Nyse Order Imbalance 12367.0 Shares On Buy Side

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at construction and maintenance services stocks, starting with Great Lakes Dredge & Dock .

Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies’ offerings.

The 13 construction and maintenance services stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was in line.

Luckily, construction and maintenance services stocks have performed well with share prices up 13.3% on average since the latest earnings results.

Great Lakes Dredge & Dock

Founded as Lydon & Drews dredging company, Great Lakes Dredge & Dock provides dredging services, land reclamation, and coastal protection projects in the United States and internationally.

Great Lakes Dredge & Dock reported revenues of $195.2 million, up 2.1% year on year. This print fell short of analysts’ expectations by 3%, but it was still a strong quarter for the company with a beat of analysts’ EPS and EBITDA estimates.

Lasse Petterson, President and Chief Executive Officer, commented, “Great Lakes delivered another solid quarter, driven by strong project execution and high equipment utilization. We ended the quarter with revenue of $195.2 million, net income of $17.7 million, and adjusted EBITDA of $39.3 million. Our substantial dredging backlog stood at $934.5 million as of the end of the third quarter, with an additional $193.5 million in low bids and options pending award, providing revenue visibility for the remainder of 2025 and well into 2026. Capital and coastal protection projects account for over 84% of our dredging backlog, which typically yield higher margins for GLDD due to our experienced project teams and our extensive fleet.

Interestingly, the stock is up 34.3% since reporting and currently trades at $15.29.

Best Q3: Primoris

Listed on the NASDAQ in 2008, Primoris builds, maintains, and upgrades infrastructure in the utility, energy, and civil construction industries.

Primoris reported revenues of $2.18 billion, up 32.1% year on year, outperforming analysts’ expectations by 17.7%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Primoris pulled off the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 6.4% since reporting. It currently trades at $152.51.

Weakest Q3: WillScot Mobile Mini

Originally focusing on mobile offices for construction sites, WillScot provides ready-to-use temporary spaces, largely for longer-term lease.

WillScot Mobile Mini reported revenues of $566.8 million, down 5.8% year on year, falling short of analysts’ expectations by 2.3%. It was a softer quarter as it posted a miss of analysts’ Delivery and Installation revenue estimates and revenue guidance for next quarter missing analysts’ expectations significantly.

WillScot Mobile Mini delivered the slowest revenue growth in the group. Interestingly, the stock is up 3.2% since the results and currently trades at $20.19.

Read our full analysis of WillScot Mobile Mini’s results here.

Tutor Perini

Known for constructing the Philadelphia Eagles’ Stadium, Tutor Perini is a civil and building construction company offering diversified general contracting and design-build services.

Tutor Perini reported revenues of $1.42 billion, up 30.7% year on year. This number surpassed analysts’ expectations by 2.3%. Overall, it was a stunning quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is up 17.5% since reporting and currently trades at $79.83.

Read our full, actionable report on Tutor Perini here, it’s free.

Orion

Established in 1994, Orion provides construction services for marine infrastructure and industrial projects.

Orion reported revenues of $225.1 million, flat year on year. This result was in line with analysts’ expectations. It was a strong quarter as it also produced a beat of analysts’ EPS estimates and full-year EBITDA guidance slightly topping analysts’ expectations.

The stock is up 44.4% since reporting and currently trades at $12.52.

Read our full, actionable report on Orion here, it’s free.

Wrapping up Q3 earnings, we look at the numbers and key takeaways for the construction and maintenance services stocks, including Orion and its peers.

Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies’ offerings.

The 13 construction and maintenance services stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was in line.

Thankfully, share prices of the companies have been resilient as they are up 8.4% on average since the latest earnings results.

Orion

Established in 1994, Orion provides construction services for marine infrastructure and industrial projects.

Orion reported revenues of $225.1 million, flat year on year. This print was in line with analysts’ expectations, and overall, it was a strong quarter for the company with a beat of analysts’ EPS estimates and full-year EBITDA guidance slightly topping analysts’ expectations.

“We delivered another strong third quarter marked by top- and bottom-line results, robust cash generation, good bookings, and market-leading safety. We have also continued to advance strategic priorities, including expanding our bonding capacity by $400 million, continuing to strengthen our board with the appointment of Robert Ledford, and closing the sale of the East and West Jones property in October. With a strong balance sheet, disciplined capital deployment strategy, and focus on long-term strategic execution, our team is laying the foundation for Orion’s next phase of growth,” said Travis Boone, President and Chief Executive Officer of Orion Group Holdings.

Interestingly, the stock is up 23.1% since reporting and currently trades at $10.67.

Best Q3: Comfort Systems

Formed through the merger of 12 companies, Comfort Systems provides mechanical and electrical contracting services.

Comfort Systems reported revenues of $2.45 billion, up 35.2% year on year, outperforming analysts’ expectations by 13.2%. The business had an incredible quarter with a solid beat of analysts’ backlog estimates and a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 27.5% since reporting. It currently trades at $1,053.

Weakest Q3: WillScot Mobile Mini

Originally focusing on mobile offices for construction sites, WillScot provides ready-to-use temporary spaces, largely for longer-term lease.

WillScot Mobile Mini reported revenues of $566.8 million, down 5.8% year on year, falling short of analysts’ expectations by 2.3%. It was a softer quarter as it posted a miss of analysts’ Delivery and Installation revenue estimates and revenue guidance for next quarter missing analysts’ expectations significantly.

WillScot Mobile Mini delivered the slowest revenue growth in the group. Interestingly, the stock is up 12.9% since the results and currently trades at $22.07.

Read our full analysis of WillScot Mobile Mini’s results here.

Construction Partners

Founded in 2001, Construction Partners is a civil infrastructure company that builds and maintains roads, highways, and other infrastructure projects.

Construction Partners reported revenues of $899.8 million, up 67.2% year on year. This print was in line with analysts’ expectations. Taking a step back, it was a mixed quarter as it also recorded full-year EBITDA guidance beating analysts’ expectations but a significant miss of analysts’ organic revenue estimates.

Construction Partners scored the fastest revenue growth among its peers. The stock is up 9.1% since reporting and currently trades at $113.69.

Read our full, actionable report on Construction Partners here, it’s free.

Tutor Perini

Known for constructing the Philadelphia Eagles’ Stadium, Tutor Perini is a civil and building construction company offering diversified general contracting and design-build services.

Tutor Perini reported revenues of $1.42 billion, up 30.7% year on year. This number beat analysts’ expectations by 2.3%. It was a stunning quarter as it also put up a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The stock is up 7.7% since reporting and currently trades at $73.16.

Read our full, actionable report on Tutor Perini here, it’s free.

What Happened?

Shares of general contracting company Tutor Perini jumped 5.4% in the afternoon session after investor optimism grew following positive analyst commentary regarding the company's outlook for improved profitability and growth. 

Analysts noted the company was positioned for better profits as it worked to turn its higher-margin backlog into revenue. Projections also pointed to consistent operating profit growth extending into 2026. This view was supported by a strong performance in the first quarter of 2025, which featured solid revenue and backlog expansion across all of its business segments. Reflecting this positive outlook, the stock carried a "Strong Buy" consensus rating from analysts.

The shares closed the day at $74.24, up 5.3% from previous close.

What Is The Market Telling Us

Tutor Perini’s shares are very volatile and have had 21 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 24 days ago when the stock gained 2.9% on the news that the company announced two significant contract awards through its subsidiary, Rudolph and Sletten, bolstering its project backlog. 

The first contract, valued at approximately $155 million, was for the construction of the Diego Rivera Performing Arts Center at the City College of San Francisco. The second award was a $108 million contract from UC Davis Health to expand the Central Utility Plant at its Sacramento campus. These wins reinforced the company's strong track record in securing high-value projects and added to its already growing backlog, which reached a new high of $21.6 billion at the end of the third quarter of 2025. The new projects supported the company's long-term revenue visibility.

Tutor Perini is up 7.1% since the beginning of the year, and at $74.24 per share, has set a new 52-week high. Investors who bought $1,000 worth of Tutor Perini’s shares 5 years ago would now be looking at an investment worth $4,620.