Financial Data and Key Metrics Changes - The fourth quarter revenue was almost $1.9 billion, an increase of $116.4 million or almost 7% compared to the prior year, driven by growth in both the Energy and Utility segments [26] - Gross profit for the fourth quarter declined by $9.6 million, or approximately 5% to $175 million, with overall gross margins at 9.4%, compared to 10.6% in the prior year [26][27] - For the full year 2025, revenue was up $1.2 billion to almost $7.6 billion, primarily driven by double-digit growth in both segments [28][29] Business Line Data and Key Metrics Changes - In the Utility segment, revenue was up over 10% from the prior year, driven by growth across all business lines, with gas operations and power delivery leading the growth [30] - The Energy segment revenue grew almost 25%, primarily driven by renewables, partially offset by lower industrial and pipeline revenue [17][28] - Renewables grew over 50% in 2025, with significant revenue pulled forward into 2025 due to project resequencing [31] Market Data and Key Metrics Changes - The total backlog at year-end was over $11.9 billion, with total MSA backlog up over 20% compared to the prior year [35] - The average increase in CapEx by the largest utility customers suggests a 50% increase in spending over the next five years compared to the previous five years [11] - The demand for power generation is projected to grow by 50% over the next decade, driven by data centers and increased electrification [10][11] Company Strategy and Development Direction - The company aims to improve margins, generate cash flow, and be the best allocators of capital in the industry, focusing on attracting and retaining talent [39] - There is a commitment to investing in people and systems to enhance execution efficiency and improve gross margins [87] - The company is positioned to assist clients in generating power and providing transmission and distribution solutions to meet growing demand [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong end markets and the company's ability to adapt to changes, emphasizing the importance of relationships with clients [62] - The company expects to see improvements in margins and cash flow in 2026, with a focus on executing projects effectively [22][37] - Management highlighted the importance of maintaining a strong balance sheet to support growth and pursue acquisitions [35][88] Other Important Information - The company increased its labor force by more than 2,800 people in 2025 to meet client needs [13] - The company plans to invest in a new facility for its Premier PV business line in 2026 to increase capacity and align with customer demand [24] Q&A Session Questions and Answers Question: On the gas generation business, how much of the $1.5 billion-$2 billion bidding activity might convert to revenues in 2026 and 2027? - Management indicated that the funnel of opportunities in gas generation is solid, with a meaningful burn expected in 2026, and a line of sight to nearly $6 billion in opportunities [41][42] Question: Can you share more on the challenges faced in renewables and what changes have been made to avoid them in the future? - Management acknowledged underestimating geotechnical conditions in certain projects, leading to cost overruns, and emphasized investments in project leadership to mitigate future issues [45][47] Question: What is the focus on execution moving into 2026? - Management highlighted the importance of better estimating, project controls, and change management as key areas to improve execution across the enterprise [52][53] Question: What is the coverage on guidance and what areas need more bookings to hit targets? - Management expressed confidence in their guidance, noting that while strong backlog supports it, additional bookings in pipeline projects are still needed [56][58] Question: Can you discuss the opportunities in the utility side, especially in Texas? - Management noted Texas as a fertile location for energy markets, with strong relationships and opportunities for power generation and data center clients [61][62]

on 13-Feb-2026 13 February 2026 Midcap Research When AI threatens the moat #2: Our selection of "AI risk-proof" long ideas Aleksander Peterc +33 1 57 29 45 25 aleksander.peterc@bernsteinsg.com Marie Line Fort +33 1 42 13 85 21 marie-line.fort@bernsteinsg.com Philippe Lorrain +33 1 42 14 75 16 philippe.lorrain@bernsteinsg.com Victor Acitores +34 915 893 901 victor.acitores@bernsteinsg.com +44 20 7676 8355 will.kirkness@bernsteinsg.com Marios Pastou +44 20 7676 6881 marios.pastou@bernsteinsg.com Building on o ...

Initial 13-site deployment with UK subsidiary of global construction firm employing 35,600 employees across 50+ countries, validates commercial scalability and ROI of INBS’s fingerprint drug testing technologyNEW YORK, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) (“INBS” or the “Company”), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced a partnership with Bouygues UK, a subsidiary of Bouygues Construction, a multi ...

Overall, analysts say the ongoing tussle in the index reflects prevailing uncertainty on the global front, while domestic cues remain largely muted.Hindustan Zinc, BPCL, Bharti Airtel, In the wake of the recently disclosed discrepancy in Haryana government-linked accounts, IDFC First Bank said it will introduce an additional layer of system-driven controls for high-value, branch-based transactions. Under the proposed framework, any transaction exceeding a predefined threshold will require mandatory customer ...

UFP Industries Announces Fourth Quarter 2025 Results [Accessibility Statement] Skip NavigationGRAND RAPIDS, Mich., Feb. 23, 2026 /PRNewswire/ -- UFP Industries, Inc. (Nasdaq: UFPI) a leading manufacturer focused on delivering value-added products across its Retail, Packaging, and Construction segments reported results for the fourth quarter 2025.- Cash flows from operating activities in 2025 was $546 million. Free cash flow1 of $451 million was used to repurchase nearly $450 million of our shares.- New prod ...

This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Pete Tuffo has clear ideas on promoting the right people. An executive at Boston-based Suffolk Construction, Tuffo is president of the builder’s Florida Gulf Coast region, Las Vegas office and National Gaming segment. In his 14 years with Suffolk, he’s not only overseen diverse segments but has had a hand in the promotion and hiring of five executives to he ...

Group 1 - Indian shares are expected to open higher following the US Supreme Court's ruling against Trump's tariffs, which has led to a temporary increase in tariffs on US imports from 10% to 15% [1][2] - The Indian trade delegation's plans to visit Washington have been delayed due to the uncertainty surrounding tariffs, which were intended to finalize an interim trade deal [3] - Domestic equities are anticipated to start positively, with export-oriented sectors likely to benefit from supportive trade developments [4] Group 2 - IDFC First Bank may experience a decline after announcing an investigation into a suspected fraud of $65 million involving local government accounts [5] - RailTel has received a letter of intent for a modernization project in Maharashtra valued at 11.36 billion rupees ($125.2 million) [7] - Vikram Solar has signed a 20 billion-rupee agreement with Jupiter International to procure 2 GW of solar cells [7]

大红的"封顶大吉"横幅高挂在施工楼顶，工地建设现场一派热火朝天的景象。位于海南省海口市江东新 区的海南国际智慧物贸云港项目现场，工人们正与时间赛跑，力争在春节前做好外立面施工的各项准备 工作，项目施工"栋号长"宫琦琳忙碌地在各个施工作业现场指挥调度。 "我们既要打造让群众满意的好房子，更要坚持质量品质底线，打造海南自贸港的样板工程。"在中铁建 设集团海口市博雅片区（二期）城市更新项目施工现场，项目副经理吴维寿说，目前400余名工人正在 加紧施工，进行工程外立面施工和隔墙板、门窗安装等工作。 "如何让昔日城中村变为高品质宜居社区？中铁建设通过全链条品质管控与创新赋能，为城市更新项目 建设树立了标杆。"谈起工程亮点，吴维寿说，从方案编制到验收交付，项目针对渗漏、开裂等常见质 量问题建立了"策划—管控—验收"全闭环机制，交付验收更是量化到"毫米级"，严格对标实测实量标 准，确保每一套房子都经得起业主检验。此外，项目主动提升无障碍、适老化、智能化水平，让住宅适 配更多群体需求。项目建成后将大幅改善片区居民生活环境和居住条件，打造水景交融的生态宜居社 区。 海口江东新区管理局建设统筹部相关负责人介绍，江东新区结合区域规 ...

GLEN BURNIE, Md., Feb. 20, 2026 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Company”) (OTCQX: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today that current board member and local business leader, Jay Baldwin, has assumed the role of Chair of the Board of Directors effective immediately. Baldwin succeeds John “Jack” E. Demyan who announced his retirement at the February 19, 2026, meeting of the Glen Burnie Bancorp Board of Directors. Demyan retires after serving as Chair si ...

[music] Stocks, bonds, ETFs, straight out of downtown Chicago. This is [music] Zach's Market Edge. Welcome to Zach's Market Edge, the [music] podcast about investing in your life. I'm your host, Tracy Brinick, and this week I'm going solo again to talk about the new Magnificent Stocks. I've kind of hinted at this on prior podcasts earlier this year when we were talking about just the hot breakout stocks and a lot of people have basically thrown in the towel on the MAG 7. I think 2025 was its final year so i ...