TPC

Argan, Inc. AGX delivered a sharp beat for the second quarter of fiscal 2027 (ended July 31, 2026), with earnings and revenues topping the Zacks Consensus Estimate and growing year over year.The quarterly results reflected higher activity across all three business segments, led by construction ramp-ups in Power and stronger field services and vessel fabrication in Industrial. Project backlog stood at $2.5 billion as of July 31, 2026.AGX stock gained 9.9% during yesterday’s after-hours trading session, post the announcement of the financial results. The company’s quarterly earnings of $3.76 per share rose 50.4% year over year and topped the Zacks Consensus Estimate of $2.68 by 40.3%.Revenues increased 61.5% year over year to $384 million and surpassed the consensus mark of $298 million by 28.9%. Argan, Inc. price-consensus-eps-surprise-chart | Argan, Inc. Quote Consolidated gross profit rose 67.7% to $74.2 million, while gross margin expanded to 19.3% from 18.6%. Selling, general and administrative expenses increased 22.5% to $17.4 million but declined to 4.5% of revenues from 6% in the year-ago period.Adjusted EBITDA climbed to $70 million from $38.49 million year over year, with margin improving to 18.2% from 16.2%. The Power segment generated $301.2 million in quarterly revenues, up 52.9% year over year and representing 78.4% of consolidated revenues. Growth reflected increased construction activity on the 1.4 GW Thermal Project, 700 MW Combined-Cycle Project, 1.2 GW Power Station and 860 MW Thermal Project.Power gross margin improved to 22.4% from 19.6% a year earlier. Management attributed the consolidated gross margin improvement primarily to changing project and contract mix and strong execution in the Power segment. Industrial revenues surged 111.2% to $76.2 million as field-services construction activity and vessel fabrication increased. The segment accounted for 19.8% of consolidated revenues, up from 15.2% in the prior-year quarter.Industrial gross margin, however, fell to 7.3% from 12.5%. Argan is constructing an additional fabrication facility in Farmville, NC, to support a contract for approximately 2,000 horizontal pressure vessels for thermal energy storage and chilled-water cooling systems. Completion is expected in the third quarter of fiscal 2027. Teledata revenues increased 39.5% to $6.6 million. Its gross margin declined to 16.6% from 24.7%, while the segment posted a pretax loss of $0.2 million for the quarter.On July 31, 2026, Argan acquired ValCor Communications for total consideration of approximately $9.4 million. Since the acquisition closed on the final day of the quarter, ValCor contributed no revenues or earnings to the reported period. The deal extends Teledata's reach into New England and adds defense and aerospace customers. Cash, cash equivalents and investments totaled $1.03 billion as of July 31, 2026, up from $895 million as of Jan. 31, 2026. Net liquidity increased to $440.4 million from $421 million, and AGX had no debt. Operating cash flow for the first six months of fiscal 2027 was $210.4 million.Argan used $14 million for dividends, $9.6 million for share repurchases and $8 million, net of cash acquired, for the ValCor transaction during the first half. The quarterly dividend was 50 cents per share, equivalent to an annual rate of $2.00 per share. The presentation characterized the backlog as fully committed by customers and actively being worked on. It showed 91% supporting the electric economy, comprising 80% natural gas and 11% renewable projects, while Industrial represented 8%. The backlog was $411 million below its Jan. 31 level.The company estimates that about 48% of remaining unsatisfied performance obligations will be recognized as revenues over the next 12 months, with substantially all the remainder expected within the following 12 to 24 months. Management cited data centers, electric vehicles and reshoring of manufacturing as demand drivers, while equipment constraints, interconnection delays, specialized labor availability and tariffs could affect project costs and timing. Argan currently carries a Zacks Rank #3 (Hold).Here are some better-ranked stocks from the Construction sector to consider.Comfort Systems USA, Inc. FIX currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Comfort Systems delivered a trailing four-quarter earnings surprise of 34.6%, on average. The Zacks Consensus Estimate for Comfort Systems’ 2026 sales and EPS indicates growth of 38.3% and 60.7%, respectively, from a year ago.Quanta Services, Inc. PWR presently sports a Zacks Rank of 1. Quanta has a trailing four-quarter earnings surprise of 17%, on average.The consensus estimate for Quanta’s 2026 sales and EPS indicates growth of 38.4% and 52.3%, respectively, from the prior-year levels.Tutor Perini Corporation TPC currently sports a Zacks Rank of 1. Tutor Perini delivered a trailing four-quarter earnings surprise of 17.8%, on average.The Zacks Consensus Estimate for Tutor Perini’s 2026 sales and EPS implies an increase of 14% and 27.7%, respectively, from a year ago. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Argan, Inc. (AGX) : Free Stock Analysis Report Quanta Services, Inc. (PWR) : Free Stock Analysis Report Comfort Systems USA, Inc. (FIX) : Free Stock Analysis Report Tutor Perini Corporation (TPC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Argan, Inc. AGX is scheduled to report its second-quarter fiscal 2027 results on Sept. 2, after market close.In the last reported quarter, the company’s earnings and revenues topped the Zacks Consensus Estimate by 42.7% and 15.2%, respectively. Year over year, both metrics grew 102.5% and 50.2%, respectively. The Zacks Consensus Estimate for fiscal second-quarter earnings per share (EPS) has remained unchanged at $2.68 over the past 60 days. The estimate indicates a 7.2% year-over-year improvement.The consensus estimate for revenues is pegged at $297.8 million, indicating a 25.3% year-over-year rise from $237.7 million. Argan, Inc. price-eps-surprise | Argan, Inc. Quote RevenuesArgan’s top-line performance in the fiscal second quarter is expected to have benefited from rising demand for data centers, EV adoption, water treatment and other industrial projects. The growing public infrastructure funding within and outside the United States borders, alongside the rapid evolution from natural gas-fired and coal plants, is likely to have been boosting the demand for AGX’s capabilities in similar fields.This growth cycle is likely visible in the increased contributions from AGX’s three reportable segments, Power Services (contributing 77.9% of first-quarter fiscal 2027 revenues), Industrial Services (20%) and Telecom Services (2.1%).However, the timing of work performed and project mix in a few recently received awards are expected to have pulled back the prospects to some extent. Nonetheless, a growing backlog in key end markets and execution capabilities of Argan are expected to have minimized the blow in the fiscal second quarter.EarningsRegarding the bottom line, during the fiscal second quarter, the metric is expected to have gained year over year on the back of increased leverage from revenue growth, strong execution and its efforts in ensuring project timing and delivery alignment.Although increases in certain project costs and selling, general and administrative expenses, alongside ongoing global geopolitical uncertainty, have been concerning, favorable market demand trends are likely to have offset these adversities. Our proven model does not conclusively predict an earnings beat for Argan this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here, as you will see below.AGX’s Earnings ESP: The company has an Earnings ESP of 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.AGX’s Zacks Rank: The stock currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here. Here are some better-ranked stocks from the Construction sector to consider.Comfort Systems USA, Inc. FIX currently sports a Zacks Rank of 1. Comfort Systems delivered a trailing four-quarter earnings surprise of 34.6%, on average. The stock has climbed 7.5% in the past six months.The Zacks Consensus Estimate for Comfort Systems’ 2026 sales and EPS indicates growth of 38.3% and 58.8%, respectively, from a year ago.Quanta Services, Inc. PWR presently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 17%, on average. Quanta shares have inched up 6% in the past six months.The consensus estimate for Quanta’s 2026 sales and EPS indicates growth of 38.4% and 52.3%, respectively, from the prior-year levels.Tutor Perini Corporation TPC currently sports a Zacks Rank of 1. Tutor Perini delivered a trailing four-quarter earnings surprise of 17.8%, on average. The stock has gained 20.3% in the past six months.The Zacks Consensus Estimate for Tutor Perini’s 2026 sales and EPS implies an increase of 14% and 27.7%, respectively, from a year ago. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Argan, Inc. (AGX) : Free Stock Analysis Report Quanta Services, Inc. (PWR) : Free Stock Analysis Report Comfort Systems USA, Inc. (FIX) : Free Stock Analysis Report Tutor Perini Corporation (TPC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Tutor Perini's second quarter was met with a positive market reaction, as management attributed outperformance to higher volumes and improved execution on large-scale projects across the Civil, Building, and Specialty segments. CEO Gary Smalley highlighted the ramp-up of nine recently awarded mega projects as central to increased operating margins and strong operating cash flow. The company also benefited from robust project execution in regions such as New York, California, Hawaii, and the Indo-Pacific, with segment margins rising due to a mix of new high-margin work and efficient project management. Is now the time to buy TPC? Find out in our full research report (it’s free). Revenue: $1.64 billion vs analyst estimates of $1.57 billion (19.2% year-on-year growth, 4.4% beat) Adjusted EPS: $1.74 vs analyst estimates of $1.26 (37.6% beat) Management raised its full-year Adjusted EPS guidance to $5.30 at the midpoint, a 3.9% increase Operating Margin: 7.2%, up from 5.6% in the same quarter last year Backlog: $19.86 billion at quarter end, down 5.9% year on year Market Capitalization: $5.13 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Adam Thalhimer (Thompson Davis & Co.) asked about the drivers behind stronger-than-expected Civil and Building segment margins. CEO Gary Smalley attributed this to the ramp-up of new mega projects, which carry higher profit margins than legacy work. Min Cho (Texas Capital Securities) inquired about growth potential and scaling for Black Construction in the Indo-Pacific region. Smalley said staff expansion is underway to capture a $4.6 billion bid pipeline, with expectations for continued growth and healthy margins. Min Cho (Texas Capital Securities) asked about opportunities in data center projects and the impact of trade shortages. Smalley noted the focus on electrical projects in Texas, where available capacity and healthy margins exist due to electrician shortages. Michael Dudas (Vertical Research Partners) questioned how Tutor Perini prioritizes resources given the $200 billion pipeline. Smalley explained their approach is to target projects with the best terms and selectivity, increasing margin potential. Liam Burke (B. Riley Securities) asked about the strategy in balancing dividends and share repurchases. CFO Ryan Soroka responded that share repurchases will be opportunistic, while maintaining a conservative approach to cash management to support large project surety requirements. In the coming quarters, the StockStory team will be monitoring (1) the pace of backlog conversion as projects in pre-construction move into full execution, (2) sustained margin performance as mega projects ramp further and new awards are secured, and (3) progress on expanding Black Construction and data center opportunities. Successful execution on strategic bidding and resource management, while navigating inflation and labor constraints, will be key signposts for Tutor Perini’s continued momentum. Tutor Perini currently trades at $97.47, up from $84.55 just before the earnings. Is there an opportunity in the stock? The answer lies in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Aug. 12, 2026 at 5:00 p.m. ET Senior Vice President of Investor Relations - Jorge Casado Chief Executive Officer and President - Gary Smalley Executive Vice President and Chief Financial Officer - Ryan Soroka Need a quote from a Motley Fool analyst? Email [email protected] Operator: Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation second quarter 2026 earnings conference call. My name is Rochelle and I will be your coordinator for today. All participants are currently in a listen-only mode. Following management's prepared remarks, we will be opening the call for a question and answer session. As a reminder, this conference is being recorded for replay purposes. If you would like to ask a question at that time, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. I will now turn the conference over to your host for today, Mr. Jorge Casado, Senior Vice President of Investor Relations. Please proceed. Jorge Casado: Hello, everyone, thank you for joining us. With us today are Gary Smalley, CEO and President, and Ryan Soroka, Executive Vice President and CFO. Before we discuss our results, I'll remind everyone that during this call, we will be making forward-looking statements, which are based on management's current assessment of existing trends and information. There is an inherent risk that our actual results could differ materially. You can find our disclosures about risk factors that could contribute to such differences in our Form 10-Q, which we are filing today, and in our Form 10-K, which was filed on February 26, 2026. The company assumes no obligation to update forward-looking statements, whether due to new information, future events, or otherwise, other than as required by law. During today's call, management will be referring to certain non-GAAP financial measures. You can find information and a reconciliation of these non-GAAP financial measures in our earnings release and in our Form 10-Q, both of which can be found in the investors section of our website. Thank you. With that, I'll turn over the call to Gary Smalley. Gary Smalley: Thanks, Jorge. Hello, everyone, thank you for joining us. We had an excellent second quarter, delivering very strong results, highlighted by record revenue and operating income, record operating cash flow of $334 million for the first half of 2026, and meaningfully and sequentially improved operating margins across all segments. Our record cash flow so far this year has been driven by higher volume and solid execution and collections on various large projects that are very profitable. Our second quarter revenue increased 19% year-over-year to $1.6 billion, driven by contributions from projects that are in the very early stages with significant scope of work remaining. With strong revenue growth, we generated operating income of $118 million, up 54% year-over-year, and produced an outstanding $1.74 of adjusted earnings per share, up 23% compared to the second quarter of last year. Ryan will discuss the details of our financial results shortly, including some commentary about our recent successful debt refinancing. As I mentioned, our segment operating margins were all up significantly this quarter compared to the margins for the first quarter of 2026, as our work continues to ramp up on several of our mega projects. The Civil segment second quarter operating margin was 15.3%, a very solid performance that exceeded the high end of our anticipated full-year margin range for the segment. The Building segment's operating margin was 5.6% for the second quarter on operating income that was up an impressive 39% year-over-year. The Building segment's outstanding margin performance is already approaching the upper end of the range we expect for the segment this year. And the Specialty Contractors segment continues to deliver solid execution on its current projects with improved operating results. Its operating margin for the second quarter was 2.2%, up nicely compared to the first quarter, and with further margin improvement still expected as the back half of the year unfolds. Overall, we are very pleased with the results we are delivering in terms of revenue growth and margin expansion, as well as with our substantial earnings and record cash generation. Now let's turn to the second quarter new awards and backlog. We booked $1.7 billion of new awards and contract adjustments, a book to burn of just over 1x, and finished the quarter again with a near record backlog of $19.9 billion, up slightly compared to the prior quarter. The largest additions to backlog included the following: a $652 million project to modernize and protect critical power infrastructure at Naval Base Guam, $143 million for two U.S. Coast Guard projects, a housing project and a child development center project, both in Alaska. $130 million of additional funding for a new pediatric campus electrical project in Texas. $114 million for the Jones Hall project at the University of Mississippi, and $106 million for a bridge project in Minnesota. As we've indicated previously, our strong backlog, which includes nine mega projects we have won over the past few years with a combined value of about $16 billion, continues to provide us with excellent line of sight for future revenue and earnings over the next several years. We continue to expect that our backlog will fuel higher revenue and earnings, solid profitability, and strong cash flow this year and beyond. Customer demand remains robust, and we continue to have numerous significant project bidding opportunities, particularly in the Indo-Pacific region, as well as in California, the Midwest, and the Northeast. Overall, we have a massive pipeline of more than $200 billion in potential project opportunities over the next three to four years, which is about three times larger than the pipeline we had just a couple of years ago. Many of these opportunities are expected to bid over the next one to two years, and we are very well positioned to win our fair share. We will continue to be quite selective in bidding and winning new projects, with our key overall objective being to maximize shareholder value. Consistent with our approach over the last several years, our focus will remain on bidding projects conservatively so that our project budgets reflect safe costs, adequate contingency, favorable contractual terms, and higher margins. As we observe the market, we continue to see limited competition for the larger fixed-price work, which should help us achieve our goal of winning important and profitable contracts that enhance revenue, earnings growth, and margin expansion. Let's talk about some of the major bidding opportunities we expect to pursue over the next 12-18 months. We currently have more than $4.6 billion of Indo-Pacific opportunities with the federal government for our Guam subsidiary, Black Construction, including port and harbor improvements on the islands of Palau and Yap, a fueling facilities project at Wake Island, airfield and fueling facilities in Yap, and the Polaris Point submarine pier at Naval Base Guam. In addition, there are more than $1 billion of other opportunities already identified in the region beyond 18 months. We expect that our backlog will remain strong during the remainder of 2026 and beyond. We still anticipate approximately $1 billion of additional funding later this year for the Midtown Bus Terminal Replacement Project in New York. We also have certain Building segment projects currently in the pre-construction phase that are anticipated to advance to the construction phase later this year and beyond. In the third quarter, we will be bidding various projects, including the $1 billion I-69 ORX Section 2 bridge project, connecting Indiana and Kentucky. In the Indo-Pacific region, Black Construction just last week submitted a bid for the half billion dollar Palau Port and Harbor Improvements project. Later this year, we will bid a multi-billion dollar jail project in Illinois, leveraging our success and experience with our ongoing Brooklyn and Manhattan jail mega projects. We'll also continue to have several new large healthcare project opportunities and hospitality and gaming opportunities, mostly in California and the Southwest. In 2027, we expect to bid on several multi-billion dollar projects, including the Merced to Madera segment of the California High-Speed Rail project, as well as the initial contract for the Sepulveda Transit Corridor program in Southern California, a program believed to be valued at approximately $12 billion and expected to be awarded under multiple contracts. We have the $4 billion Southeast Gateway, the $2 billion Eastside Transit Corridor Phase 2, and the $1.5 billion K Line Extension to Torrance projects, also in Southern California. On the East Coast, the $3 billion Newark Liberty International Airport Terminal B project in New Jersey, very similar to the award-winning Terminal A project that we recently completed at the same airport. Late next year or early the following year, we expect to bid on the second phase of the multi-billion dollar Midtown Bus Terminal Replacement project in New York, the phase that will demolish the existing bus terminal and build its permanent replacement. Because of the unprecedented pipeline of opportunities just mentioned and our competitive positioning, we remain confident in our ability to drive backlog growth over the medium to longer term, as we also continue to focus on earnings growth, margin improvement, free cash flow, quality, and safety. As we announced today in our earnings release, our board of directors has declared a $0.09 per share quarterly cash dividend payable to shareholders on September 3rd. This is a meaningful 50% increase compared to the previous $0.06 dividend. The increased dividend reflects our continued confidence in the outlook for strong revenue, operating margins, earnings, cash flow, and liquidity over the next several years. Separately, during the second quarter, we repurchased approximately 137,000 shares on the open market for $10 million at an average price of approximately $73 per share. We still have $170 million available under our share repurchase program that was originally authorized late last year for $200 million. We expect to make additional opportunistic share buybacks in the future to return excess capital to our shareholders. Finally, let's turn to our outlook and guidance. As I mentioned earlier, I am very pleased with the financial results we have delivered thus far this year, results that were ahead of our expectations. We continue to benefit from favorable macroeconomic tailwinds that are driving strong, sustained market demand, which bodes well for future awards growth, earnings, and value creation. Our business is resilient, and we remain confident in our outlook for consistent revenue and earnings growth for the remainder of 2026 and beyond. Based on our outlook and assessment of the current market, we continue to anticipate double-digit revenue growth and strong earnings in 2026, with even higher earnings expected in 2027, by which time many of our newer large projects in our backlog should be in the construction phase. Because of the favorable outlook and our strong financial results to date, we are raising our 2026 adjusted EPS guidance to the range of $5.15-$5.45 per share, up from the previous range of $4.90-$5.30. As usual, our guidance continues to factor in the significant amount of contingency for unknown or unexpected outcomes and developments this year. We also continue to expect strong operating cash generation the second half of 2026 and beyond due to increasing project execution activities on our newer mega projects and the anticipated resolution of remaining legacy disputes. Before I hand it over to Ryan to review our financial performance, I want to take a moment to highlight a significant corporate milestone. As some of you may know, Tutor Perini was recently added to the S&P SmallCap 600 Index, effective before the opening of trading on July 24th. Tutor Perini has also recently been added to various other S&P indices, including the S&P 1000. We view our inclusion in these benchmarks as clear validation of the strong operational progress our team has achieved over the past few years. Our focus on improved contractual terms, safer costs, and more contingency in our bids, effective project execution, and resolving legacy disputes has structurally strengthened our balance sheet and helped us drive unprecedented earnings and cash generation. This milestone marks an exciting new chapter for Tutor Perini as we continue to drive long-term value for our shareholders. Given all this, I'd like to take a moment to reflect on Tutor Perini's enduring value proposition for investors and why we are so confident in our future trajectory. As we have said before, the continued benefit from generational investment opportunities to refresh and modernize the U.S. infrastructure. Our ability to capitalize on this exceptional market environment, where we see no shortage of opportunities moving forward, is evidenced by our recent major project wins. Our backlog of $20 billion provides us with clear revenue and earnings growth visibility moving forward. Finally, we have taken meaningful action to strengthen our balance sheet over the past few years by de-leveraging, resolving legacy disputes, through the recent refinancing. As a result, we strongly believe Tutor Perini today is a more compelling value investment opportunity than any other point in our storied history, our confidence continues to build given the disciplined steps we are taking to create value for our shareholders moving forward. Thank you. With that, I will turn the call over to Ryan to discuss the details of our financial results. Ryan Soroka: Thanks, Gary. Good day, everyone. I'll discuss our results for the second quarter, followed by some commentary on our balance sheet and the assumptions underlying our increased 2026 guidance. All comparative references will be against the second quarter of last year, unless otherwise stated. First, I'd like to highlight the recent debt refinancing that we successfully completed here early in July. We were extremely pleased with the outcome of our refinancing, by which we replaced our 11.875% senior notes with $400 million of new senior notes at a coupon rate of 6.625%, a 525 basis point reduction, extended the notes' maturity by four years from 2029-2033. The coupon reduction will result in annual cash interest savings of $21 million going forward. We also amended and restated our revolving credit facility, more than doubling our currently unused capacity from $170 million-$350 million, while obtaining substantially improved covenant terms and interest rate spreads and extending the revolver's maturity from 2027-2031. Overall, the refinancing gives us a greater capacity to pursue strategic opportunities while continuing to return capital to shareholders. As we disclosed in the 10-Q, the debt extinguishment and refinancing costs we incurred in the third quarter of 2026 will be excluded from our adjusted EPS when we report our Q3 results. Now, to our financial results. As Gary mentioned, we generated a record $334 million of operating cash for the first half of 2026, up 17% compared to the first half of last year. This included strong cash flow of $187 million in the second quarter. Our record first half cash flow was driven by significant volume growth and strong collections on various profitable projects, as well as effective working capital management, with only a small amount attributable to dispute resolutions. We expect to continue generating solid cash flow this year and beyond, with most of our cash to be sourced from organic operations and occasionally enhanced by cash collected from dispute resolutions. Revenue for the second quarter of 2026 was a record $1.6 billion, up 19%, with the growth primarily due to increased project execution activities on certain large, high-margin projects in New York, California, Hawaii, and the Indo-Pacific region. Civil segment revenue was $816 million, the segment's highest quarterly revenue ever and up 11%, with the growth driven by increased project execution activities on the Midtown Bus Terminal Phase One project, the Manhattan Tunnel, the Kensico-Eastview Connection Tunnel, the Honolulu Rail project, and the Apra Harbor Waterfront repairs project in Guam. All of which have substantial scope of work remaining. Building segment revenue was $560 million, the segment's highest quarterly revenue since 2011 and up 21% due to increased activities on the Brooklyn and Manhattan jail projects, as well as on a large healthcare campus project in Northern California. All our major Civil and Building segment projects are continuing to run smoothly. Specialty segment revenue was $261 million, up a very strong 47%, with the segment's growth continuing to be primarily driven by increased activities on various electrical and mechanical projects in New York and Texas. The strong revenue growth drove our second quarter operating income to a record $118 million, up 54% year-over-year. Civil segment operating income was $125 million compared to $140 million. The prior year included a large favorable adjustment of $28 million. The Civil segment continues to execute extremely well and once again delivered a very healthy segment operating margin of 15.3%, which, as Gary mentioned, is above the top end of the 12%-15% margin range we expect for the segment, and up sequentially from 12.6% last quarter. Building segment operating income was a solid $31 million, the highest result since 2010 and up 39% with the strong increase driven by contributions from certain newer, higher margin projects in New York and California, with substantial scope of work remaining. The segment's operating margin was 5.6%, the highest Building margin of any quarter since 2012 and up sequentially from 3.5% from the first quarter of this year. The Building segment's margin performance was outstanding and near the upper end of the 3%-6% margin range we expect for the segment. Specialty Contractors segment operating income was $6 million for the second quarter compared to a loss from construction operations of $18 million for the same quarter last year. The Specialty segment's operating margin was 2.2% this quarter, up sequentially from 0.3% last quarter and a significant improvement compared to the negative 10.2% for the second quarter of 2025. Segment's turnaround has been primarily driven by contributions related to the increased volume on the New York and Texas electrical and mechanical projects that I mentioned earlier. Many of these projects are in the early stages and are still expected to ramp up substantially over the next several years. Overall, we are pleased with the improvements that we are seeing in the Specialty segment and expect further margin expansion this year and in the future years as we continue toward our goal of eventually sustaining Specialty margins in the 5%-8% range. Corporate G&A expense for the second quarter of 2026 was $42 million, compared to $68 million last year, with the decrease largely due to a $28 million reduction in share-based compensation expense this year, as some of the liability classified awards that have recently caused elevated share-based compensation expense vested at the end of 2025. Most of the remaining liability classified awards will vest at the end of this year. In 2027, we expect that our share-based compensation expense will be significantly reduced compared to this year. Income tax expense for the quarter was $31 million, with a corresponding effective tax rate of 26.8% for the period, compared to $22 million last year, with a corresponding effective tax rate of 31.8% in that period. The lower effective tax rate this year is mostly attributable to the lower nondeductible share-based compensation expenses estimated for 2026 relative to 2025. Net income attributable to Tutor Perini for the second quarter of 2026 was $66 million, or $1.23 of GAAP earnings per share, compared to $20 million, or $0.38 of GAAP earnings per share in the second quarter of last year. Excluding the impact of share-based compensation expense, net of associated tax benefit, adjusted net income attributable to Tutor Perini for the second quarter of 2026 was $93 million, or $1.74 of adjusted earnings per share, compared to $75 million or $1.41 of adjusted earnings per share in the same quarter last year. This is a solid 23% improvement in our adjusted EPS compared to last year's second quarter, reflecting the high margin contributions and outstanding performance we continue to see as we execute our projects and backlog. I'll address the balance sheet. Our total debt stood at $396 million at the end of the second quarter. We ended the quarter with cash and cash equivalents exceeding total debt by $542 million, an increasingly strong net cash position and $435 million better than we were just one year ago. Our cash available for general corporate purposes was $424 million at the end of the second quarter of 2026, up 56% compared to $271 million at the end of 2025. Our balance sheet has continued to strengthen, and our large net cash position provides us with ample flexibility to allocate our capital efficiently and strategically. Let me update you on our latest assumptions underlying our increased 2026 guidance, which are more favorable overall compared to our previous assumptions. G&A expense for 2026 is now expected to be between $380 million-$400 million. Depreciation and amortization expense is now anticipated to be approximately $45 million in 2026, with depreciation at $43 million, amortization at $2 million. Interest expense for 2026 is now expected to be between $42 million-$44 million, of which about $3 million will be non-cash. Our effective income tax rate for 2026 is now expected to be approximately 26%-29%. We now anticipate non-controlling interest to be between $70 million-$80 million. We still expect approximately 54 million weighted average diluted shares outstanding for 2026, and capital expenditures are still anticipated to be approximately $125 million-$135 million, with a vast majority of the CapEx in 2026, approximately $75 million-$85 million being owner funded for large equipment items on certain large new projects. Thank you. With that, I will turn the call back over to Gary. Gary Smalley: Thanks, Ryan. To recap, we delivered very strong financial results for the second quarter and through the first half of 2026, marked by record first-half operating cash flow, double-digit revenue growth, record operating income, improved segment operating margins, strong earnings, and continued near-record backlog. Our backlog, combined with the safe cost with favorable terms approach we have utilized over the past several years, and continue to utilize in bidding and winning new projects, provides us confidence in our ability to deliver double-digit revenue and earnings growth and continued strong annual cash flow in 2026 and beyond. Our business momentum is growing, and our results this year demonstrate the substantial revenue, earnings, and cash potential of our solid project execution. The long-term outlook for Tutor Perini remains very bright given the long duration, higher margin nature of our backlog, and the enormous pipeline of bidding opportunities. We expect that the favorable macroeconomic tailwinds and strong public and private customer funding will persist and continue to support vibrant market demand and ample bidding opportunities well into the future. All of this supports our strong belief that Tutor Perini presents a unique and compelling value opportunity for investors. Thank you. With that, I'll turn the call over to the operator for your questions. Operator: Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. Our first question, we'll hear from Adam Thalhimer with Thompson Davis & Co.. Adam Thalhimer: Hey, good morning, guys. Good afternoon, and congrats on the great quarter. Gary Smalley: Thanks, Adam. Adam Thalhimer: It sounded like the Civil and Building operating margins were stronger than you expected. Can you give a little bit more color on why that was and your expectations for the back half? Gary Smalley: Yeah, Adam. Really what's going on is these new projects, the nine mega projects that we had booked on the last few years or so, those projects are starting to ramp up and they're higher margin projects, and they're really contributing much higher margins than what we're seeing in some of the old work. As those continue to ramp up and build strength, you'll see this margin appreciation. Going forward, we'll still see solid margins somewhere in that 12%-15% range. I know we're a little north of the 15% this quarter. That could happen from time to time, but we still think 12%-15% is really where you want to plan on us being with the Civil segment. On the Building side, somewhere in the 3%-6%, but we aim for the upper end of that 3%-6%, and that's where we were this quarter with the 5.6%. Expect in the latter half of the year to be in that range, but really toward the upper end of that range. Again, this 12%-15%, keep in mind that not too long ago, we were talking about 8%-12% margins. We've seen a consistent, healthy increase there and down the road, hopefully, we can push that 12%-15% even higher. Adam Thalhimer: Okay. You guys have been really active putting out press releases for call it small and midsize jobs. I'm just curious how we should think about the margin profile for those jobs versus your mega jobs. Gary Smalley: Yeah, generally, the mega jobs have higher margins. However, it's mixed in with some of these projects. Look, one of those was an AI project, or a data center project. It has very high margins. The blend isn't going to be much different from what you're seeing otherwise. It's always a mix of things, but the margins on the projects that you mentioned in these releases, they're healthy margins. Adam Thalhimer: Great. I'll turn it over. Thanks, guys. Gary Smalley: All right. Thanks, Adam. Operator: Our next question will come from Min Cho with Texas Capital Securities. Please proceed. Min Cho: Great. Thank you, and congratulations on a really strong quarter here. You obviously had a very nice award in the quarter for Black Construction, and it looks like there's some pending bids out as well. Can you talk about Black Construction in general? You probably can't double the size of that business at the current capacity, but are you looking to add more scale there? How can that business, which tends to have higher margins, get larger for you? What can you do to make it bigger? Gary Smalley: Yeah, Min, thanks for the comment and the compliment on the quarter. Look, in our prepared comments, we talked about the potential there over the next 12-18 months. We have $4.6 billion of bid opportunities. Beyond the 18 months, there's already $1 billion of opportunities that we've identified. We just see more and more potential there. We're looking at adding staff there to continue the expansion. Can we double it? We certainly would like to double it. Depends on our win rate, depends on continued opportunities that come out. We certainly expect to grow it. The margins are generally healthy there because it is remote. Some of the work is rather difficult, but we feel that we're the best prepared. We've been in the area the longest, we're really, we'll say, the incumbent there, and we feel like we're the team to beat. We don't win them all, but we're well-positioned to win at least our fair share. We do expect there to be quite a bit of growth in that region. Min Cho: Excellent. Just moving to data center opportunities. I know Fisk Electric won the data center project, and it sounds like electricians are becoming a big bottleneck for data center projects. Can you talk about how you're bidding for those projects and what you're seeing in terms of opportunities specific to data centers on the electrical side? Gary Smalley: You're exactly right with respect to the bottleneck, with electricians being the bottleneck, and that's really where the opportunities that we're looking at. We're going to continue to emphasize the core business. That's where we're doing very well right now. Data centers, we're looking at those being where there is a need, where we have resources. Primarily in the Texas region is what we're seeing right now, where electricians are short, but we have the available capacity to take that on in addition to the other work. We're seeing healthy margins. That's the type of data center work that we're pursuing at this point is more on the electrical side. Min Cho: Excellent. Thank you. Gary Smalley: Thank you. Operator: Our next question, we'll hear from Michael Dudas with Vertical Research Partners. Michael Dudas: Good afternoon, gentlemen. Gary Smalley: Hey, Mike. Ryan Soroka: Hey, Mike. Michael Dudas: Gary, maybe you could opine a little bit more. The $200 billion pipeline number was pretty shocking. Pretty not surprised, but maybe how it's evolved over the past couple of years. When you look at that pipeline and look at some of the opportunities ahead of you, how are you positioning how best to which resources, which projects, terms and conditions, in that pipeline, what you could convert to a backlog award and that visibility over the next, say, 12-18 months? Gary Smalley: Yeah, Mike, the $200 billion, if you compare it historically, let's go back to the last six, seven years. It's generally ranged somewhere around $70 billion-$90 billion and up and down a little bit depending on just the economy and just the pace of the awards. We've really seen this go from about two or three years ago, it was about $70 billion. It's gone from $70 billion to $200 billion. That's the tripling that I mentioned earlier. What happens is there's no way you're going to try to pursue $200 billion or even $70 billion of work. What it does is you look at the available opportunities and you target the regions, the types of projects, where you expect to have the best terms. You also look at the expected competition. From those then, we target the best opportunities for us and therefore the best margins for us. The fact that it's 3x the total number of opportunities bodes quite well for us because what that means is we can be more selective in the opportunities we pursue and hopefully land, again, our fair share at higher margins. Michael Dudas: Well, that's very helpful, Gary. Then maybe for Ryan, a tremendous job on recapitalizing the balance sheet. Just with the strong cash flow first half and what do you expect in the second half, and now that you've refinanced on the senior notes level. The composition of the net cash on the balance sheet, remind us working capital needs as you're growing the business, the surety positioning and how that plays through, and how the balance sheet can continue to support some of the project opportunities to support, I would guess, some pretty good-sized growth in your backlog platform over the next couple of years. Ryan Soroka: Yep. I guess just moving to operating cash, first part of that question, obviously record-setting first half. Look, as we think about the year, the remainder of the year, we're not going to set a new record. What was it? $750 million last year. As we look at the second half, perhaps getting to maybe a second-best outcome for any given year. That's kind of certainly where we're seeing things trending, really from the cash being spun off from organic operations and the ongoing projects, in particular the mega projects. As we look at the cash on the balance sheet, obviously roughly, what is it? $424 million available for general corporate use. As we think about that from a capital allocation perspective, obviously there's the opportunistic share repurchases. There's the dividend that we increased this quarter, up 50% from the prior quarterly dividend. Also kind of investing that cash into the business to continue to grow. Also to get the continued support from our sureties to continue bidding on these larger projects as a sole source provider. I think the way I look at it, the last component would really be M&A, which we look at from time to time and look at strategically, whether that's adding geographic presence or incremental resume or skill set that we don't have today. Michael Dudas: Excellent. Thank you, Ryan. Thank you, Gary. Gary Smalley: Thanks, Mike. Operator: Next, we'll hear from Liam Burke with B. Riley Securities. Liam Burke: Thank you. Good afternoon, Gary, Ryan, Jorge. Ryan Soroka: Hey, Liam. Gary Smalley: Hey, Liam. Liam Burke: Gary, pre-construction activity is usually a very solid indicator of how the forward activity is going to be, or at least give a cadence. Can you give us a sense on where you are on pre-construction activity? Gary Smalley: Yes, you're absolutely right. When we look at it over a long period of time, it's greater than 90% hit rate when something's in pre-construction, and we have $hundreds of millions of Building opportunities already in pre-construction. What I said earlier was, we will see in the third and fourth quarter, and then also into 2027, we will see some of those pre-construction projects that are ongoing, we'll see those manifest themselves into backlog. There continues to be other pre-construction work that we're adding as those blossom into full-blown backlogs. Our goal is to continue to replace them because they are more secure backlog, gives us greater visibility into what the backlog is and what the revenue and profit burn will be going forward. Liam Burke: Great. Thank you. Ryan, your cash flow is strong. The balance sheet's in great shape. You're starting to return cash to shareholders. How are you balancing a dividend with share repurchases? Ryan Soroka: I guess the real short answer is we're looking at share repurchases opportunistically, that's going to be from time to time. As we look at the dividend, even with the increase, it's still a relatively, I'll say not relatively, but a conservative cash outlay relative to our balance. That's something that we will continue to monitor, obviously, with the support of the board from time to time. Liam Burke: Great. Gary Smalley: I would just add that, look, Liam, this is new to us, right? We haven't paid a dividend in some time. We've never bought back shares until recently. We have a large amount of cash, and we're going to be conservative in how we administer the cash because, for all companies, but especially in our industry, it makes sense to have as much cash as you can on hand. Also from a surety standpoint, we're pursuing very large projects. These large projects, a lot of times sureties, for most companies, they require there to be a joint venture partner in order to ensure the bonding for the projects. We like to pursue projects without joint ventures as much as we can, and the large cash helps us be able to do that, to get the surety approval to pursue the projects with just ourselves. What that means is when you've got a couple hundred million or so of profit on these new projects that you're landing, if you don't have to share 20%, 25% with a joint venture partner because the sureties have confidence that you can execute the project, and as we continue to pursue these large projects with the safe costs that Ryan mentioned and the contingency, look, it makes a lot of sense to have a healthy amount of cash available. One thing that we talked about last quarter, and we kind of talked about a little bit, it's implied with what we're saying about this great operating cash that we're generating, is that all of these mega projects, these 9 big projects that we booked, they're all just spawning cash. They're all ahead of the cost on cash. The projects are going extremely well, we're really confident that we're going to deliver those projects at least at the as-sold margins. We would expect that as those projects get closer to completion down the road, that there will be additional profit that we can take in through the release of contingency. We're a little early for that because, again, we're going to take a conservative approach, but there's more profit, we believe, in those projects than what we're recognizing currently, that hopefully as the risks are mitigated, they'll drop to the bottom line. Liam Burke: Great. Thank you, Gary. Thank you, Ryan. Ryan Soroka: Thank you. Gary Smalley: Thanks, Liam. Operator: Next, we'll move on to Stephen Fisher with UBS. Please go ahead. Steven Fisher: Thanks. Good afternoon, congrats on the continued progress. Gary, just to follow up on those comments you were just making about the execution on the large projects, maybe you could just give us a broader update on how you're staying on top of these nine major projects. It's a lot to have going on at one time. How are you making sure you are actually really staying on top of all the details there, and particularly how you're managing the inflation, I guess, outside of those nine projects more broadly? I know you've done sort of locked in a lot of the costs on the large projects, but inflation on the rest of the portfolio. Gary Smalley: Steve, we've got a very strong team of people that can execute the projects. We've trained them on smaller projects and even some of the larger projects that we've had. That's part of what we've done on programs like the high-speed rail, where we've trained individuals that we brought in the company with great experience, or maybe they're homegrown. On projects like high-speed rail and Purple Line, we've given them the experience so that now they're starting to branch out a little bit and being able to do more. We've got a lot of systems in place to make sure that the projects are adequately staffed, but we're also monitoring the projects through the same systems. We have other people, senior people involved where they visit the projects and provide oversight to very senior people. We even have, let's bring a name from the past that's still in the present. We have Ron Tutor, perhaps the greatest mind that the industry's ever seen. Ron helps at times with some of the oversight of these large projects too, to provide his input and his oversight or his opinions on what he's seen as well. We feel really good with the infrastructure that's in place as we monitor these projects. Everything we've seen at this point is extremely positive because it gets back to also the terms of the project and the safe costs, the way we bid those projects, and also the way we're recognizing revenue on a conservative basis based on the risk that we've identified. We think that things are as going as well as they could be, really, on those. On the inflation comment, I'm not sure I followed completely the question. Could you maybe refocus me? Steven Fisher: Yeah, sure. We're seeing broader inflation in the economy, and it's flowing through a lot of the construction activity. I know when it comes to the bigger projects, you manage those very carefully up front with a lot of buy-downs and locking in other contracts. I'm just wondering, across the broader part of your portfolio, how are you managing the inflationary risk on just the average project that's not a major mega project? Gary Smalley: Well, it's still the same type of procedures that we use on the mega projects. There's the buy-down that you mentioned. There's also contractual terms that many times protect us on certain inflationary measures. It's very similar, it's just on a smaller scale. Steven Fisher: Okay. Maybe if I could also just ask you about the competitive dynamics. I think you mentioned you're still seeing this limited competition for some of these larger projects. It seems like there's seeing a return of some more aggressive regional players on some of them. Do you think those are one-offs, or is there a broader trend here that we should be keeping an eye on? Gary Smalley: No, I think at this point, what we've said over the last really several quarters, the last few years, about the limited competition on the larger projects, that we still see that being the case. We never expect to win all of those projects, and we don't. We went through a stretch where we won nine out of 11. Before that, we were about oh for four, oh for five on some of the big ones. Over time, we're going to get our fair share, and we're going to remain vigilant and resilient in approaching these projects very conservatively. We're not going to try to book projects just because we want projects in the backlog. We want profitable projects, very high margins in backlog. That $200 billion that we talked about earlier as targeted opportunities over the next let's say a year or two, those opportunities, the fact that they have grown so much just means that there's more opportunity for us to stay the course, to be patient, and we know that our strategy works, and we know that there's a lot more work that is out there than there are of those of us that can do the work. We might not get the next one, but we know that we're going to get one soon thereafter, and it's going to be our terms. Steven Fisher: Sounds good. Thanks very much. Gary Smalley: Yeah. Thanks, Steven. Operator: There are no further questions at this time. I would like to turn the floor back to Gary Smalley for closing remarks. Gary Smalley: Yeah. Thank you very much. I want to thank everyone for your participation today. We look forward to continuing to deliver outstanding results and talking to you next quarter. We're very comfortable with the progress we've made here at Tutor Perini. We also know that this is really the tip of the iceberg. We have a lot of good things that are still happening, and we look forward to talking in the future and sharing those good stories with you. Thanks again. Operator: Thank you. That does conclude today's teleconference. We thank you for your participation, and you may disconnect your lines at this time. Before you buy stock in Tutor Perini, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Tutor Perini wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* Now, it’s worth noting Stock Advisor’s total average return is 958% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Tutor Perini (TPC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Tutor Perini Corporation? Here are five stocks we like better. Record second-quarter results: Revenue rose 19% year over year to $1.6 billion, operating income increased 54% to $118 million, and operating cash flow reached $187 million. Improved margins and ramping activity on major projects drove the performance. Backlog and growth pipeline expanded: New awards and contract adjustments totaled $1.7 billion, lifting backlog to $19.9 billion, including nine mega projects worth about $16 billion. Management also cited more than $200 billion in potential opportunities over the next three to four years. Outlook and shareholder returns strengthened: Tutor Perini raised 2026 adjusted EPS guidance to $5.15–$5.45, refinanced debt to reduce annual interest costs by about $21 million, and increased its quarterly dividend 50% to $0.09 per share. 4 Recent Earnings Winners Riding Fresh Momentum in May Tutor Perini (NYSE:TPC) reported record second-quarter revenue and operating income, supported by ramping activity on large projects, improved segment margins and strong operating cash flow. The company also raised its 2026 adjusted earnings outlook, completed a debt refinancing and increased its quarterly cash dividend. Second-quarter revenue rose 19% year over year to a record $1.6 billion, while operating income increased 54% to $118 million. Net income attributable to Tutor Perini was $66 million, or $1.23 per diluted share, compared with $20 million, or $0.38 per share, a year earlier. Adjusted earnings per share increased 23% to $1.74 from $1.41. → No Hangover: Revisiting Microsoft One Week After Earnings CEO and President Gary Smalley said results reflected higher project volume, solid execution and collections on profitable large projects. The company generated $187 million of operating cash flow during the quarter and a record $334 million during the first half, up 17% from the prior-year first half. The Civil segment generated record quarterly revenue of $816 million, up 11% year over year, driven by higher activity on projects including the Midtown Bus Terminal Phase One, Manhattan Tunnel, Kensico-Eastview Connection Tunnel, Honolulu Rail and Apra Harbor Waterfront repairs in Guam. Civil operating income was $125 million, compared with $140 million a year earlier, when results included a $28 million favorable adjustment. The segment’s operating margin was 15.3%, up from 12.6% in the first quarter. → MarketBeat Week in Review – 08/03 - 08/07 Building segment revenue increased 21% to $560 million, its highest quarterly level since 2011. Growth was driven by work on the Brooklyn and Manhattan jail projects and a healthcare campus in Northern California. Operating income rose 39% to $31 million, while the operating margin improved to 5.6% from 3.5% in the first quarter. Specialty Contractors revenue rose 47% to $261 million, primarily due to increased electrical and mechanical activity in New York and Texas. The segment recorded $6 million of operating income, compared with an $18 million loss from construction operations a year earlier. Its operating margin improved to 2.2% from 0.3% in the first quarter and negative 10.2% in the second quarter of 2025. → Why the Landlord of the AI Boom Could Outlast the Chipmakers Smalley said the nine mega projects won over the past several years are beginning to ramp up and carry higher margins than older work. He said Tutor Perini continues to expect Civil margins in a 12% to 15% range and Building margins in a 3% to 6% range, with Building expected toward the upper end of that range in the second half. The company booked $1.7 billion in new awards and contract adjustments during the quarter and ended the period with $19.9 billion in backlog. Major additions included a $652 million Naval Base Guam power infrastructure project, $143 million in U.S. Coast Guard projects in Alaska, $130 million in added funding for a Texas pediatric campus electrical project, a $114 million University of Mississippi project and a $106 million Minnesota bridge project. Tutor Perini said its backlog includes nine mega projects with a combined value of about $16 billion, providing visibility into future revenue and earnings. Management said it sees more than $200 billion in potential project opportunities over the next three to four years, about three times the pipeline it had a few years ago. The company highlighted more than $4.6 billion of federal Indo-Pacific opportunities over the next 12 to 18 months for its Guam subsidiary, Black Construction. These include port, harbor, airfield, fueling and submarine-pier work. Smalley said the company is looking to add staff in the region and expects Black Construction to grow, citing its established position and capabilities in remote, difficult work. Other anticipated bidding opportunities include the I-69 ORX Section 2 bridge between Indiana and Kentucky, an Illinois jail project, healthcare and hospitality projects, California High-Speed Rail work, Southern California transit projects and Newark Liberty International Airport Terminal B. Executive Vice President and CFO Ryan Soroka said Tutor Perini refinanced its debt in early July, replacing 11.875% senior notes with $400 million of new senior notes carrying a 6.625% coupon and extending the maturity from 2029 to 2033. The company expects annual cash interest savings of $21 million. The company also amended and restated its revolving credit facility, increasing unused capacity to $350 million from $170 million and extending its maturity to 2031. Soroka said debt extinguishment and refinancing costs incurred in the third quarter will be excluded from adjusted EPS when the company reports third-quarter results. At the end of the second quarter, total debt was $396 million. Cash and cash equivalents exceeded total debt by $542 million, while cash available for general corporate purposes was $424 million. Tutor Perini raised its 2026 adjusted EPS guidance to $5.15 to $5.45, from a prior range of $4.90 to $5.30. Management continued to expect double-digit revenue growth in 2026 and higher earnings in 2027 as newer large projects enter construction phases. The board declared a quarterly cash dividend of $0.09 per share, payable Sept. 3, representing a 50% increase from the prior $0.06 dividend. During the second quarter, the company repurchased about 137,000 shares for $10 million at an average price of approximately $73 per share. It has $170 million remaining under its authorized repurchase program. Smalley said the company was added to the S&P SmallCap 600 Index effective before trading opened July 24, and was also added to other S&P indices including the S&P 1000. Tutor Perini Corporation is a leading U.S. construction company that provides diversified general contracting, construction management and design-build services to private clients and public agencies. The company operates through three principal market segments—Civil, Building and Specialty Contractors—serving a broad range of infrastructure and vertical construction needs. In its Civil segment, Tutor Perini delivers heavy civil infrastructure projects including highways and bridges, water management, dams, tunnels and rail systems. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Tutor Perini Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Tutor Perini (TPC) just delivered a busy early August, reporting stronger second quarter results, lifting its quarterly dividend, updating progress on its share buyback, and securing a new federal infrastructure contract. See our latest analysis for Tutor Perini. The recent earnings beat, dividend increase, buyback progress and new federal contract have coincided with strong momentum in Tutor Perini's stock, with a 30 day share price return of 30.6% and a year to date share price return of 42.91%, alongside a very large 3 year total shareholder return. If Tutor Perini's recent run has you looking for more infrastructure related ideas, it could be worth scanning other power grid and construction focused names through our 37 power grid technology and infrastructure stocks Tutor Perini’s sharp move higher and richer dividend now put you at a crossroads. Does it make sense to accept today’s price after the run, or to wait and see how the valuation stacks up first? The most followed Tutor Perini narrative currently points to a fair value above the last close of $99.11, which puts the recent share price surge in a different light. Read the complete narrative. Curious what kind of revenue path and profit margins would justify that gap. The narrative leans on faster earnings growth and a richer future P/E than today implies. Result: Fair Value of $113.25 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are still clear risks to the Tutor Perini story, including execution challenges on mega projects and the possibility of cost or litigation issues reappearing. Find out about the key risks to this Tutor Perini narrative. The earlier narrative refers to a fair value of $113.25, with Tutor Perini trading at a discount to that figure. On a simple P/E basis, though, the stock appears expensive at 42x compared with 31x for peers and 40.4x for the US Construction industry, even if the fair ratio points to 57x. Which signal do you treat as more important right now? See what the numbers say about this price — find out in our valuation breakdown. Tutor Perini’s mix of strong recent returns, valuation questions and a blend of risks and rewards leaves a lot for you to weigh up. To see how the concerns and potential upsides balance out, take a closer look at the 3 key rewards and 1 important warning sign If the recent action around Tutor Perini has sharpened your focus, do not stop with just one stock. Use the Simply Wall St screener to line up your next set of ideas before the rest of the market starts paying closer attention. Target reliable income streams by scanning for companies in the 8 dividend fortresses that might suit a more cash focused approach. Hunt for quality on sale by running the 52 high quality undervalued stocks and compare potential opportunities against what you see in Tutor Perini. Spot potential early movers by checking the screener containing 21 high quality undiscovered gems before these stocks land on every watchlist. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TPC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Record revenue and operating income were driven by the ramp-up of nine major mega-projects totaling $16 billion in combined value, which are currently in early, high-activity phases. Operating margins improved sequentially across all segments as newer work, bid with more conservative cost structures and higher contingencies, began to displace legacy projects. The Civil segment outperformed expectations due to high-volume execution on critical infrastructure projects in New York, Hawaii, and the Indo-Pacific region. Management attributes the record $334 million first-half operating cash flow to strong collections on profitable projects and effective working capital management rather than one-time dispute resolutions. Strategic selectivity in bidding is being maintained to maximize shareholder value, focusing on projects with favorable contractual terms and limited competition for large fixed-price work. The company is leveraging its strong net cash position to pursue large-scale projects as a sole source provider, avoiding the need to share profits with joint venture partners. Adjusted EPS guidance for 2026 was raised to $5.15-$5.45, reflecting better-than-expected project performance and favorable macroeconomic tailwinds in U.S. infrastructure. The project opportunity pipeline has tripled over the last three years to $200 billion, providing a massive pool for selective bidding over the next 12 to 18 months. Management expects even higher earnings in 2027 as the current $20 billion backlog moves further into the construction phase and share-based compensation expenses decrease. Future cash flow is expected to remain strong, supported by organic project operations and the anticipated resolution of remaining legacy disputes. Strategic expansion is targeted for the Indo-Pacific region via Black Construction, with $4.6 billion in identified near-term bidding opportunities for federal government infrastructure. Successfully refinanced senior notes, reducing the coupon rate by 525 basis points to 6.625%, which will generate $21 million in annual cash interest savings. The quarterly cash dividend was increased by 50% to $0.09 per share, signaling management's confidence in sustained liquidity and earnings growth. Inclusion in the S&P SmallCap 600 and S&P 1000 indices is viewed by management as validation of the company's structural balance sheet improvements. Share-based compensation expense is expected to remain elevated through the end of 2026 before significantly reducing in 2027 as legacy awards finish vesting. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects Civil margins to stabilize in the 12%-15% range and Building margins in the 3%-6% range as mega-projects continue to ramp up. Current margins are benefiting from the release of contingency as risks are mitigated, though management remains conservative in early-stage profit recognition. Tutor Perini aims to potentially double the size of its Indo-Pacific business by adding staff to capture a $4.6 billion near-term regional pipeline. The company views itself as the 'incumbent' in the region, where remote and difficult work naturally commands healthier margins. The tripling of the pipeline allows the company to be highly selective, targeting regions and project types where competition is limited and terms are most favorable. Management is prioritizing projects where they can act as a sole provider to avoid sharing profits with joint venture partners. The company is targeting electrical-specific data center work, particularly in Texas, where a shortage of skilled electricians creates high-margin opportunities for Fisk Electric. Management is focusing on these specialized niches rather than general data center construction to maximize resource efficiency.

This article first appeared on GuruFocus. Revenue: Record $1.6 billion in Q2 2026, up 19% year-over-year. Operating Income: Record $118 million, up 54% year-over-year. Adjusted EPS: $1.74, up 23% year-over-year. GAAP EPS: $1.23, compared to $0.38 in the prior-year quarter. Operating Cash Flow: Record $334 million for the first half of 2026, up 17% year-over-year. Civil Segment Revenue: $816 million, up 11% year-over-year. Civil Segment Operating Margin: 15.3%, above the high end of the expected 12% to 15% range. Building Segment Revenue: $560 million, up 21% year-over-year. Building Segment Operating Income: $31 million, up 39% year-over-year. Building Segment Operating Margin: 5.6%, near the upper end of the expected 3% to 6% range. Specialty Contractors Segment Revenue: $261 million, up 47% year-over-year. Specialty Contractors Segment Operating Margin: 2.2%, up from 0.3% in Q1 2026. New Awards: $1.7 billion in Q2 2026, with a book-to-burn ratio of just over 1x. Backlog: Near-record $19.9 billion. 2026 Adjusted EPS Guidance: Raised to $5.15 to $5.45 per share. Warning! GuruFocus has detected 2 Warning Sign with CARL. Is TPC fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record revenue and operating income in Q2 2026, with revenue up 19% year-over-year to $1.6 billion and operating income up 54% to $118 million. Record operating cash flow of $334 million in the first half of 2026, driven by strong collections and effective working capital management. Significant margin expansion across all segments, with civil segment operating margin at 15.3% and building segment at 5.6%, both exceeding expectations. Successful debt refinancing reduced interest rate by 525 basis points to 6.625%, saving $21 million annually and extending maturity to 2033. Near-record backlog of $19.9 billion, with a massive $200 billion pipeline of potential opportunities, providing strong revenue visibility. Raised 2026 adjusted EPS guidance to $5.15-$5.45, reflecting confidence in continued strong performance. Increased quarterly dividend by 50% to $0.09 per share and repurchased shares, returning capital to shareholders. Strong balance sheet with net cash position of $542 million, up $435 million year-over-year, providing financial flexibility. Specialty contractors segment operating margin remains low at 2.2%, though improving, still far from the 5%-8% target. Revenue growth is partly dependent on early-stage projects with significant scope remaining, which may carry execution risks. The company faces potential inflationary pressures on non-mega projects, though mitigated by contractual terms and buy-downs. Share-based compensation expense, though reduced, will continue to impact earnings until the end of 2026. The company's guidance includes significant contingency for unknown outcomes, indicating potential volatility in results. Competition for larger projects, while limited, is not guaranteed, and the company may not win all bids, affecting future backlog growth. The refinancing incurred debt extinguishment costs in Q3 2026, which will be excluded from adjusted EPS but may impact GAAP results. Q: Can you provide more color on why the civil and building segment operating margins were stronger than expected and what your expectations are for the back half of the year?A: Gary Smalley (President and CEO) explained that the stronger margins are driven by the nine mega projects booked over the past few years, which are ramping up and contributing higher margins than older work. For the civil segment, he expects margins to remain in the 12% to 15% range, noting that exceeding 15% can happen occasionally. For the building segment, he expects margins to stay in the 3% to 6% range, but trending toward the upper end, as seen with the 5.6% margin this quarter. He also highlighted that the margin ranges have improved over time, from 8% to 12% previously to the current 12% to 15% for civil. Q: How should we think about the margin profile for the smaller and mid-sized jobs you've been announcing versus your mega projects?A: Gary Smalley (President and CEO) stated that while mega projects generally have higher margins, the smaller projects also carry healthy margins. He noted that the blend of margins across the portfolio isn't significantly different, and some smaller projects, such as a data center project, can have very high margins. Overall, the margins on these announced projects are healthy. Q: Can you talk about Black Construction and the potential for growth in the Indo-Pacific region? Are you looking to add scale to that business?A: Gary Smalley (President and CEO) highlighted that there are $4.6 billion in bid opportunities in the Indo-Pacific region over the next 12 to 18 months, with an additional $1 billion identified beyond that. The company is looking to add staff to support expansion and would like to double the size of the business. He emphasized that Black Construction is well-positioned as the incumbent in the region with healthy margins due to the remote and difficult nature of the work, and expects to win at least its fair share of opportunities. Q: Can you discuss the data center opportunities, particularly on the electrical side, given the bottleneck of electricians?A: Gary Smalley (President and CEO) confirmed that electricians are a bottleneck in the industry, which is where the opportunities lie. The company is focusing on its core business and pursuing data center work primarily in the Texas region, where there is a shortage of electricians but the company has available capacity. He noted that these projects offer healthy margins and the company is pursuing them on the electrical side. Q: Can you elaborate on the $200 billion pipeline and how you're positioning to convert those opportunities into backlog?A: Gary Smalley (President and CEO) explained that the pipeline has grown from about $70 billion two to three years ago to $200 billion today. With such a large pipeline, the company can be more selective in pursuing opportunities, targeting regions and project types where it expects the best terms and margins. This selectivity allows the company to land its fair share of work at higher margins, as the abundance of opportunities means there is less need to compete aggressively on every project. Q: With the strong cash flow and refinanced balance sheet, how are you thinking about working capital needs, surety positioning, and supporting future growth?A: Ryan Soroka (CFO) noted that the company expects strong operating cash flow in the second half of the year, though not a record like last year's $750 million. The cash on the balance sheet, approximately $424 million available for general corporate use, provides flexibility for opportunistic share repurchases, the increased dividend, and investing in the business. He also highlighted the importance of maintaining a strong balance sheet to support surety requirements for large projects, allowing the company to pursue projects without joint venture partners. Q: Can you give us a sense of where you are on pre-construction activity and how that translates to future backlog?A: Gary Smalley (President and CEO) stated that pre-construction activity is a strong indicator of future work, with a greater than 90% hit rate historically. The company has hundreds of millions of dollars in building opportunities in pre-construction, which are expected to convert to backlog in the third and fourth quarters of 2026 and into 2027. The company aims to continue replacing these opportunities as they become full backlog, providing greater visibility into future revenue and profit. Q: How are you balancing the dividend with share repurchases given your strong cash position?A: Ryan Soroka (CFO) explained that share repurchases will be opportunistic, while the dividend, even after the 50% increase, remains a conservative cash outlay relative to the balance sheet. Gary Smalley (President and CEO) added that the company is new to returning capital and will be conservative in administering cash, as it's important to maintain a healthy cash balance for surety purposes and to pursue large projects without joint venture partners. He also noted that the mega projects are generating cash ahead of cost, and the company expects to recognize additional profit from contingency as risks are mitigated. Q: How are you staying on top of the nine major projects, and how are you managing inflation across the broader portfolio?A: Gary Smalley (President and CEO) highlighted the strong team in place, with senior oversight and systems to monitor projects. He mentioned that Ron Tudor, a legendary figure in the industry, still provides oversight on large projects. The company uses conservative bidding practices and revenue recognition based on identified risks. For inflation, the same procedures used on mega projects, such as buy-downs and contractual protections, are applied on a smaller scale across the rest of the portfolio. Q: Are you seeing a return of more aggressive regional players on some projects, and is that a broader trend to watch?A: Gary Smalley (President and CEO) stated that competition on larger projects remains limited, as it has been over the past few years. While the company doesn't win every project, it has a strong win rate and remains disciplined in bidding conservatively. With the $200 billion pipeline, the company can afford to be patient and selective, knowing that more opportunities are available than there are competitors capable of executing them. This strategy has proven successful and allows the company to win projects on its own terms. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Tutor Perini (TPC) came out with quarterly earnings of $1.74 per share, beating the Zacks Consensus Estimate of $1.36 per share. This compares to earnings of $1.41 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +27.94%. A quarter ago, it was expected that this construction company would post earnings of $0.96 per share when it actually produced earnings of $1.03, delivering a surprise of +7.29%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Tutor Perini, which belongs to the Zacks Building Products - Heavy Construction industry, posted revenues of $1.64 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.80%. This compares to year-ago revenues of $1.37 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Tutor Perini shares have added about 27.9% since the beginning of the year versus the S&P 500's gain of 13%. While Tutor Perini has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Tutor Perini was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.47 on $1.61 billion in revenues for the coming quarter and $5.18 on $6.24 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Heavy Construction is currently in the top 45% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Dycom Industries (DY), another stock in the same industry, has yet to report results for the quarter ended July 2026. This provider of specialty contracting services is expected to post quarterly earnings of $4.62 per share in its upcoming report, which represents a year-over-year change of +38.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Dycom Industries' revenues are expected to be $1.97 billion, up 43.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tutor Perini Corporation (TPC) : Free Stock Analysis Report Dycom Industries, Inc. (DY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Record revenue of $1.6 billion, up 19% Y/Y Record income from construction operations of $117.7 million, up 54% Y/Y reflecting continued strong operating performance and growing contributions from higher-margin projects Diluted earnings per share ("EPS") of $1.23, up 224% compared to $0.38 in Q2 2025 Adjusted EPS of $1.74, up 23% compared to $1.41 in Q2 2025 Record first-half 2026 operating cash flow of $334.1 million, up 17% Y/Y Profitable, near-record backlog of $19.9 billion, up slightly compared to backlog at Q1 2026 Raising 2026 Adjusted EPS guidance to $5.15 to $5.45 (up from $4.90 to $5.30) Board increases quarterly dividend 50% to $0.09 per share Tutor Perini remains confident that Adjusted EPS for 2027 will be substantially higher than the upper end of the Company's increased 2026 guidance due to solid earnings visibility provided by current backlog LOS ANGELES, August 05, 2026--(BUSINESS WIRE)--Tutor Perini Corporation (the "Company") (NYSE: TPC), a leading civil, building and specialty construction company, today reported strong financial results for the second quarter of 2026 (see attached tables). Revenue for the second quarter of 2026 was a record $1.6 billion, the highest revenue of any quarter ever, and up 19% compared to $1.4 billion for the same period in 2025. Revenue for the Civil, Building, and Specialty Contractors segments for the second quarter of 2026 was up 11%, 21%, and 47%, respectively, compared to the same quarter last year. The solid growth across all segments was primarily driven by increased activities on certain newer large high-margin projects in New York, California, Hawaii and the Indo-Pacific region. Over the first six months of 2026, the Company has delivered double-digit year-over-year growth across all three segments, with growing and sustainable business momentum driven by increased project execution activities on various large projects, all of which have significant scope of work remaining. Income from construction operations for the second quarter of 2026 was a record $117.7 million, up 54% compared to $76.4 million for the second quarter of 2025, and the highest result of any quarter ever. The second quarter of 2026 was positively impacted by higher-margin contributions associated with the increased project execution activities discussed above, as well as a significant decrease of $27.5 million ($0.53 per diluted share, net of associated tax benefit) in share-based compensation expense in the second quarter of 2026 compared to the second quarter of 2025. Share-based compensation expense is expected to decrease over the remainder of 2026 as compared to 2025 and decline much more significantly in 2027, as some of the liability-classified awards have recently vested and most of the remaining awards will vest by the end of 2026. Net income attributable to the Company for the second quarter of 2026 was $65.7 million, or EPS of $1.23, up significantly compared to $20.0 million, or EPS of $0.38, reported for the second quarter of 2025. Adjusted net income attributable to the Company, which excludes the impact of share-based compensation expense, net of associated tax benefit, for the second quarter of 2026 was $93.0 million, or $1.74 of Adjusted EPS, also up significantly compared to $75.1 million, or $1.41 of Adjusted EPS, reported for the second quarter of 2025. The Company's strong adjusted results demonstrate the substantial earnings potential embedded within the Company's backlog. With many of these projects still in their early phases or having recently commenced, management believes the backlog provides strong visibility into future profitability and supports its increased 2026 guidance. (Please refer to the Non-GAAP Financial Measures section below for further information and a reconciliation of the Company's financial results reported under generally accepted accounting principles in the United States ("GAAP") to the reported adjusted results.) Record First-Half 2026 Operating Cash Flow The Company generated a record $334.1 million of cash from operating activities in the first half of 2026, up 17% compared to $285.3 million for the same period last year. The record operating cash flow was driven by higher volume and strong execution and collections on profitable projects. The Company expects continued strong operating cash flow in the second half of 2026 and beyond. Profitable, Near-Record Backlog The Company booked approximately $1.7 billion of new awards and contract adjustments in the second quarter of 2026, which resulted in backlog of $19.9 billion as of June 30, 2026, up slightly compared to backlog as of March 31, 2026. The largest additions to backlog in the second quarter of 2026 included the following: $652 million for a military facilities project in Guam; $143 million for two military facility projects in Alaska; $130 million of additional funding for a healthcare facility project in Texas; $114 million for an education facility project in Mississippi; and $106 million for a bridge project in Minnesota. The Company continues to have significant project bidding opportunities this year and beyond, particularly in the Indo-Pacific region, as well as in California, the Midwest, and the Northeast, and remains well positioned to continue winning its share of new projects. Overall, the Company's pipeline of potential projects over the next three to four years totals more than $200 billion, which is approximately three times larger than the pipeline from just a couple of years ago. Many of these prospects are expected to bid over the next one to two years. The Company expects its backlog will remain strong due to a combination of various near-term pursuits, significant additional funding anticipated in the second half of 2026 for the Midtown Bus Terminal Replacement project in New York, as well as certain Building segment projects currently in the preconstruction phase that are anticipated to advance to the construction phase this year and beyond. Tutor Perini expects to continue bidding selectively on various project opportunities that will drive long-term shareholder value. Strong Balance Sheet Total debt as of June 30, 2026 was $396 million, down 3% compared to $407 million at the end of 2025. As a result of the consistently strong operating cash flow in recent years, the Company's cash exceeded its total debt by $542 million as of June 30, 2026, continuing the Company's strong net cash position. As previously announced, the Company completed a refinancing of its outstanding debt on July 2, 2026 that significantly strengthens its capital structure and enhances financial flexibility. The transaction extended the Company's debt maturities, is expected to reduce annual interest expense on the Company's senior notes by approximately $21 million, and more than doubled the size of its revolving credit facility. The refinancing also delivered more favorable covenant terms, lower borrowing costs, and greater capacity to pursue strategic opportunities while continuing to return capital to shareholders. During the second quarter of 2026, the Company repurchased 137,374 shares of its common stock on the open market under the Board-authorized $200 million share repurchase program for $10 million at an average price of $72.78 per share. As of June 30, 2026, $170 million remained available for repurchases, and the Company expects to make further occasional opportunistic share buybacks in the future to return excess cash to shareholders. Outlook and Increased Guidance Based on the Company's strong results through the second quarter of 2026 and management's sustained confidence in its performance trajectory for the remainder of the year, the Company is raising its 2026 Adjusted EPS guidance to the range of $5.15 to $5.45 (up from the previous range of $4.90 to $5.30). The Company’s adjusted EPS for 2026 will exclude the impact of share-based compensation expense, net of the associated tax benefit, as well as certain pension settlement, debt extinguishment and refinancing costs, net of tax, that are anticipated in 2026 and which are not reflective of ongoing business operations. As previously disclosed, the Company is not providing forward-looking guidance for GAAP EPS or a quantitative reconciliation of adjusted EPS guidance to GAAP EPS guidance due to the difficulty in forecasting share-based compensation expense, which fluctuates with future share price movements. Variations in share-based compensation expense could have a material impact on GAAP EPS for the guidance period. The Company's guidance continues to factor in a significant amount of contingency for various unknown or unexpected developments. The Company remains confident that Adjusted EPS for 2027 will be substantially higher than the upper end of its increased 2026 guidance due to solid earnings visibility provided by current backlog. The Company continues to experience strong demand for its services, driven by well-funded state, local and federal customers that have numerous large-scale, high-priority infrastructure projects planned over the next several years, as well as by certain commercial customers that continue to advance projects for new or renovated buildings in vibrant end markets, such as healthcare, education, and hospitality and gaming. Quarterly Dividend Increased 50% Tutor Perini also announced that its Board of Directors has declared a $0.09 per share quarterly cash dividend, an increase of 50% compared to the previous dividend of $0.06 per share. The dividend will be payable on September 3, 2026, to shareholders of record as of the close of business on August 19, 2026. Management Remarks "We delivered outstanding results for the second quarter of 2026, highlighted by record revenue and operating income, record first half operating cash generation and, importantly, meaningfully and sequentially improved operating margins across all segments. Because of these strong results and our favorable outlook, we are raising our full-year 2026 adjusted EPS guidance to $5.15 to $5.45 and increasing our quarterly dividend by 50%," remarked Gary Smalley, Tutor Perini's Chief Executive Officer and President. "Tutor Perini's business momentum continues to grow as we advance work on our megaprojects, enabling us to demonstrate the durable growth and earnings power of our near-record backlog," added Mr. Smalley. "We expect that this backlog, together with our pipeline of prospective opportunities that has never been larger, will continue to translate into significantly higher revenue and earnings in 2026 and beyond. All combined, we strongly believe Tutor Perini today is a more compelling value investment opportunity than at any other point in our storied history." Non-GAAP Financial Measures To supplement our unaudited Condensed Consolidated Financial Statements presented under GAAP, we are presenting certain non-GAAP financial measures. These non-GAAP financial measures exclude items that are not reflective of ongoing business operations, including share-based compensation expense for the three and six months ended June 30, 2026 and 2025 (as well as the associated tax benefit), and for the second half of 2026, adjustments will also include certain pension settlement, debt extinguishment and refinancing costs (as well as the associated tax impacts). These non-GAAP financial measures are intended to provide additional insights that facilitate the comparison of our past and present performance, and they are among the indicators management uses to assess the Company’s financial performance and to forecast future performance. By presenting these non-GAAP financial measures, we aim to provide investors and stakeholders with a clearer understanding of our operating results and enhance transparency with respect to the key financial metrics used by our management in its financial and operational decision-making. These non-GAAP financial measures consist of adjusted net income attributable to the Company and adjusted diluted earnings per share. We exclude share-based compensation expense because this expense could result in significant volatility in our reported earnings, driven primarily by fluctuations in the expense recognized for certain long-term incentive compensation awards with payouts that are indexed to the Company’s common stock. By adjusting for share-based compensation, our non-GAAP measures present a supplemental depiction of our operational performance and financial health. This approach allows stakeholders to focus on our core operational efficiency and profitability without the variable impact to earnings caused by significant changes in our stock price. Our non-GAAP measures are intended to offer a consistent basis for evaluating the Company’s performance, which management believes is meaningful to stakeholders. The non-GAAP financial measures included in this earnings release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of these non-GAAP financial measures are found in the table below: Second Quarter 2026 Conference Call The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, August 5, 2026, to discuss the second quarter 2026 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349. The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay on the website shortly after the call. Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (https://investors.tutorperini.com/investor-overview/default.aspx), press releases, SEC filings, and public conference calls and webcasts. The information we post through these channels may be deemed material. Accordingly, investors should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts. The channels that we intend to use as a means of disclosing the information described above may be updated from time to time on our investor relations website. About Tutor Perini Corporation Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection. Forward-Looking Statements The statements contained in this release, including those set forth in the section "Outlook and Increased Guidance," that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: revisions of estimates of contract risks, revenue or costs; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; economic factors, such as inflation, tariffs, the timing of new awards, or the pace of project execution, which have resulted and may continue to result in losses or lower than anticipated profit; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; a significant slowdown or decline in economic conditions, such as those presented during a recession; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; decreases or delays in the level of federal, state and local government spending for infrastructure and other public projects; possible systems and information technology interruptions and breaches in data security and/or privacy; risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, labor conditions, and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings; the impact of inclement weather conditions, disasters and other catastrophic events outside of our control; risks related to government contracts (including government shutdowns and funding considerations) and related procurement regulations; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm; client cancellations of, delays in, or reductions in scope under contracts reported in our backlog, as well as prospective project opportunities, including as a result of government-related mandates; increased competition and failure to secure new contracts; significant fluctuations in the market price of our common stock, which could result in substantial losses for shareholders and potentially subject us to securities litigation; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws; public health crises, such as COVID-19, have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections; an inability to obtain bonding could have a negative impact on our operations and results; failure to meet our obligations under our debt agreements; we cannot guarantee the timing, amount, or payment of dividends on our common stock or that we will repurchase our common stock pursuant to our stock repurchase program; downgrades in our credit ratings; the exertion of influence over the Company by our executive chairman due to his position and significant ownership interests; impairment of goodwill or other indefinite-lived intangible assets; physical and regulatory risks related to climate change; and other risks and uncertainties discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 filed on February 26, 2026 and in subsequent reports that we file with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805447888/en/ Contacts Tutor Perini CorporationJorge Casado, 818-362-8391Senior Vice President, Investor Relations & Corporate Communicationswww.tutorperini.com