Tutor Perini Corp. (TPC Quick QuoteTPC - Free Report) recently beat on earnings and raised full year guidance as it has a record construction backlog. This Zacks Rank #1 (Strong Buy) is expected to grow revenue by 20.6% this year.

Tutor Perini is a civil, building and specialty construction company offering general contracting and design-build services to private clients and public agencies worldwide.

It specializes in executing large, complex projects. Tutor Perini has a market cap of $3 billion.

Tutor Perini Beats and Raises in the Second Quarter of 2025

On Aug 6, 2025, Tutor Perini reported its second quarter 2025 earnings and crushed the Zacks Consensus Estimate. It reported $1.41 versus the consensus of $0.29. That’s a beat of 386.2%.

Revenue was up 22% year-over-year to $1.37 billion. It saw solid year-over-year growth across all three segments, primarily driven by increased project execution activities on certain newer, higher margin projects. These projects have significant scope of work remaining.

Civil and Building segment revenues for the second quarter were up 34% and 11%, respectively, year-over-year.

The Civil segment revenue for the second quarter, as well as the entire first six months of 2025, were the segment’s highest revenue ever for these periods.

Tutor Perini Has a Record Backlog

Tutor Perini booked $3.1 billion of new awards and contract adjustments in the second quarter. The company had two things working for it, including strategic bidding and favorable market dynamics.

Given the strong new awards activity, the company’s backlog jumped to a new record of $21.1 billion as of June 30, 2025, up 102% compared to a year ago. That’s up 9% from the previous record at the end of the first quarter of 2025.

Some of the new awards and contract adjustments included the $1.87 billion Midtown Bus Terminal Replacement – Phase 1 project in New York; a $538 million healthcare project in California; and two civil works projects in the Midwest collectively valued at $127 million.

Tutor Perini expects its backlog to remain strong in 2025 due, in part, to several Building segment projects currently in the preconstruction phase that are anticipated to advance to the construction phase later this year.

It will also continue to bid on new awards the remainder of this year.

Tutor Perini Raised Full Year Earnings Guidance

Given the big earnings beat, and record backlog, it’s not a surprise that Tutor Perini raised its full year guidance.

Earnings are now expected to be in the range of $3.65 to $3.95 up from its prior guidance of $2.45 to $2.80.

As of Aug 6, 2025, Tutor Perini also did not anticipate any significant impact from the recently imposed tariffs or the curtailment of federal funding programs, like those done by DOGE.

Not surprisingly, the analysts are bullish too. 1 estimate is higher in the last week which has pushed up the Zacks Consensus to $2.72 from $1.74. But that is well below the company’s guidance range. There’s 2 estimates and only one has been increased, so far.

That’s still earnings growth of 186.9% as the company lost $3.13 last year.

Shares of TPC Soar to 5-Year Highs

Shares have soared the last few months and now sit at 5-year highs. It is easily beating the S&P 500 thanks to the rally in 2025. 

Image Source: Zacks Investment Research

It’s still attractively valued with a forward price-to-earnings (P/E) ratio of 20.8.

Tutor Perini also has a price-to-sales (P/S) ratio of just 0.6. A P/S ratio under 1.0 usually means a stock is a value. It means you are buying $1.00 of sales for just $0.60.

For those looking for a cheap construction play, with a record backlog, Tutor Perini should be on your short list.