The stock plunged 14.6% post-earnings as investors were disappointed by margin pressures and cautious segmentation outlooks despite revenue growth and record cash flow, signaling concerns about profitability sustainability and project execution risks.

• Revenues rose 11% year-over-year to $1.4 billion, the highest first quarter since 2009, driven by early-stage, large, higher-margin projects with significant remaining scope.
• Operating cash flow hit a record $147 million, reflecting strong collections on new and ongoing projects.
• Civil segment operating income increased 10% with a 12.6% margin, while the Building segment saw a 56% jump in operating income but only a 3.5% margin, indicating ongoing margin pressure.
• Specialty Contractors segment was only marginally profitable this quarter, raising questions about the pace of its planned margin improvements.
• Backlog remains robust at $19.8 billion with significant new awards; however, investor caution appears tied to the outlook for margin sustainability and execution risks on large, complex projects.