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- **Record Cash Flow & Growth**: Q3 operating cash flow $289M (highest ever), revenue +31% YoY, backlog up 54% to $21.6B. 
- **Segment Strength**: Civil segment operating margin 12.9%, Building segment 9M EPS best since 2011, Specialty Contractors returned to profitability. 
- **Major Wins**: $1B UCSF Children's Hospital, $1.87B Midtown Bus Terminal Phase 1, $12B Sepulveda Transit Corridor bid. 
- **Guidance Raise**: 2025 EPS guidance increased to $4-$4.20, with 2026-2027 expected to surpass these levels. 
- **Margin Expansion**: Civil segment targeting 13-15% margins, Building segment to reach 5%+ by 2027, Specialty Contractors to 5-8% as projects ramp. 
- **Risk Management**: No expected impact from federal shutdown on major projects, 12 legacy disputes remaining. 
- **Capital Allocation**: Building cash for potential dividend/share buyback, with $283M cash exceeding debt.

**【CEO Summary Section】**
- **Record Q3 Performance**: Operating cash flow of $289 million (highest quarterly on record), revenue up 31% YoY to $1.42 billion, and backlog reaching $21.6 billion (+54% YoY). 
- **Segment Growth**: Civil segment operating income highest ever, Building segment 9M EPS best since 2011, Specialty Contractors returned to profitability. 
- **Major Projects**: $1B UCSF Children's Hospital, $182M Guam defense project, $1.87B Midtown Bus Terminal Phase 1. 
- **Guidance Raise**: Adjusted EPS for 2025 increased to $4-$4.20 (prev $3.65-$3.95), with expectations for even higher growth in 2026-2027. 
- **Backlog Strength**: $25B+ upcoming bids including $12B Sepulveda Transit Corridor, $5B Penn Station, $1B I-69 ORX. 
- **Cash Strategy**: Building general-purpose cash for potential dividend/share buyback, with $283M cash exceeding debt. 

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Civil ($770M, +41%), Building ($419M, -1%), Specialty ($226M, +124%). 
- **Margins**: Civil margin 12.9% (vs 8-12% historical), Building margin 3.4%, Specialty margin 2.7%. 
- **Profitability**: Adjusted EPS $1.15 (vs loss of $1.61), GAAP EPS $0.07 (vs loss of $1.92). 
- **Cash Flow**: 9M operating cash $574M (vs 2024 full year record). 
- **Balance Sheet**: Debt reduced 23% to $413M, CIE down $95M YoY. 
- **2025 Outlook**: G&A $410-420M (driven by share-based comp), tax rate 30-32%, 53M shares outstanding. 

**【Q&A Highlights】**
- **Specialty Contractors**: Returned to profitability due to dispute resolution work, expects higher margins as projects ramp. 12-15 legacy disputes remaining. 
- **Bidding Activity**: Robust pipeline in NY, CA, Midwest, Indo-Pacific. $12B Sepulveda Corridor, $3.8B SE Gateway Line, $1B I-535 Blatnik Bridge. 
- **Building Segment**: Higher-margin fixed-price projects (prisons, jails) driving margin improvement, expects 5%+ margins by 2027. 
- **Government Risk**: No expected impact from federal shutdown or funding cuts on major projects. 
- **Cash Management**: Will maintain conservative cash position, no immediate plans for return of capital beyond 2025. 
- **Project Execution**: JV partners used for largest projects, but capable of self-performing most work. 
- **Timing of Growth**: Building segment margin improvement visible by mid-2026, specialty contractors to reach 5-8% margins as projects ramp.

Tutor Perini Corporation (TPC) Q3 2025 Earnings Call Transcript

- **Revenue & Cash Flow Records**: Q2 revenue $1.37B (+22%), operating cash $262M (2nd highest ever), backlog $21.1B (+102%).
- **Profitability Surge**: Operating income $76M (+89%), adjusted EPS $1.41 (up 313%), 2025 guidance raised to $3.65-$3.95 adj EPS.
- **Backlog Growth**: 2.2x book-to-burn with $12B Sepulveda Corridor, $1.4B I-535 Bridge, and $1B healthcare projects.
- **Share-Based Comp Decline**: 2026+ expense down 30%+ as cash awards vest, reducing earnings volatility.
- **Minimal Competition**: 1-2 bidders on major projects vs. historical 5-10, enabling margin expansion to 12-15% in Civil.

**【CEO Summary Section】**
- **Record Financial Performance**: Q2 2025 revenue reached $1.37 billion (22% YoY growth), operating cash flow hit $262 million (second-highest in company history), and backlog surged to $21.1 billion (102% YoY increase). 
- **Profitability Growth**: Operating income rose 89% to $76 million, driven by higher-margin Civil and Building projects. Adjusted EPS jumped to $1.41 (Q2) and $2.06 (H1), up 313% and 183% YoY respectively.
- **Guidance Update**: GAAP EPS guidance raised to $1.70-$2.00 (prev $1.60-$1.95), adjusted EPS to $3.65-$3.95 (prev $2.45-$2.80). Contingency remains for project delays and share-based comp volatility.
- **Backlog Strength**: 2.2x book-to-burn ratio with major wins like the $1.87B Midtown Bus Terminal and $1B California healthcare project. Indo-Pacific pipeline includes $1.4B I-535 Bridge and $12B Sepulveda Corridor.
- **Share-Based Compensation**: 2025 expense expected to decline 30%+ in 2026 as cash-settled awards vest, reducing earnings volatility.

**【CFO Financial Commentary】**
- **Revenue by Segment**: Civil (+34% to $734M), Building (+11% to $462M), Specialty (-9% loss to $18M). Civil margin expanded to 19.1%, Building to 4.9%.
- **Balance Sheet Health**: Total debt reduced 21% to $419M, cash exceeded debt for first time since 2010 ($526M). CIE down 10% to $856M (lowest since 2017).
- **Cash Flow Outlook**: 2025 operating cash flow expected $350M-$500M, driven by collections from 12+ large projects in execution phase.
- **Tax & Expense Trends**: Effective tax rate 26-28% (up from 31% prior) due to non-deductible share-based comp. G&A expense up 25% to $360-380M.

**【Q&A Key Highlights】**
- **Project Closeouts**: Only 2 material projects winding down (end 2026), offset by ramp-up of 12+ new projects. 2025 revenue growth will be 10-15%+.
- **Win Rate Confidence**: 1-2 of 5-6 major bids expected to win, with minimal competition (1-2 bidders vs. 5-10 historical norm).
- **Specialty Segment**: 2025 loss expected to narrow, 2026+ margins 5-8% as new projects (e.g., $1B healthcare) ramp up.
- **Tariff Impact**: No material impact on current backlog; future projects will include buyouts and contingency for inflation.
- **Capital Allocation**: Board considering dividend/rebuy in 2026+ after building cash cushion; 2025 focus on growth and debt reduction.


Tutor Perini Corporation (TPC) Q2 2025 Earnings Call Transcript

- **Record Q1 Growth**: 19% revenue rise to $1.25B, 77% EPS jump to $0.53, and 94% backlog surge to $19.4B.
- **Civil Segment Dominance**: 29% revenue growth and 13% margin from infrastructure projects like the Manhattan tunnel.
- **Backlog Visibility**: $32B Indo-Pacific MACC contracts and $500M CA healthcare project entering construction.
- **Cash Flow Strength**: $23M Q1 operating cash flow, down $406M debt, and plans for shareholder returns post-2025.
- **Guidance Update**: 2025 EPS raised to $1.60-$1.95, with 2026-27 earnings expected to double this range.


**【CEO Opening Remarks】**
- Q1 2025 revenue reached $1.25 billion, up 19% YoY, driven by Civil segment growth (29%) and higher-margin projects like the Brooklyn Jail and Honolulu Rail.
- Operating income rose 34% to $65 million, with EPS jumping 77% to $0.53, beating historical Q1 performance.
- Backlog surged 94% to $19.4 billion, fueled by new awards like the $1.18 billion Manhattan tunnel project and $570 million Apra Harbor expansion.
- Operating cash flow was $23 million, the third-best Q1 result ever, despite seasonal challenges.

**【Ron Tutor: Future Project Pipeline】**
- Key upcoming bids include the $12 billion Midtown bus terminal and $3.8 billion Southeast Gateway line in California.
- Existing projects (e.g., Honolulu Rail, Brooklyn Jail) are progressing smoothly, with potential for sustained margin improvement.
- Indo-Pacific region opportunities, including $32 billion in MACC contracts, position Platt Construction for long-term growth.

**【CFO Financial Breakdown】**
- **Civil Segment**: $610 million revenue (+29%), 13% operating margin, benefiting from large infrastructure projects.
- **Building Segment**: $460 million revenue (+12%), 2.3% margin, with $500 million CA healthcare project entering construction.
- **Specialty Contractors**: $177 million revenue (+7%), -4% margin, targeting breakeven by year-end via volume growth.
- Debt reduced 24% to $406 million, with plans to return capital to shareholders post-2025 cash accumulation.

**【Q&A Highlights】**
- **Tariff Impact**: Contracts include escalator clauses and fixed-price subcontractor agreements, mitigating cost risks.
- **Backlog Conversion**: 2025 EPS guidance raised to $1.60-$1.95, with >50% of earnings expected in H2 due to project ramp-ups.
- **Shareholder Returns**: Post-2025, options include dividends or buybacks, contingent on cash reserves.
- **Project Risk Management**: 194% backlog growth includes conservative contingency for delays or disputes.


Tutor Perini (TPC)-7 May 25-2025 Q1 Earnings call transcript

- **Cash Dominance**: 2024 cash flow up 63% to $504M, enabling 52% debt reduction.
- **Backlog Boom**: $18.7B backlog (84% YoY), driving 2025 EPS guidance of $1.50-$1.90.
- **Future Growth**: Internal projections for >2x EPS in 2026-2027, backed by record project pipeline.
- **Debt-Free Vision**: Term Loan B paid off, interest expense down 38% to $55M in 2025.
- **Risk Mitigation**: 75-80% of remaining legacy disputes to resolve in 2025, protecting guidance.

**【CEO Opening Remarks】**
- **Record Cash Generation**: Generated $504 million in 2024, up 63% from 2023, driven by collections and dispute resolutions.
- **Debt Reduction**: Reduced total debt by $477 million (52%), including full payoff of Term Loan B.
- **Backlog Growth**: Reached $18.7 billion (84% YoY), with Civil, Building, and Specialty Contractors segments all at record highs.
- **2025 Guidance**: EPS of $1.50-$1.90, double-digit revenue growth, with 2/3 of earnings in the second half.
- **Long-Term Vision**: Internally projecting EPS to more than double in 2026-2027, fueled by current backlog.

**【CFO Financial Details】**
- **2024 Financials**: Revenue $4.3 billion (+12%), Operating Loss $104 million, Net Loss $164 million (-$3.13 EPS).
- **Segment Performance**: 
  - Civil: $2.1 billion (+12%), $138 million income (down from $199 million due to legacy disputes).
  - Building: $1.6 billion (+24%), $24 million loss (improved from $91 million).
  - Specialty: $1.1 billion, $103 million loss (down from $145 million).
- **2025 Outlook**: G&A $310-320 million, Depreciation $55 million, Interest Expense $55 million (-$0.50 EPS impact).

**【Q&A Key Points】**
- **Legacy Claims**: ~12-14 major disputes left, 75-80% expected resolved in 2025.
- **Capital Allocation**: Board discussions ongoing; $140-150 million CapEx mostly owner-funded for equipment.
- **Project Terms**: New awards have better margins and contractual terms, with selective bidding strategy.
- **Seasonality**: Q1 EPS ~$0.50, increasing sequentially with weather improvement.


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