Tutor Perini Corporation

Tutor Perini Reports Record Third Quarter 2026 Financial Results; Raises 2026 Adjusted EPS Guidance

Tutor Perini reported record Q3 2026 results, with revenue of $1.72 billion up 22% Y/Y and adjusted EPS of $1.83, up 59% from $1.15 a year ago. Record operating cash flow of $330.9 million in the quarter and $665.1 million for the first nine months, GAAP EPS of $0.39 versus $0.07, and income from construction operations up 213% to $125.4 million drove the beat. The company raised 2026 adjusted EPS guidance to $5.90-$6.10 from $5.15-$5.45. Backlog reached a near-record $20.4 billion on $2.2 billion of Q3 new awards, with a bid pipeline exceeding $200 billion, and the company holds a $707 million net cash position. Management expects continued strong revenue and adjusted EPS growth in 2027 on long-duration backlog visibility.

•4d ago

Perini Management Services, Inc. Awarded $60 Million Recapitalize South Moorings and Rebuild USCG Station St. Petersburg Project

Tutor Perini's subsidiary Perini Management Services won an approximately $60 million contract from the U.S. Coast Guard to recapitalize south moorings and rebuild USCG Station St. Petersburg in Florida. The two-part project adds five berthing positions for fast response cutters, upgrades the buoy yard, and replaces hurricane-damaged facilities with new training, berthing, and marine maintenance buildings. Design began in late August 2026 with substantial completion targeted for May 2028, and the contract value will be added to the company's Q3 2026 backlog.

•6d ago

Perini Management Services, Inc. Awarded $19 Million Project to Upgrade Infrastructure Systems at Dwight D. Eisenhower Army Medical Center, Ft. Gordon, GA

Tutor Perini's subsidiary Perini Management Services won a $19 million design-build contract from the U.S. Army Corps of Engineers Huntsville Center. The project modernizes mechanical systems — air handling, heating, cooling, ventilation and bulk liquid oxygen — at the Dwight D. Eisenhower Army Medical Center in Ft. Gordon, GA. Design work begins this month with substantial completion expected in November 2028; the value will be added to Q3 2026 backlog.

•7d ago

Fisk Electric Awarded $24 Million Data Center Electrical Project, Expanding Prefabrication Capabilities in Houston

Tutor Perini's subsidiary Fisk Electric won an approximately $24 million electrical services contract for a confidential data center customer in Houston, Texas. The work involves prefabricating modular containment systems and liquid-cooled electrical infrastructure at Fisk's new 75,000-square-foot Houston facility, targeting data center demand amid a nationwide electrician shortage. Construction begins in Q4 2026 with substantial completion expected in Q1 2027; the contract value will be added to Q3 2026 backlog.

•1mo ago

Perini Management Services, Inc. Awarded $315 Million Maritime Infrastructure Project to Construct Fuel Pier to Support Major Cutter Operations at U.S. Coast Guard Base Kodiak

Tutor Perini's subsidiary Perini Management Services won a $315 million U.S. Coast Guard contract to build a new fuel pier at Base Kodiak, Alaska, supporting major cutter operations. The design-build project expands dock capacity to up to two major cutter berths and includes unexploded ordnance removal, waterfront improvements, and a new fueling utility building. Design work began in late September, with substantial completion anticipated in September 2030; the contract value will be added to Tutor Perini's Q3 2026 backlog.

•1mo ago

Perini Management Services, Inc. Awarded $43 Million U.S. Coast Guard Astoria Fast Response Cutter Homeport Phase 2 Project

Tutor Perini's subsidiary Perini Management Services won an approximately $43 million U.S. Coast Guard contract to design and build homeport improvements at East Tongue Point in Astoria, Oregon. The scope includes a new fixed pier, two floating docks, a Maintenance Weapons Division cutter support facility, demolition, dredging, and site utility work to homeport four Fast Response Cutters. Design begins late September 2026 with substantial completion expected in May 2029, and the contract value will be added to backlog in Q3 2026.

•1mo ago

Black Construction Awarded $45.2 Million Project to Reconstruct Bridges Along Route 1 in Guam

Tutor Perini's subsidiary Black Construction Corporation won a $45.2 million contract from the Guam Department of Public Works to reconstruct two bridges along Route 1 in Guam. Work begins in the coming weeks with substantial completion expected in early 2029, and the award will be added to Q3 2026 backlog. The project also supports military operations in Guam, a strategic growth area for the company's federal and infrastructure work.

•1mo ago

Perini Management Services, Inc. Awarded $42 Million Construction Completion Project at Tabuk Air Base, Saudi Arabia

Tutor Perini’s subsidiary, Perini Management Services, Inc., secured a $42 million contract from the U.S. Army Corps of Engineers to complete construction facilities at Tabuk Air Base in Saudi Arabia. The scope of work involves finishing a helicopter maintenance hangar, warehouse, and Ground Support Equipment facility, with substantial completion anticipated in September 2028. The contract value will be included in the company's backlog during the third quarter of 2026.

•2mo ago

Tutor Perini Reports Strong Second Quarter 2026 Financial Results; Raises 2026 Adjusted EPS Guidance; Increases Quarterly Dividend 50%

Tutor Perini reported record Q2 2026 revenue of $1.6 billion, up 19% year-over-year, with income from construction operations increasing 54% to $117.7 million. Driven by this performance and strong cash generation, the company raised its 2026 Adjusted EPS guidance to $5.15-$5.45 and increased its quarterly dividend by 50% to $0.09 per share. The company maintained a strong net cash position with cash exceeding debt by $542 million and recorded $334.1 million in operating cash flow for the first half of the year.

•3mo ago

Lunda Construction Awarded $54.7 Million Bridge Package on I-41/WIS 441 System Interchange

Tutor Perini subsidiary Lunda Construction was awarded a $54.7 million contract to construct new bridges and improve the I-41/WIS 441 System Interchange in Wisconsin. The scope of work includes two signature flyover structures and retaining walls, with construction scheduled from 2026 through 2029. The contract value is expected to be added to the company's backlog in the third quarter of 2026.

•3mo ago

Perini Management Services, Inc. Awarded $69.5 Million Water and Wastewater Treatment Systems Rehabilitation Project

Tutor Perini's subsidiary, Perini Management Services, was awarded a $69.5 million contract by the National Park Service to rehabilitate water and wastewater systems at Death Valley National Park. The project scope includes upgrading critical infrastructure in the Furnace Creek and Cow Creek areas, with work expected to begin in fall 2026 and conclude in early 2029. The contract value will be added to the company's backlog in the third quarter of 2026.

•3mo ago

Fisk Electric Adds $143 Million to Backlog for Electrical Contract at Children’s Health and UT Southwestern Medical Center New Dallas Pediatric Campus

Tutor Perini's subsidiary Fisk Electric was awarded a $143 million electrical services contract for the new Dallas Pediatric Campus developed by Children's Health and UT Southwestern Medical Center. The project scope includes electrical systems for a 4.9 million square-foot facility featuring three towers and 552 inpatient rooms, with substantial completion expected in fall 2030. The contract value will be included in the company's backlog for the second quarter of 2026.

•3mo ago

Fisk Electric Awarded $29.5 Million Electrical Project for New Commercial Office Building in Florida

Fisk Electric, a subsidiary of Tutor Perini, was awarded a $29.5 million contract for electrical work on a new commercial office building in Palm Beach, Florida. The project scope includes a 250,000-square-foot building across six floors, a four-level parking structure, 150 EV charging stations, and a solar photovoltaic system. Work has commenced with substantial completion anticipated in 2029, and the contract value will be added to the company's second quarter 2026 backlog.

•3mo ago

Fisk Electric Awarded $26.9 Million Electrical Renovation Project

Fisk Electric, a subsidiary of Tutor Perini, was awarded a $26.9 million contract to renovate electrical systems at a healthcare facility in Houston, Texas. The project involves modernizing power distribution and emergency operations systems in an active hospital environment, with substantial completion expected in April 2027. The contract value will be included in the company's backlog for the second quarter of 2026.

•3mo ago

Krystal Biotech Set to Join S&P MidCap 400; Tutor Perini and V2X to Join S&P SmallCap 600

S&P Dow Jones Indices announced that Avanos Medical will be removed from the S&P SmallCap 600 effective prior to the open on July 27. The deletion is driven by the pending acquisition of Avanos by American Industrial Partners, a deal expected to close soon.

•3mo ago

Tutor Perini Building Corp. Selected for $140 Million Choctaw Casino & Resort – Pocola Renovation and Expansion Project

Tutor Perini's subsidiary, Tutor Perini Building Corp., was selected by the Choctaw Nation of Oklahoma for a $140 million renovation and expansion project at the Choctaw Casino & Resort – Pocola. The project scope includes interior and exterior renovations of existing facilities and the construction of a new seven-story, 130-room hotel tower with a spa and pool complex. Construction is expected to commence in the third quarter of 2026, with the contract value added to the company's backlog as design milestones are achieved.

•3mo ago

Lunda Construction is the Apparent Low Bidder on a $28.6 Million Project on Highway 243

Tutor Perini's subsidiary Lunda Construction was identified as the apparent low bidder for a Minnesota Department of Transportation project valued at approximately $28.6 million. The project scope includes grading, pavement, bridge construction, and ADA improvements along Highway 243 in Minnesota and Wisconsin. Work is scheduled to begin in fall 2026 with substantial completion anticipated in fall 2028, and the value will be reflected in the company's Q3 2026 backlog.

•3mo ago

Lunda Construction Awarded $33.4 Million Project on Highway 77

Tutor Perini's subsidiary Lunda Construction secured a $33.4 million contract from the Minnesota Department of Transportation for improvements on Highway 77. The scope of work covers grading, surfacing, lighting, and the rehabilitation of 10 bridges in Hennepin and Dakota Counties. Work is scheduled to begin in fall 2026 with substantial completion by fall 2028, adding to the company's Q3 2026 backlog.

•3mo ago

Lunda Construction Awarded Roberts Street Railroad Bridge Replacement Project in Minnesota

Lunda Construction, a subsidiary of Tutor Perini, was awarded the Roberts Street Railroad Bridge Replacement Project in St. Paul, Minnesota. The project involves replacing a 113-year-old vertical lift bridge with a new 215-foot rolling bascule truss span, including significant substructure and approach work. Work begins in July 2026 with substantial completion expected by December 2029; the undisclosed contract value will be added to Q2 2026 backlog.

•4mo ago

Tutor Perini Completes Redemption of $400 Million of Senior Notes and Amendment and Restatement of Credit Agreement

Tutor Perini redeemed $400 million of its 11.875% Senior Notes due 2029, funded by proceeds from a new $400 million offering of 6.625% Senior Notes due 2033. The company also amended its credit agreement, extending the revolver maturity to 2031, doubling capacity to $350 million, and slashing interest rate margins. CFO Ryan Soroka highlighted that the transactions extend debt maturities and materially reduce interest expense, supported by record cash flows and backlog growth.

•4mo ago

Tutor Perini Prices $400 Million of Senior Notes Due 2033

Tutor Perini Corporation priced $400 million aggregate principal amount of 6.625% senior notes due 2033 in a private offering expected to close on or about July 2, 2026. The company intends to use the net proceeds, together with cash on hand, to redeem $400 million of its 11.875% Senior Notes due 2029, effectively lowering its interest rate burden. The new notes will be senior unsecured obligations guaranteed by the company's wholly owned domestic subsidiaries that guarantee its revolving credit facility.

•4mo ago

Tutor Perini Announces Proposed Offering of $400 Million of Senior Notes Due 2033

Tutor Perini proposed a $400 million private offering of senior unsecured notes due 2033. The company plans to use the net proceeds to redeem its existing $400 million in 11.875% senior notes due April 2029, extending the debt maturity by four years. The offering is being made to qualified institutional buyers under Rule 144A and has not yet been finalized.

•4mo ago

Tutor Perini Backlog Bolstered with Award of $651.8 Million Project to Modernize and Protect Critical Power Infrastructure on Naval Base Guam

Tutor Perini was awarded a $651.8 million task order by NAVFAC Pacific to modernize critical power infrastructure on Naval Base Guam. The project involves replacing overhead electrical feeders with underground conductors to improve resiliency, executed via a joint venture with subsidiary Black Construction Corporation. Design begins in August 2026 with construction starting in April 2027 and substantial completion expected in June 2031, adding to the company's Q2 2026 backlog.

•4mo ago

Roy Anderson Corp Awarded $114 Million Jones Hall Project at the University of Mississippi

Tutor Perini Corporation announced that its subsidiary Roy Anderson Corp has been awarded a $114 million contract to build the Jones Hall academic facility at the University of Mississippi. The project involves constructing a 110,000-square-foot, four-story building for the Patterson School of Accountancy, with work starting in June 2026 and substantial completion expected in December 2028. The contract value will be added to the company's backlog in the second quarter of 2026, providing near-term revenue visibility and reinforcing its position in the institutional construction sector.

•4mo ago

Fisk Electric Awarded $48 Million Electrical Project for Advanced Manufacturing and Data Center Infrastructure Facility in Houston

Tutor Perini’s subsidiary Fisk Electric was awarded a $48 million electrical contract for an advanced manufacturing and data center facility in Houston. The project covers 115,000 square feet of a larger 273,000-square-foot facility, with completion targeted by the end of 2026. The work supports high-tech electronics and AI hardware assembly, requiring high-density power and system redundancy, and will be added to the company’s Q2 2026 backlog.

•5mo ago

Perini Management Services, Inc. Awarded $81.8 Million U.S. Coast Guard Family Housing Project in Kodiak, AK

Tutor Perini Corporation announced that its subsidiary, Perini Management Services, Inc., has been awarded an $81.8 million contract by the U.S. Coast Guard. The project involves designing and constructing 30 family housing units and replacing a water storage tank at the USCG Base Kodiak in Alaska. Work is expected to begin immediately with substantial completion anticipated in November 2028, adding the contract value to the company's backlog in Q2 2026.

•5mo ago

Perini Management Services, Inc. Awarded $61.6 Million Child Development Center Project

Tutor Perini Corporation announced that its subsidiary, Perini Management Services, Inc., has been awarded a $61.6 million contract by the U.S. Coast Guard. The project involves the design and construction of a new 34,000-square-foot Child Development Center at USCG Base Kodiak in Alaska, with capacity for 232 children. Work is scheduled to begin in May 2026 with substantial completion expected in January 2029, adding the contract value to the company's backlog in Q2 2026.

•5mo ago

Tutor Perini Reports Strong First Quarter 2026 Results; Affirms 2026 Adjusted EPS Guidance

Tutor Perini reported strong Q1 2026 results with revenue of $1.4 billion, up 11% year-over-year, driven by higher-margin projects and solid execution. Operating cash flow reached a record $146.9 million, an increase of 542% compared to the prior year, while adjusted EPS surged 58% to $1.03. The company affirmed its 2026 adjusted EPS guidance range of $4.90 to $5.30 and repurchased $20 million of shares, maintaining a net cash position with $19.8 billion in backlog.

•6mo ago

Perini Management Services, Inc. Awarded the Right to Compete for Task Orders Under $2 Billion USACE Energy Resilience and Conservation Investment Program

Perini Management Services, Inc., a subsidiary of Tutor Perini, was awarded a multiple-award task order contract by the U.S. Army Corps of Engineers Louisville District. The contract has a shared capacity of $2 billion over 10 years to provide design-build and design-bid-build construction services under the Energy Resilience and Conservation Investment Program. The scope includes constructing new electrical and water infrastructure, as well as repairing existing systems at U.S. military facilities in the contiguous U.S. and Puerto Rico.

•6mo ago