Tutor Perini (NYSE: TPC) reported Q1 EPS of $0.31, $0.09 better than the analyst estimate of $0.22. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.25 billion.

• Revenue of $1.21 billion compared to $1.25 billion in Q1 2020
• Income from construction operations of $49.7 million, up 5% over prior year, driven by a shift toward higher-margin projects within the Civil segment
• Diluted earnings per share (“EPS”) of $0.31 compared to $0.34 in Q1 2020
• Backlog remains solid at $8.1 billion, with 59% comprised of higher-margin Civil projects

GUIDANCE:

Tutor Perini sees FY2021 EPS of $1.80-$2.20, versus the consensus of $2.02.

“Overall, we delivered solid first-quarter results that were modestly ahead of expectations,” commented Ronald Tutor, Chairman and Chief Executive Officer. Tutor continued, “We are currently bidding several large projects, with a large stream of other significant bids expected to occur later this year and continuing well into next year. We look forward to winning our share of these opportunities and resuming strong backlog growth in the second half of this year. We are also encouraged by the Biden Administration's strong focus on infrastructure investments and the potential for substantial federal infrastructure spending on the horizon, which would further bolster our already positive long-term business outlook.”

Based on the Company’s year-to-date results in 2021 and the current outlook for the remainder of the year, the Company is affirming its EPS guidance and still expects EPS to be in the range of $1.80 to $2.20.

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