Financial Performance - Revenues increased 29.7% to $986.8 million in Q3 2025, compared to $761.0 million in Q3 2024[9] - Net income rose 36.4% to $57.0 million, with a net income margin of 5.8% in Q3 2025[12] - EBITDA increased 36.9% to $89.0 million, with an EBITDA margin of 9.0% in Q3 2025[14] - Everus reported operating revenues of $986.8 million for Q3 2025, a 29.7% increase from $761.0 million in Q3 2024[51] - Gross profit for Q3 2025 was $124.2 million, compared to $89.9 million in Q3 2024, reflecting a significant increase in profitability[51] - Basic earnings per share for Q3 2025 was $1.12, compared to $0.82 in Q3 2024, indicating strong earnings growth[51] - Operating income for Q3 2025 was $72.4 million, a 34.7% increase from $53.7 million in Q3 2024, highlighting improved operational efficiency[51] - Net income for the nine months ended September 30, 2025, was $146.5 million, up 34.4% from $109.0 million in the same period of 2024[55] - Net income for the twelve months ended September 30, 2025, was $180.9 million, an increase from $143.4 million for the twelve months ended December 31, 2024, representing a growth of 26%[72] - EBITDA for the twelve months ended September 30, 2025, reached $293.3 million, compared to $232.2 million for the twelve months ended December 31, 2024, reflecting a 26% increase[72] Segment Performance - The E&M segment saw revenues grow 42.9% to $767.3 million, driven by strong demand in the data center submarket[16] - The E&M segment generated revenues of $767.3 million in Q3 2025, up 42.9% from $536.9 million in Q3 2024, while the T&D segment saw a slight decline of 2.2% to $223.4 million[57] - The E&M segment contributed $66.9 million to EBITDA for the three months ended September 30, 2025, a significant increase of 64.0% from $40.8 million in the prior year[67] Guidance and Future Outlook - The company raised its 2025 revenue guidance to a range of $3.55 billion to $3.65 billion, up from previous estimates of $3.3 billion to $3.4 billion[39] - Everus has revised its full-year 2025 EBITDA guidance to a range of $290.0 million to $300.0 million, up from the previous guidance of $240.0 million to $255.0 million[69] - Everus plans to discuss its future performance and financial guidance during the Q3 earnings call scheduled for November 5, 2025[43] Cash Flow and Capital Expenditures - Operating cash flows for the nine months ended September 30, 2025, were $108.6 million, up from $82.7 million in the same period of 2024[32] - Free cash flow increased to $74.8 million for the nine months ended September 30, 2025, compared to $57.8 million in the same period of 2024[34] - Capital expenditures for 2025 are expected to be in the range of $65 million to $70 million[36] - Capital expenditures for the nine months ended September 30, 2025, were $42.1 million, compared to $34.5 million in 2024, indicating a 22% increase in investment[77] - The company reported net cash used in investing activities of $33.6 million for the nine months ended September 30, 2025, compared to $25.5 million in 2024[77] Balance Sheet and Leverage - Total assets increased to $1.62 billion as of September 30, 2025, from $1.29 billion at the end of 2024, showing robust asset growth[53] - The company's total liabilities increased to $1.05 billion as of September 30, 2025, compared to $865.9 million at the end of 2024[53] - Net leverage improved to 0.5x as of September 30, 2025, compared to 1.0x as of December 31, 2024[30] - Total net debt decreased to $158.8 million as of September 30, 2025, down from $230.1 million as of December 31, 2024, indicating improved financial leverage[73] - The company's net leverage ratio improved to 0.5x as of September 30, 2025, compared to 1.0x as of December 31, 2024[73] Other Financial Metrics - Cash, cash equivalents, and restricted cash rose to $149.2 million at the end of Q3 2025, up from $86.0 million at the end of 2024[54] - Interest expense, net for the nine months ended September 30, 2025, was $18.8 million, an increase from $14.0 million for the nine months ended December 31, 2024[72] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $108.6 million, up from $82.7 million in 2024, representing a 31% increase[77] - The EBITDA margin for the three months ended September 30, 2025, improved to 9.0%, up from 8.5% in the prior year[67] - The company is unable to provide a reconciliation of full-year 2025 EBITDA margin guidance to its nearest GAAP measure due to the unpredictability of non-GAAP adjustments[78]
Everus Construction Group, Inc.(ECG) - 2025 Q3 - Quarterly Results