BISMARCK, N.D.–(BUSINESS WIRE)–Everus Construction Group (NYSE: ECG) today reported financial results for the fourth quarter and full year 2024.
Fourth Quarter 2024 Summary
(all comparisons versus the prior-year period unless otherwise noted)
- Revenues of $759.7 million, up 19.5%.
- Net income of $34.4 million; net income margin of 4.5%.
- Diluted earnings per share of 67 cents.
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $58.3 million, up 0.2%; EBITDA margin of 7.7%, down 150 basis points.
- Completed spinoff from MDU Resources Group, Inc. on Oct. 31, 2024.
Full Year 2024 Summary
(all comparisons versus the prior year unless otherwise noted)
- Revenues of $2.85 billion, comparable to $2.85 billion in 2023.
- Net income of $143.4 million, up 4.5%; net income margin of 5.0%, up 20 basis points.
- Diluted EPS of $2.81, up 4.5%.
- EBITDA of $232.2 million, up 4.3%; EBITDA margin of 8.1%, up 30 basis points.
- Backlog of $2.8 billion, up 38.3% from prior year-end.
For definitions and reconciliations of EBITDA and EBITDA margin, see the Non-GAAP Measures sections of this news release.
Management Commentary
“Everus ended 2024 with strong results, including solid fourth quarter revenue and robust backlog. Our disciplined focus on our 4EVER strategy has ensured strong project execution, positive safety results and a year-end net leverage ratio well below our long-term target,” said Jeffrey S. Thiede, president and CEO of Everus. “Our 2024 EBITDA of $232 million was up 4% compared to 2023, with growth in both our E&M and T&D segments. With continued strong demand for our services, our backlog at Dec. 31 increased 38%, to $2.8 billion, compared to Dec. 31, 2023.
“We have strong momentum heading into 2025, and with our advantageous competitive position in diversified end markets that have ongoing favorable trends, we expect revenue in the range of $3.0 billion to $3.1 billion and EBITDA in the range of $210 million to $225 million for the year. This guidance reflects typical prudent projection of project timing and a shift in overall project mix compared to 2024. As we enter our first full year as a stand-alone company, we are well-positioned financially to continue executing on our capital allocation strategy that prioritizes investments in organic growth and strategic acquisitions while maintaining financial flexibility. We are extremely proud of our team’s dedication and excellent work as we continue safely Building America’s Future.”
For the definition and reconciliation of net leverage, see the Non-GAAP Measures sections of this news release.
Fourth Quarter 2024 Consolidated Results
Everus’ revenues increased to $759.7 million in the fourth quarter of 2024, compared to $635.7 million in the fourth quarter of 2023. Electrical and mechanical revenues grew $95.1 million, or 20.9%, and transmission and distribution revenues rose $28.2 million, or 15.2%.
The company’s gross profit increased to $86.3 million in the fourth quarter of 2024, compared to $79.8 million in the fourth quarter of 2023. Higher revenues drove the increase in gross profit. Gross profit margin was 11.4% in the fourth quarter of 2024, compared to 12.6% in the fourth quarter of 2023.
Everus’ net income decreased to $34.4 million, or diluted EPS of 67 cents, in the fourth quarter of 2024, compared to $36.4 million, or diluted EPS of 72 cents, in the fourth quarter of 2023. The decrease was primarily from higher selling, general and administrative expenses and interest expense related to the spinoff from MDU Resources, partially offset by increased gross profit and higher income from joint ventures. Net income margin was 4.5% in the fourth quarter of 2024, compared to 5.7% in the fourth quarter of 2023.
The company’s EBITDA was $58.3 million in the fourth quarter of 2024, comparable to $58.2 million in the fourth quarter of 2023. The modest increase was primarily from higher revenues and higher income from joint ventures, largely offset by higher selling, general and administrative expenses as expected from stand-alone operating costs. EBITDA margin was 7.7%, down 150 basis points compared to 9.2% in the fourth quarter of 2023.
Fourth Quarter 2024 Segment Results
Electrical and Mechanical
The company’s E&M segment revenues increased to $549.8 million in the fourth quarter of 2024, compared to $454.7 million in the fourth quarter of 2023. The increase was driven by higher workloads in the commercial, institutional, and service and other end markets, particularly in the data center submarket, partially offset by decreased workloads in the industrial and renewables end markets.
E&M segment net income increased to $31.9 million during the fourth quarter of 2024, compared to $26.6 million in the fourth quarter of 2023. E&M segment net income margin was 5.8%, compared to 5.9% in the fourth quarter of 2023.
E&M segment EBITDA increased to $42.7 million in the fourth quarter of 2024, compared to $36.4 million in the fourth quarter of 2023. The increase was driven by higher revenues and higher income from joint ventures, partially offset by lower gross profit margin and higher selling, general and administrative expenses. E&M segment EBITDA margin was 7.8%, compared to 8.0% in the fourth quarter of 2023.
Transmission and Distribution
Everus’ T&D segment revenues were $213.3 million during the fourth quarter of 2024, compared to $185.1 million in the fourth quarter of 2023. The increase was mostly driven by higher workloads in the utility end market, combined with a modest increase in revenues in the transportation end market. The utility market had higher workloads in the storm, underground, substation and telecommunication submarkets, and the transportation market had higher workloads in the traffic signalization and street lighting submarkets. These increases were partially offset by lower workloads in the distribution submarket.
T&D segment net income increased to $17.9 million during the fourth quarter of 2024, compared to $15.9 million in the fourth quarter of 2023. T&D segment net income margin was 8.4%, compared to 8.6% in the fourth quarter of 2023.
T&D segment EBITDA increased to $30.6 million in the fourth quarter of 2024, compared to $27.0 million in the fourth quarter of 2023. The increase was primarily from higher revenues, partially offset by lower gross profit margin and higher selling, general and administrative expenses. T&D segment EBITDA margin was 14.3%, compared to 14.6% in the fourth quarter of 2023.
Full Year 2024 Consolidated Results
Everus reported revenues of $2.85 billion in 2024, on par with $2.85 billion in 2023. Electrical and mechanical revenues softened $103.4 million, or 4.8%, while transmission and distribution revenues rose $102.5 million, or 14.0%.
The company’s gross profit increased to $339.5 million in 2024, compared to $321.9 million in 2023. Relatively consistent revenues, combined with a higher gross profit margin of 11.9% in 2024 as compared to 11.3% in 2023, drove the increase in gross profit.
Everus’ net income increased to $143.4 million, or diluted EPS of $2.81, in 2024, compared to $137.2 million, or diluted EPS of $2.69, in 2023. The increase was primarily from higher gross profit, higher income from joint ventures and lower interest expense, partially offset by higher selling, general and administrative expenses and increased income taxes. Net income margin was 5.0% in 2024, compared to 4.8% in 2023.
The company’s EBITDA increased to $232.2 million in 2024, compared to $222.6 million in 2023. The increase was primarily from higher gross profit and higher income from joint ventures, partially offset by higher selling, general and administrative expenses. As a result, EBITDA margin was 8.1% in 2024, compared to 7.8% in 2023.
Everus’ backlog increased to $2.8 billion at Dec. 31, 2024, compared to $2.0 billion at Dec. 31, 2023. E&M backlog was $2.5 billion, up from $1.7 billion, and T&D backlog was $274 million, down from $325 million.
Balance Sheet and Cash Flow Commentary
Balance Sheet
On Oct. 31, 2024, Everus entered into a five-year senior secured credit agreement whereby it has the capacity to incur indebtedness of up to $525.0 million, consisting of $300.0 million in aggregate principal amount of term loans and a $225.0 million revolving credit facility. Letters of credit are available under the credit agreement in an aggregate amount of up to $50.0 million. Everus drew $40.0 million under the revolving credit facility at the time of the spinoff on Oct. 31 to meet projected working capital needs. Everus used a portion of the net proceeds to repay its outstanding indebtedness to CEHI, LLC (Centennial), as well as a dividend to MDU Resources. Everus retained the remaining net proceeds.
In November 2024, Everus repaid the $40.0 million outstanding under the revolving credit facility and, as of Dec. 31, 2024, there were no amounts outstanding under the revolving credit facility.
As of Dec. 31, 2024, Everus had $69.9 million of unrestricted cash and cash equivalents, $300.0 million of gross debt and $209.4 million available under the revolving credit facility, net of $15.6 million of outstanding standby letters of credit.
Net leverage, defined as net debt-to-trailing 12 months EBITDA, was 1.0x as of Dec. 31, 2024. See the Non-GAAP Measures sections for definitions and reconciliations of net debt and net leverage.
Everus’ working capital, defined as current assets minus current liabilities, was $403.9 million at Dec. 31, 2024, compared to $335.2 million at Dec. 31, 2023.
Everus previously reported that its near-term priorities following the spinoff from MDU Resources are organic growth investments, value-enhancing acquisitions and balance sheet optimization.
Cash Flow
The company’s operating cash flows were $163.4 million for 2024, compared to $171.4 million for 2023. The decrease was driven by project timing, workload activity and billing fluctuations, with an increase in accounts receivable, partially offset by increases in accounts payable, net contract liabilities and other current liabilities, and a decrease in net contract assets.
The company’s capital expenditures were $48.3 million for 2024, compared to $35.6 million for 2023. The increase was primarily from vehicle and equipment investments to support the company’s growth.
Everus had free cash flow of $128.8 million for 2024, compared to $152.0 million for 2023. The decrease was primarily from lower operating cash flows, higher net capital expenditures and lower net proceeds from the sale of property. See the Non-GAAP Financial Measures sections of this news release for the definition and reconciliation of free cash flow.
Forecast for 2025
Everus has provided its estimated full-year guidance for 2025:
- Revenue is expected to be in the range of $3.0 billion to $3.1 billion.
- EBITDA is expected to be in the range of $210 million to $225 million, with EBITDA margins expected to be lower than 2024 due to public company stand-up costs and associated dis-synergies. See the Non-GAAP Financial Measures sections of this news release for further information and reconciliation.
- Gross capital expenditures for 2025 are expected to be in the range of $65 million to $70 million.
Basis of Presentation
Prior to the spinoff from MDU Resources on Oct. 31, Everus Construction, Inc., including its subsidiaries, operated as a wholly owned subsidiary of Centennial and an indirect, wholly owned subsidiary of MDU Resources and not as a stand-alone company. Following the separation, Everus Construction is now a wholly owned subsidiary of Everus. As a result, for periods prior to the separation, Everus’ financial information concerning results of operations, financial condition and cash flows, as well as the accompanying unaudited condensed consolidated financial statements, was prepared on a “carve-out” basis in connection with the spinoff and was derived from the unaudited condensed consolidated financial statements of MDU Resources as if Everus operated on a stand-alone basis. The calculation of basic and diluted earnings per share for periods presented prior to the spinoff have been retrospectively adjusted to the number of shares outstanding on Oct. 31, 2024, the separation and distribution date. It is assumed that there were no dilutive or anti-dilutive equity instruments as of Oct. 31 because there were no Everus stock-based awards outstanding for periods prior to the separation.
Non-GAAP Financial Measures
Throughout this news release, Everus presents financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), as well as non-GAAP financial measures, including EBITDA, EBITDA margin, net debt, net leverage and free cash flow, and, in some cases, applicable measures by segment. The use of these non-GAAP financial measures should not be construed as alternatives to net income, net income margin, total debt, gross leverage and operating cash flows. Everus believes the use of these non-GAAP financial measures are beneficial in evaluating the company’s financial performance. Please refer to the Non-GAAP Financial Measures sections contained in this news release for additional information.
Conference Call
Management will discuss Everus’ fourth quarter and full year 2024 results on a webcast at 10:30 a.m. EST Feb. 12. The webcast and accompanying presentation materials can be accessed at investors.everus.com by selecting “Events & Presentations” and “Everus Q4 Earnings Call.” After the conclusion of the webcast, a replay will be available at the same location.
Participants also can listen to the webcast by phone at 646-307-1963 for toll-based U.S. and international callers or at 800-715-9871 for toll-free U.S. callers, with conference ID 1034822.
About Everus Construction Group
Everus Construction Group, Inc., a member of the S&P SmallCap 600® index, is Building America’s Future™ by providing a full spectrum of construction services through its electrical and mechanical, and transmission and distribution specialty contracting services across the United States. These specialty contracting services are provided to utility, transportation, commercial, industrial, institutional, renewable and other customers. Its E&M contracting services include construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. Its T&D contracting services include construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as manufacturing and distribution of transmission line construction equipment and tools. For more information about Everus, visit everus.com or email investors@everus.com.
Forward-Looking Statements
Information in this news release includes certain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this news release, including statements about future performance, financial guidance, long-term targets and statements made by the CEO, are expressed in good faith and are believed by the company to have a reasonable basis. This news release highlights key growth strategies, projections and certain assumptions for the company and its subsidiaries and other matters for each of the company’s segments. Many of these highlighted statements and other statements not historical in nature are “forward-looking statements.” Although the company believes that its expectations are based on reasonable assumptions as of the date they are made, there is no assurance the company’s projections, including estimates for growth, shareholder value creation and financial guidance, will be achieved. Readers are encouraged to refer to assumptions contained in this news release, as well as the various important factors listed in Part I, Item 1A – Risk Factors in the company’s most recent Form 10 filing and subsequent filings with the Securities and Exchange Commission.
Changes in such assumptions and factors could cause actual future results to differ materially from growth and financial guidance. All forward-looking statements in this news release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, the company does not undertake any obligation to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, and changes in future operating results over time or otherwise.
|
Everus Construction Group, Inc. Condensed Consolidated Statements of Income (Unaudited) |
|||||||||||||||
|
|
Three months ended December 31, |
|
Years ended December 31, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(In thousands, except per share amounts) |
||||||||||||||
|
Operating revenues |
$ |
759,638 |
|
$ |
635,718 |
|
$ |
2,849,685 |
|
$ |
2,854,390 |
||||
|
Cost of sales |
|
673,381 |
|
|
|
555,938 |
|
|
|
2,510,234 |
|
|
|
2,532,472 |
|
|
Gross profit |
|
86,257 |
|
|
|
79,780 |
|
|
|
339,451 |
|
|
|
321,918 |
|
|
Selling, general and administrative expenses |
|
40,252 |
|
|
|
28,856 |
|
|
|
149,544 |
|
|
|
131,375 |
|
|
Operating income |
|
46,005 |
|
|
|
50,924 |
|
|
|
189,907 |
|
|
|
190,543 |
|
|
Interest expense |
|
5,200 |
|
|
|
3,471 |
|
|
|
14,023 |
|
|
|
16,954 |
|
|
Other income |
|
1,192 |
|
|
|
1,276 |
|
|
|
4,875 |
|
|
|
3,981 |
|
|
Income before income taxes and income from equity method investments |
|
41,997 |
|
|
|
48,729 |
|
|
|
180,759 |
|
|
|
177,570 |
|
|
Income taxes |
|
11,917 |
|
|
|
12,464 |
|
|
|
49,523 |
|
|
|
45,286 |
|
|
Income from equity method investments |
|
4,388 |
|
|
|
228 |
|
|
|
12,185 |
|
|
|
4,946 |
|
|
Net income |
$ |
34,468 |
|
|
$ |
36,493 |
|
|
$ |
143,421 |
|
|
$ |
137,230 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per share: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.68 |
|
|
$ |
0.72 |
|
|
$ |
2.81 |
|
|
$ |
2.69 |
|
|
Diluted |
$ |
0.67 |
|
|
$ |
0.72 |
|
|
$ |
2.81 |
|
|
$ |
2.69 |
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
50,976 |
|
|
|
50,972 |
|
|
|
50,973 |
|
|
|
50,972 |
|
|
Diluted |
|
51,075 |
|
|
|
50,972 |
|
|
|
51,072 |
|
|
|
50,972 |
|
|
Everus Construction Group, Inc. Condensed Consolidated Balance Sheets (Unaudited) |
|||||||
|
|
December 31, 2024 |
|
December 31, 2023 |
||||
|
|
(In thousands, except share and per share amounts) |
||||||
|
Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash, cash equivalents and restricted cash |
$ |
86,012 |
|
$ |
1,567 |
||
|
Receivables, net of allowances of $7,097 and $7,967, respectively |
|
590,028 |
|
|
|
449,626 |
|
|
Contract assets, net |
|
167,049 |
|
|
|
206,235 |
|
|
Due from related-party |
|
— |
|
|
|
11,507 |
|
|
Inventories |
|
43,750 |
|
|
|
42,709 |
|
|
Prepayments and other current assets |
|
30,390 |
|
|
|
17,651 |
|
|
Total current assets |
|
917,229 |
|
|
|
729,295 |
|
|
Noncurrent assets: |
|
|
|
||||
|
Property, plant and equipment, net of accumulated depreciation of $157,278 and $143,831, respectively |
|
134,409 |
|
|
|
116,018 |
|
|
Goodwill |
|
143,224 |
|
|
|
143,224 |
|
|
Other intangible assets, net of accumulated amortization of $10,334 and $8,738, respectively |
|
116 |
|
|
|
2,004 |
|
|
Operating lease right-of-use assets |
|
67,045 |
|
|
|
53,233 |
|
|
Investments |
|
21,286 |
|
|
|
8,413 |
|
|
Other |
|
5,154 |
|
|
|
272 |
|
|
Total noncurrent assets |
|
371,234 |
|
|
|
323,164 |
|
|
Total assets |
$ |
1,288,463 |
|
|
$ |
1,052,459 |
|
|
Liabilities and Stockholder’s Equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Current portion of long-term debt |
$ |
15,000 |
|
|
$ |
— |
|
|
Contract liabilities, net |
|
207,304 |
|
|
|
140,108 |
|
|
Accounts payable |
|
138,097 |
|
|
|
116,573 |
|
|
Taxes payable |
|
6,768 |
|
|
|
8,557 |
|
|
Due to related-party |
|
— |
|
|
|
14,615 |
|
|
Accrued compensation |
|
67,815 |
|
|
|
44,721 |
|
|
Current portion of operating lease liabilities |
|
26,354 |
|
|
|
21,143 |
|
|
Accrued payroll-related liabilities |
|
38,995 |
|
|
|
35,342 |
|
|
Other accrued liabilities |
|
13,037 |
|
|
|
13,001 |
|
|
Total current liabilities |
|
513,370 |
|
|
|
394,060 |
|
|
Noncurrent liabilities: |
|
|
|
||||
|
Long-term debt |
|
280,648 |
|
|
|
— |
|
|
Related-party notes payable |
|
— |
|
|
|
168,531 |
|
|
Deferred income taxes |
|
8,161 |
|
|
|
6,535 |
|
|
Operating lease liabilities |
|
41,200 |
|
|
|
32,504 |
|
|
Other |
|
22,472 |
|
|
|
1,979 |
|
|
Total noncurrent liabilities |
|
352,481 |
|
|
|
209,549 |
|
|
Total liabilities |
$ |
865,851 |
|
|
$ |
603,609 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Common stockholder’s equity: |
|
|
|
||||
|
Common stock, 300,000,000 shares authorized, $0.01 par value, 50,980,924 shares issued and outstanding at December 31, 2024; Common stock, stated value $1, no par value; 1,000 shares authorized, issued and outstanding at December 31, 2023 |
$ |
510 |
|
|
$ |
1 |
|
|
Other paid-in capital |
|
138,130 |
|
|
|
136,184 |
|
|
Retained earnings |
|
283,972 |
|
|
|
312,665 |
|
|
Total stockholder’s equity |
|
422,612 |
|
|
|
448,850 |
|
|
Total liabilities and stockholder’s equity |
$ |
1,288,463 |
|
|
$ |
1,052,459 |
|
|
Everus Construction Group, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||
|
|
Years ended December 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
||||||
|
Operating activities: |
|
|
|
||||
|
Net income |
$ |
143,421 |
|
|
$ |
137,230 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation |
|
23,384 |
|
|
|
21,051 |
|
|
Amortization of intangible assets |
|
1,888 |
|
|
|
2,097 |
|
|
Deferred income taxes |
|
1,626 |
|
|
|
(3,105 |
) |
|
Provision for credit losses |
|
(56 |
) |
|
|
6,202 |
|
|
Amortization of debt issuance costs |
|
263 |
|
|
|
— |
|
|
Stock-based compensation costs |
|
1,559 |
|
|
|
804 |
|
|
Unrealized gain on investments |
|
(585 |
) |
|
|
— |
|
|
Gain on sale of assets |
|
(7,231 |
) |
|
|
(8,174 |
) |
|
Equity in earnings of unconsolidated affiliates, net of distributions |
|
(8,055 |
) |
|
|
(4,946 |
) |
|
Changes in current assets and liabilities, net of acquisitions: |
|
|
|
||||
|
Receivables |
|
(140,345 |
) |
|
|
28,944 |
|
|
Due from related-party |
|
11,507 |
|
|
|
(489 |
) |
|
Contract assets, net |
|
39,186 |
|
|
|
16,863 |
|
|
Inventories |
|
(1,041 |
) |
|
|
(5,865 |
) |
|
Other current assets |
|
(12,814 |
) |
|
|
(4,390 |
) |
|
Accounts payable |
|
14,296 |
|
|
|
(21,782 |
) |
|
Due to related-party |
|
(2,135 |
) |
|
|
(2,803 |
) |
|
Contract liabilities, net |
|
67,196 |
|
|
|
15,713 |
|
|
Other current liabilities |
|
20,728 |
|
|
|
(6,933 |
) |
|
Other noncurrent changes |
|
10,585 |
|
|
|
921 |
|
|
Net cash provided by operating activities |
|
163,377 |
|
|
|
171,338 |
|
|
Investing activities: |
|
|
|
||||
|
Capital expenditures |
|
(48,278 |
) |
|
|
(35,590 |
) |
|
Net proceeds from sale or disposition of property |
|
13,706 |
|
|
|
16,214 |
|
|
Investments |
|
(2,489 |
) |
|
|
(596 |
) |
|
Net cash used in investing activities |
|
(37,061 |
) |
|
|
(19,972 |
) |
|
Financing activities: |
|
|
|
||||
|
Repayment of related-party notes payable |
|
— |
|
|
|
(45,000 |
) |
|
Repayment of related-party short-term notes payable |
|
— |
|
|
|
(27,000 |
) |
|
Issuance of long-term debt |
|
300,000 |
|
|
|
— |
|
|
Proceeds under the credit facility |
|
40,000 |
|
|
|
— |
|
|
Repayments under the credit facility |
|
(40,000 |
) |
|
|
— |
|
|
Payment of debt issuance costs |
|
(7,879 |
) |
|
|
— |
|
|
Contribution from MDU Resources |
|
13,531 |
|
|
|
— |
|
|
Net amounts received from related-party cash management program |
|
(168,531 |
) |
|
|
(10,584 |
) |
|
Transfers to Centennial and MDU Resources |
|
(178,992 |
) |
|
|
(69,327 |
) |
|
Net cash used in financing activities |
|
(41,871 |
) |
|
|
(151,911 |
) |
|
(Decrease) increase in cash, cash equivalents and restricted cash |
|
84,445 |
|
|
|
(545 |
) |
|
Cash, cash equivalents and restricted cash – beginning of year |
|
1,567 |
|
|
|
2,112 |
|
|
Cash, cash equivalents and restricted cash – end of year |
$ |
86,012 |
|
|
$ |
1,567 |
|
Everus Construction Group, Inc.
Segment and Other Financial Information
(Unaudited)
Revenues
The following table sets forth segment revenues for the periods indicated, as well as the percentage change from the prior period:
|
|
Three months ended December 31, |
|
Years ended December 31, |
||||||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
|
(In millions, except percentages) |
||||||||||||||||||||
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Electrical & Mechanical |
$ |
549.8 |
|
|
$ |
454.7 |
|
|
20.9 |
% |
|
$ |
2,031.5 |
|
|
$ |
2,134.9 |
|
|
(4.8 |
)% |
|
Transmission & Distribution |
|
213.3 |
|
|
|
185.1 |
|
|
15.2 |
% |
|
|
837.1 |
|
|
|
734.6 |
|
|
14.0 |
% |
|
Eliminations |
|
(3.4 |
) |
|
|
(4.1 |
) |
|
(17.1 |
)% |
|
|
(18.9 |
) |
|
|
(15.1 |
) |
|
25.2 |
% |
|
Total operating revenues |
$ |
759.7 |
|
|
$ |
635.7 |
|
|
19.5 |
% |
|
$ |
2,849.7 |
|
|
$ |
2,854.4 |
|
|
(0.2 |
)% |
Backlog
Backlog is a common measurement in the construction services industry. Everus’ determination of backlog consists of the uncompleted portion of services to be performed under job-specific contracts.
Contacts
Media Contact
Laura Lueder, director of communications, 701-221-6444
Investor Contact
Paul Bartolai, Vallum Advisors, 773-489-5692, investors@everus.com
