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Here are 1-3 brief analogies to describe Tutor Perini (TPC):

• Think of them as a publicly traded Bechtel.
• Like Fluor Corporation (FLR), but as a general contractor for major infrastructure and building projects.

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• Building Construction: Provides general contracting services for the construction of commercial, residential, government, healthcare, education, and entertainment facilities.
• Civil Construction: Offers construction services for large-scale infrastructure projects including highways, bridges, tunnels, mass transit, airports, and water treatment facilities.
• Specialty Contracting Services: Delivers mechanical, electrical, plumbing, and fire protection services, often integrated into their major projects.

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Tutor Perini (TPC) primarily serves governmental entities and large private corporations and developers. As a major general contractor, their business model involves undertaking large-scale, complex construction projects rather than selling recurring products or services to a fixed customer base. Consequently, their "major customers" are often the owners of these significant, often multi-year projects.

A substantial portion of Tutor Perini's clientele consists of federal, state, and local government agencies (e.g., transportation authorities, military branches, public works departments). These governmental entities do not have public stock symbols.

For their private sector work, Tutor Perini has undertaken projects for various public companies. Identified major clients for significant past projects include:

• MGM Resorts International (NYSE: MGM): Tutor Perini has been involved as a general contractor for major projects for MGM, including large casino and resort developments.
• Genting Berhad (KLSE: 3182): Tutor Perini was the general contractor for Resorts World Las Vegas, a significant integrated resort project developed by Genting Berhad.

It is important to note that the client relationships for general contractors are project-specific. While the above companies represent significant past clients, Tutor Perini continuously bids on and secures projects from a diverse range of public and private sector owners.

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Gary G. Smalley, Chief Executive Officer and President

Gary G. Smalley assumed the role of Chief Executive Officer and a member of the Board of Directors in January 2025, and has served as President since November 2023. Prior to this, he was Executive Vice President and Chief Financial Officer of Tutor Perini, joining the company in September 2015. Before joining Tutor Perini, Mr. Smalley spent nearly 24 years at Fluor Corporation, a multinational engineering and construction firm, where he held various financial management positions. His roles at Fluor included Senior Vice President and Controller for seven years, Group Chief Financial Officer for one of Fluor's business segments, and Vice President of Internal Audit. He also held audit positions with Ernst & Young and J.P. Stevens and Company. Mr. Smalley is a Certified Public Accountant, Certified Fraud Examiner, and a Chartered Global Management Accountant.

Ryan J. Soroka, Executive Vice President & Chief Financial Officer

Ryan J. Soroka has served as Executive Vice President and Chief Financial Officer since November 2023. He previously held various financial management roles of increasing responsibility at Tutor Perini, including Vice President and Chief Accounting Officer since April 2017, Vice President of Finance Operations from January 2015 to April 2017, and Vice President and Chief Financial Officer of Frontier-Kemper Constructors, Inc., a company subsidiary, from October 2013 to November 2016. Mr. Soroka also served as Director of Technical Accounting for Tutor Perini from June 2011 to October 2013. Before joining the company, he worked at Deloitte & Touche, LLP, most recently as a Manager in Assurance and Advisory Services. Mr. Soroka is a Certified Public Accountant (inactive) and holds a Bachelor of Science degree in Business Administration from the University of Southern California.

Ronald N. Tutor, Executive Chairman

Ronald N. Tutor has served as Executive Chairman of Tutor Perini's Board of Directors since January 2025. He previously served as Chief Executive Officer from the September 2008 merger of Tutor-Saliba Corporation and Perini Corporation until January 2025, and as Chairman of the Board since July 1999. Mr. Tutor's career began at A.G. Tutor Co., a real estate development company founded by his father in 1949. He later worked for Tutor-Saliba, which he co-founded in 1972 and served as Chairman, President, and Chief Executive Officer until its merger with Perini Corporation. In 2010, Mr. Tutor was a lead investor in the $650 million purchase of Miramax Films from The Walt Disney Company, investing between $35 million and $50 million. He sold his stake in Miramax Films to the Qatar Investment Authority in 2013. Mr. Tutor has also held roles as CEO of Perini Corporation since March 2000 and was a director since January 1997.

Jon Foad, President & Chief Executive Officer, Rudolph and Sletten, Inc.

Jon Foad is the President & Chief Executive Officer of Rudolph and Sletten, Inc., one of Tutor Perini's building companies. He previously served as President of Rudolph and Sletten. His background includes extensive experience in the construction industry within the building sector.

K. Peter Sukalo, President & Chief Executive Officer, Specialty

K. Peter Sukalo serves as President & Chief Executive Officer of the Specialty division within Tutor Perini. His responsibilities encompass overseeing the operations of the company's specialty contracting businesses.

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1. Execution and Cost Overrun Risks on Large Projects: Tutor Perini's business strategy heavily involves large, complex civil and building projects, which inherently carry substantial execution risks. These risks include potential delays, regulatory hurdles, and cost overruns, which can severely impact profitability. The company has faced persistent weak operating margins in certain segments, notably building and specialty contractor segments, and has reported operating losses. These challenges are exacerbated by fixed-price contracts, where cost overruns directly reduce profit.

2. Customer Concentration and Federal/State Funding Uncertainties: A significant portion of Tutor Perini's revenue, approximately 74% in a recent quarter, is derived from state, local, and federal government agencies. This high customer concentration exposes the company to considerable risk. Uncertainties regarding federal budget allocations, potential fiscal tightening by state and local agencies, or any policy changes that could reduce infrastructure funding, represent major downside risks to the company's revenue trajectory and project cash flows.

3. Litigation and Dispute Resolution Proceedings: Tutor Perini is frequently involved in various legal proceedings and dispute resolution matters. Unfavorable arbitration rulings or other legal setbacks can lead to substantial financial impacts, such as the $101.6 million impact from an unfavorable arbitration ruling related to a bridge project in California. Negative outcomes from these legal challenges could also damage the company's reputation, potentially affecting its ability to secure future contracts.

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For Tutor Perini (TPC), the addressable markets for their main products and services, which include Civil, Building, and Specialty Contractors segments, can be sized across North America, with specific figures available for the U.S., Canada, and key U.S. states where they have a significant presence.

Addressable Market Sizes:

• Overall U.S. Construction Market: The total U.S. construction market size is projected to reach approximately $3.7 trillion in 2025. Another estimate places the U.S. construction market at approximately $2.24 trillion in 2025.
• Canada Construction Market: The construction market in Canada is estimated to be approximately USD 359.80 billion in 2025.
• U.S. Specialty Trade Contractors Market: The U.S. specialty contracting industry has a combined annual revenue of approximately $875 billion.
• California Construction Market: Total construction spending in California was projected to be $78 billion in 2024. Specifically, the commercial building construction industry in California is estimated at $37.2 billion in 2025.
• New York City Construction Market: Construction spending in New York City is forecast to reach $74 billion by the end of 2025.
• Nevada Construction Market: Construction contributed $51.3 billion to Nevada's Gross Domestic Product (GDP) in 2021.

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Tutor Perini (TPC) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Execution of a Record and Growing Backlog: The company has consistently reported a substantial and increasing project backlog, which serves as a strong indicator of future revenue. The backlog reached a record $21.1 billion in Q2 2025 and $21.64 billion in Q3 2025, reflecting a significant pipeline of work that will translate into revenue as projects progress.
2. Increased Project Execution on Newer, Larger, and Higher-Margin Projects: Tutor Perini's recent revenue growth has been fueled by intensified execution activities on various newer, larger, and higher-margin projects, particularly within its Civil and Building segments. These include significant infrastructure undertakings such as the Honolulu Rail project, the Brooklyn Jail, the Manhattan Tunnel, the Newark Air Train replacement, and the Purple Line Section Three stations project in California.
3. Favorable Demand and Government Funding for Infrastructure Projects: Strong demand for infrastructure projects in the United States, bolstered by robust federal and state funding initiatives, is a significant tailwind for Tutor Perini. This sustained demand is expected to continue providing a steady stream of new project awards and opportunities.
4. Strategic Focus on Higher-Margin Opportunities: The company's strategic emphasis on securing higher-margin projects not only enhances profitability but also contributes to revenue expansion. This selective bidding approach in major infrastructure projects ensures that new awards are expected to deliver more favorable financial returns.
5. Anticipated Substantially Higher Earnings in Future Years: Tutor Perini has provided forward guidance indicating a return to solid earnings in 2025, with substantially higher earnings projected for 2026 and 2027. This expectation is directly linked to the progression of newer large projects into full construction phases, which will drive corresponding revenue growth to achieve these financial targets.

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Share Repurchases

• Tutor Perini has not made any significant share repurchases in the last 3-5 years.
• The company is considering initiating a share repurchase program in the future, pending its general corporate purpose cash reaching a comfortable level.

Share Issuance

• Tutor Perini issued $3.80 million in common equity in 2024 and $2.84 million in 2023.
• Share-based compensation expense increased significantly in 2024 and 2025, primarily due to an increase in the company's stock price affecting liability-classified awards.
• The company plans to issue share-settled equity instead of cash-settled equity to mitigate future earnings volatility and reduce share-based compensation expense.

Outbound Investments

• In August 2024, Tutor Perini acquired Dickerson & Bowen, Inc., a regional aggregates, asphalt, and highway construction company.

Capital Expenditures

• Capital expenditures were $37.409 million in 2024, $52.953 million in 2023, and $59.78 million in 2022.
• For 2025, capital expenditures are anticipated to be approximately $170 million to $180 million.
• The majority of the projected 2025 capital expenditures, approximately $120 million to $130 million, are expected to be owner-funded for large equipment, such as tunnel boring machines, on new projects.