Tutor Perini shrugs off tariffs and federal cuts amid strong Q1 2025

Image: Tutor Perini

Nonetheless, the company said it would “closely monitor” the issues, as it posted a 19% year-on-year increase in revenue for Q1 2025 to $1.25 billion.

The company is also sitting on a record order backlog of $19.4 billion, as of the end of Q1, which is an increase of 94% year on year. The company won $2 billion worth of new awards and contract adjustments over the period.

Tutor Perini said it experienced solid growth across all three of its segments as a result of increased project execution on certain newer, higher-margin projects.

Income from construction operations in Q1 was $65.3 million, up 34% on the same period a year ago.

The most significant contract awards of the period included the $1.2 billion Manhattan Tunnel project in New York, $241 million of additional funding for the Apra Harbor Waterfront Repairs project in Guam, and $99 million of additional funding for an existing electrical project in Texas.

The company said it expected its backlog to remain strong in 2025, having already won more than $500 million of other new awards in the second quarter of 2025.

Gary Smalley, Tutor Perini’s chief executive officer and president, said, “As we continue to execute work in our record backlog and as various megaprojects progress from the design to the construction phase, we believe strongly in our ability to drive exceptional earnings and cash flow over the next several years.”