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Tutor Perini (TPC) Soars 12.5%: Is Further Upside Left in the Stock?
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Tutor Perini Corporation (TPC - Free Report) shares ended the last trading session 12.5% higher at $30.66. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.1% gain over the past four weeks.
TPC scored a strong price increase after the company shared updates on project dispute settlements and their financial outlook. Due to anticipated cash collections from these settlements and new project awards, the company projects 2024 operating cash flow of $425 million to $575 million, surpassing its 2023 record and previous estimates. TPC plans to use this cash to prepay $100 million to $150 million of its Term Loan B debt by year-end, with additional prepayments in early 2025.
The company expects to end the third quarter of 2024 with a record backlog of $14 billion, a 35% increase from the prior quarter. More awards could drive further backlog growth in the fourth quarter.
TPC will report a loss from operations and negative earnings per share (EPS) for Q3 2024, leading it to withdraw its EPS guidance for 2024. Despite these challenges, TPC believes it would have been profitable without certain charges and expects to return to profitability in 2025, with new guidance coming in early 2025.
This construction company is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of +146.5%. Revenues are expected to be $1.13 billion, up 7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Tutor Perini, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on TPC going forward to see if this recent jump can turn into more strength down the road.
Tutor Perini belongs to the Zacks Building Products - Heavy Construction industry. Another stock from the same industry, Emcor Group (EME - Free Report) , closed the last trading session 0.3% higher at $455.10. Over the past month, EME has returned 4.2%.
For Emcor Group, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $4.99. This represents a change of +38.2% from what the company reported a year ago. Emcor Group currently has a Zacks Rank of #3 (Hold).
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Tutor Perini (TPC) Soars 12.5%: Is Further Upside Left in the Stock?
Tutor Perini Corporation (TPC - Free Report) shares ended the last trading session 12.5% higher at $30.66. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.1% gain over the past four weeks.
TPC scored a strong price increase after the company shared updates on project dispute settlements and their financial outlook. Due to anticipated cash collections from these settlements and new project awards, the company projects 2024 operating cash flow of $425 million to $575 million, surpassing its 2023 record and previous estimates. TPC plans to use this cash to prepay $100 million to $150 million of its Term Loan B debt by year-end, with additional prepayments in early 2025.
The company expects to end the third quarter of 2024 with a record backlog of $14 billion, a 35% increase from the prior quarter. More awards could drive further backlog growth in the fourth quarter.
TPC will report a loss from operations and negative earnings per share (EPS) for Q3 2024, leading it to withdraw its EPS guidance for 2024. Despite these challenges, TPC believes it would have been profitable without certain charges and expects to return to profitability in 2025, with new guidance coming in early 2025.
This construction company is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of +146.5%. Revenues are expected to be $1.13 billion, up 7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Tutor Perini, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on TPC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Tutor Perini belongs to the Zacks Building Products - Heavy Construction industry. Another stock from the same industry, Emcor Group (EME - Free Report) , closed the last trading session 0.3% higher at $455.10. Over the past month, EME has returned 4.2%.
For Emcor Group, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $4.99. This represents a change of +38.2% from what the company reported a year ago. Emcor Group currently has a Zacks Rank of #3 (Hold).