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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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TPC

TPC fundamentals

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