DA Davidson analyst Brent Thielman lowered his price target on Tutor Perini after its "significant shortfall" in Q2 earnings driven by impairment charges, ongoing difficulties in Specialty and weather delays. The analyst maintains his Buy rating however and sees the company's progress toward cash collection as "encouraging". Thielman also notes that Tutor Perini's Civil segment will be the primary earnings driver in the coming 2-3 years, and believes that this business unit has just "scratched the surface" on new work execution.

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Ronald Tutor, Chairman and Chief Executive Officer, remarked, "We delivered great results that were better than expected for the first quarter of 2024, including solid revenue growth and profitability in our Civil and Building segments, strong backlog growth compared to the prior year, and the second-highest operating cash flow result of any first quarter since 2008. We continue to anticipate that our backlog will grow significantly later this year and in 2025, as we pursue and expect to capture our share of various large project opportunities amid a very strong, multi-year demand environment supported by federal, state and local government funding sources, and limited competition for many of the larger projects."

Reports Q1 revenue $1.05B, two estimates $874.63M.