Gateway Line, also in Los Angeles; and a $2 billion replacement hospital in California.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Smalley said Tutor Perini\u2019s improvement in recent quarters \u2014 it has turned the corner from <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/news\/tutor-perini-earnings-legal-disputes\/708991\/\" target=\"_blank\"><span><span><span><span><span><span><span><span>losses due to dispute settlements<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> on legacy projects in prior years \u2014 was due to a surging macroeconomic environment in infrastructure spending, a trend he expects to continue.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cWe believe that these tailwinds will persist due to the tremendous amount of federal, state, and local-level funding that are now in place,\u201d Smalley said, \u201cand because our country has for decades and until recent years neglected to adequately fund and prioritize the types of substantial infrastructure investments being made today.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>At the same time, he tried to temper Wall Street\u2019s expectations \u2014 the firm\u2019s stock is up more than 160% year to date \u2014 for ever-increasing backlog numbers. Asked by analysts if fourth quarter backlog would be higher, Smalley projected more level results.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cIt\u2019s probably a little bit more flattish in the fourth quarter,\u201d he said. \u201cLately, every quarter seems, you know, increased new record, new record, new record. We\u2019re not going to see that going forward in the short-term. We may have new records, but it won\u2019t be consistently quarter after quarter.\u201d\u00a0\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.constructiondive.com\/news\/tutor-perini-q3-2025-earnings-record-backlog\/805049\/\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Listen to the article 4 min This audio is auto-generated. 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Dive &#8230; <a title=\"Tutor Perini posts $21.6B backlog, buoyed by infrastructure spending\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/tutor-perini-posts-21-6b-backlog-buoyed-by-infrastructure-spending\/\" aria-label=\"Read more about Tutor Perini posts $21.6B backlog, buoyed by infrastructure spending\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[457],"tags":[],"class_list":["post-33138","post","type-post","status-publish","format-standard","hentry","category-construction-dive","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/33138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=33138"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/33138\/revisions"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=33138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=33138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=33138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}