Tutor Perini reported a strong third quarter with $2 billion in new awards and contract adjustments, pushing its backlog to a record $21.6 billion — a 54% increase compared to the same period last year. Executives said federal policy shifts and political rhetoric have not derailed major civil projects in the pipeline.
“We still do not anticipate that tariffs will have a significant impact on our business,” said CEO and President Gary Smalley on the Nov. 5 earnings call. “We 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’s targeted funding cuts or by the recent federal government shutdown.”
Despite threats from the White House to pull back funding for high-profile infrastructure projects, Tutor Perini told investors that progress remains steady — including the California High-Speed Rail and New York Gateway Program.
“We’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,” said Smalley. “For us, it continues to be business as usual at this time on all of our major projects.”
The company emphasized that public owners are reaffirming long-term investment plans — particularly in transit, rail, and congestion-relief corridors.
Revenue jumped 31% year-over-year to $1.42 billion, while earnings improved sharply to $3.63 million from a $100.86 million loss in Q3 2024.
The firm raised its full-year earnings forecast for the third straight quarter, now targeting adjusted EPS of $4.00 to $4.20 — up from the prior $3.65 to $3.95 range.
Analysts have praised the comeback, noting the company has worked through painful dispute settlements on older legacy projects over the past few years.
Tutor Perini said the boom is far from over. With infrastructure funding accelerating across states, the firm sees over $25 billion in major bid opportunities ahead:
Major ProspectsEstimated ValueSepulveda Transit Corridor, Los Angeles$12BPenn Station Transformation, NYC$5BSoutheast Gateway Line, Los Angeles$3.8BCalifornia Replacement Hospital$2B
Smalley said these types of megaprojects reflect the country’s shift back toward long-neglected public-works priorities.
“We believe that these tailwinds will persist due to the tremendous amount of federal, state, and local-level funding that are now in place,” he said, “and 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.”
After several quarters of rapid growth, Smalley cautioned that backlog increases may not continue quarter after quarter.
“It’s probably a little bit more flattish in the fourth quarter,” he said. “Lately, every quarter seems, you know, increased new record, new record, new record. We’re not going to see that going forward in the short-term. We may have new records, but it won’t be consistently quarter after quarter.”
Even with political uncertainty and tariff debates, Tutor Perini is signaling confidence:
✅ Strong public infrastructure funding
✅ Positive customer commitments
✅ Rebounding market fundamentals
✅ Improved profitability trends
With a record backlog and massive future bidding slate, the company sees itself firmly positioned to capitalize on a sustained surge in U.S. infrastructure spending.
Originally reported by Joe Bousquin in Construction Dive.
