Large Contractors Report Rising Revenue, Strong Backlogs

In the latest earnings reports, major contractors like Fluor, Tutor Perini, Granite Construction, and Skanska have announced revenue growth and solid backlogs in the first quarter, although not all have reported a profitable quarter.

Fluor’s first-quarter revenue reached nearly $4 billion, a 6.6% increase compared to the same period last year. The Urban Solutions division contributed $2.2 billion in revenue, marking a 45.8% year-over-year growth. The company’s total profit rose by 11% to $131 million, with a profit margin increase from 3.2% to 3.3%. The firm booked $5.3 billion in new awards for the division, resulting in a backlog of $20.2 billion.

Tutor Perini saw a 19% revenue increase to $1.3 billion in the first quarter, with net income rising by 77%. The company attributes its growth to increased project activities on high-margin projects. Tutor Perini’s backlog as of March 31 was $19.4 billion, up 94% from the previous year.

Granite Construction reported a 4.2% revenue increase to $700 million in the first quarter, with the Construction segment generating $614.6 million in revenue. The company’s revenue outlook for the year remains at $4.2 billion to $4.4 billion.

Skanska’s construction revenue for the first quarter rose by 15.6% to $4.4 billion, with total operating income up by 118% year-over-year. The company’s order backlog at the end of the first quarter was $27.5 billion, up 4.9% from the previous year.

Overall, these contractors have shown positive growth in revenue and backlogs, indicating a strong performance in the construction industry.