Everus Reports Third Quarter Results, Raises Guidance for 2025

Core Viewpoint - Everus Construction Group reported strong financial results for the third quarter of 2025, with significant revenue and EBITDA growth, and raised its guidance for the full year 2025, reflecting robust business momentum and project execution [1][3][6]. Financial Performance - Revenues increased by 29.7% to $986.8 million in Q3 2025, compared to $761.0 million in Q3 2024 [7]. - Net income rose by 36.4% to $57.0 million, with a net income margin of 5.8% [10][11]. - EBITDA grew by 36.9% to $89.0 million, with an EBITDA margin of 9.0% [12][10]. Segment Performance - The Electrical and Mechanical (E&M) segment saw revenues increase by 42.9% to $767.3 million, driven by strong demand in the commercial and renewables markets [14]. - The Transmission and Distribution (T&D) segment experienced a slight revenue decline of 2.2% to $223.4 million, although net income increased by 9.7% to $20.3 million [18][19]. Backlog and Market Activity - Backlog as of September 30, 2025, increased to $2.95 billion, up 6.0% from December 31, 2024 [13]. - Bidding activity remains healthy across commercial, industrial, and utility markets, indicating continued growth opportunities [4]. Guidance and Future Outlook - The company raised its full-year 2025 revenue guidance to a range of $3.55 billion to $3.65 billion and EBITDA guidance to $290 million to $300 million [6][38]. - The company expects ongoing momentum into 2026, focusing on long-term shareholder value [6]. Financial Position - As of September 30, 2025, the company had a net leverage of 0.5 times and approximately $340 million in available liquidity, indicating a strong financial position [5][29]. - Working capital increased to $523.5 million, driven by project timing and workload activity [30]. 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 prior year [31]. - Capital expenditures increased to $42.1 million, reflecting investments in vehicles, equipment, and building to support growth [32].