TPC - Construction Company Tutor Perini's Stock Price Continues To Soar

2024-05-06 11:00:50 ET

Summary

• Tutor Perini 1Q revenue was up 35% and EPS were $0.30 compared to a loss of $0.95 in 1Q' 23.
• The company's latest backlog is $9.9822 billion, up from 1Q last year but down from the end of 2023.
• The potential for new mega projects is driving investor interest, but delays and cancellations pose a risk to future operations.
• Future earnings will have to increase sharply to justify the current stock price.

Tutor Perini Corp. ( TPC ) stock price has soared 255% from its twelve month low of $5.06. While their balance sheet has improved somewhat and they reported fairly strong 1Q'24 results, the major reason for the stock price increase is the expectations by investors that planned mega multi-billion dollar projects will actually begin construction in the near future. There are, however, a number of risks associated with some of these projects. This is an update to my prior TPC articles ....

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