Group 1 - The conference call is hosted by Bird Construction, featuring a presentation by Teri McKibbon, the President and CEO, followed by a Q&A session [1] - The company emphasizes that certain statements made during the call are forward-looking information based on management's expectations and estimates of future performance [2] - Management's comments may include forward-looking information that is subject to significant uncertainties and contingencies, which could lead to actual results differing materially from estimates [3]

IES Holdings (IESC) FY Conference Summary Company Overview - IES Holdings is a diverse electrical and technology systems company providing critical infrastructure products and services across North America, including markets such as data centers, e-commerce, high-tech manufacturing, semiconductor plants, healthcare, and education facilities [2][3] Financial Performance - For fiscal year 2024, IES reported total revenue of approximately $2.9 billion and operating income of $301 million, with an adjusted EPS of $9.62 per share [3] - Over the past five years, IES has achieved a compound annual revenue growth rate of 22% and an operating income growth rate of 48%, with operating margins increasing from just under 4% to 10.4% [7] Growth Strategy - The growth strategy is supported by a mix of organic growth and acquisitions, with a focus on capital investments to enhance business segments [5][6] - IES has been active in strategic acquisitions since fiscal 2019, which have contributed to robust compound annual growth [10] - The company emphasizes a disciplined capital allocation strategy, funding acquisitions primarily through cash flow from operations [6][11] Market Trends and Opportunities - Favorable macroeconomic conditions and three critical secular tailwinds are driving growth: 1. Investment in technology infrastructure, particularly for data centers to support AI advancements 2. Increased residential construction needs 3. Growing investments in manufacturing facilities in the U.S. [8][9] - The demand for IES's cabling and communications technology is increasing, alongside adjacent infrastructure solutions like enclosures and backup generators [10] Segment Performance Communication Segment - The communication segment has seen substantial growth, particularly driven by investments in data centers and high-tech manufacturing [12] - IES has opportunities for repeat business with many customers, indicating a strong market position [12][37] Residential Segment - The residential segment provides electrical, HVAC, and plumbing installation services, primarily in the Southern U.S., with Texas and Florida as key markets [24] - Despite current headwinds in the residential market, long-term outlook remains optimistic due to positive demographic trends and pent-up housing demand [26][38] Infrastructure Solutions - The infrastructure solutions segment focuses on custom power solutions, with significant growth driven by demand for generator enclosures, particularly in the data center market [27] - IES has expanded manufacturing capacity significantly over the past four years to meet growing demand [39] Commercial and Industrial Segment - This segment services commercial buildings and industrial facilities, facing competitive pressures but also benefiting from a strong balance sheet and disciplined capital allocation [32][33] - The company is focusing on expanding capabilities for large data center projects within this segment [46] Challenges and Outlook - The residential housing market faces challenges from affordability and high borrowing costs, which may persist in the short term [36] - However, IES is positioning itself to capitalize on the eventual recovery in the housing market by enhancing its plumbing and HVAC service lines and strengthening relationships with builders [38] Conclusion - IES Holdings maintains a positive long-term outlook across its end markets, leveraging a flexible capital structure and strong balance sheet to support growth initiatives [48]

Core Insights - Dycom Industries Inc. (DY) reported mixed results for Q2 fiscal 2026, with earnings exceeding estimates while contract revenues fell short of expectations [1][3][8] Financial Performance - Adjusted EPS for Q2 was $3.33, surpassing the Zacks Consensus Estimate of $2.86 by 16.4% and increasing 35.4% year-over-year [3][8] - Contract revenues reached $1.378 billion, missing the consensus estimate of $1.396 billion by 1.3%, but showing a year-over-year increase of 14.5% [3][8] - Adjusted EBITDA rose 29.8% to $205.5 million, with an EBITDA margin of 14.9%, expanding 175 basis points from the previous year [4][8] Operational Highlights - The backlog at the end of Q2 totaled $7.989 billion, a 16.9% increase year-over-year, with $4.604 billion expected to be completed in the next 12 months [5][8] - Cash flow improved as Days Sales Outstanding (DSOs) decreased by nine days, contributing to a significant backlog increase of over 20% year-over-year [2][5] Future Outlook - For Q3 fiscal 2026, Dycom anticipates contract revenues between $1.38 billion and $1.43 billion [7] - The company expects total contract revenues for fiscal 2026 to range from $5.290 billion to $5.425 billion, reflecting a year-over-year increase of 12.5% to 15.4% [10] Shareholder Actions - Dycom repurchased 200,000 shares for $30.2 million at an average price of $150.93 per share during the first two quarters of fiscal 2026 [6]

Core Viewpoint - WANG & LEE GROUP, Inc. has announced a 250-to-one share combination to increase its market price per share and maintain its Nasdaq listing, effective September 2, 2025 [1][2]. Group 1: Share Combination Details - The share combination will automatically convert every 250 pre-combination ordinary shares into one ordinary share, reducing the total shares from 174,679,566 to approximately 698,719 [2]. - The ordinary shares will continue trading on the Nasdaq under the symbol "WLGS" with a new CUSIP number G9T22C118 [2]. - No fractional shares will be issued; shareholders entitled to a fractional share will receive an additional whole share to avoid fractional shares in issue [3]. Group 2: Corporate Governance - The share combination does not require a vote from shareholders as per the laws of the British Virgin Islands [4]. - Transhare Corporation will act as the exchange agent for the share combination process [4]. Group 3: Company Overview - WANG & LEE GROUP, Inc. is a Hong Kong-based construction prime and subcontractor specializing in the installation of Electrical & Mechanical Systems, including low voltage electrical systems, mechanical ventilation, air-conditioning, fire service systems, and water supply and sewage disposal systems [5]. - The company provides design and contracting services across all trades in the construction industry, serving clients from small startups to large corporations [5].

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Core Insights - The second quarter of 2024 showed high production levels and a significant intake of new orders, aligning with full-year expectations for revenue and operating profit, while profit after tax improved due to the winding-up of loss-making international activities [1][6]. Order Intake and Order Book - New orders won in the second quarter amounted to DKK 8.1 billion, marking a high level for a single quarter [2]. - The order portfolio was valued at DKK 23 billion, providing strong resilience against potential market fluctuations, with DKK 11.6 billion in final and awarded orders, DKK 5.8 billion in awarded but not yet contracted orders, DKK 4.9 billion in future projects under construction partnerships, and DKK 0.7 billion in joint ventures [6]. Financial Performance - Revenue for the quarter was DKK 2,675 million, slightly up from DKK 2,665 million, with Enemærke & Petersen showing growth while MT Højgaard Danmark experienced a slight decline [6]. - Operating profit (EBIT) was DKK 100 million, down from DKK 124 million, impacted by capacity-building investments and losses in joint ventures [6]. - Profit after tax improved to DKK 68 million from DKK 52 million in the previous year, attributed to lower losses from discontinued operations [6]. - Cash flows from operating activities improved from an outflow of DKK 52 million to an inflow of DKK 76 million [6]. Guidance for Future Performance - The company maintains its guidance for 2025, expecting revenue to be around DKK 10.0-10.5 billion and operating profit (EBIT) to be DKK 400-450 million [3][6]. - The outlook is supported by a high order coverage, a solid pipeline, and strong exposure to growth segments of the market [3].

Group 1: Everus Construction Group, Inc. (ECG) - Everus Construction provides a full spectrum of construction services, focusing on electrical, mechanical, and transmission and distribution specialty contracting services primarily in the United States [1] - The company has a Zacks Rank of 1 (Strong Buy) and has seen a Zacks Consensus Estimate for current year earnings increase by 8.3% over the last 60 days [1] - Everus Construction's shares have gained 23% over the last three months, outperforming the S&P 500's gain of 9.3%, and it possesses a Momentum Score of A [2] Group 2: nVent Electric (NVT) - nVent Electric specializes in electrical connection and protection solutions, including design, manufacturing, marketing, installation, and servicing [3] - The company holds a Zacks Rank of 1 and has experienced a 6.5% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [3] - nVent Electric's shares have increased by 34.7% over the last three months, significantly outperforming the S&P 500's gain of 9.3%, and it has a Momentum Score of B [3] Group 3: Harrow, Inc. (HROW) - Harrow is an eyecare pharmaceutical company focused on the discovery, development, and commercialization of innovative ophthalmic pharmaceutical products primarily for the U.S. market [4] - The company has a Zacks Rank of 1 and has seen a substantial increase of 47.4% in the Zacks Consensus Estimate for current year earnings over the last 60 days [4] - Harrow's shares have surged by 56.2% over the last three months, greatly exceeding the S&P 500's gain of 9.3%, and it possesses a Momentum Score of B [4]

Financial Data and Key Metrics Changes - The company's second quarter revenue increased by 31% year-over-year, reaching $921.5 million, driven by strong performance in the Electrical and Mechanical (E and M) segment and improved results in the Transmission and Distribution (T and D) segment [5][14] - EBITDA for the second quarter rose by 36% to $84.2 million, with EBITDA margins increasing to 9.1% from 8.8% in the prior year [6][14] - Total backlog at the end of the second quarter was $3 billion, up 24% from the same period last year [6][15] Business Line Data and Key Metrics Changes - E and M segment revenues increased by 42% to $713.6 million, with EBITDA rising by 53% to $63.7 million, resulting in an EBITDA margin of 8.9% [17] - T and D segment revenues grew by 3% to $212.4 million, with EBITDA increasing by 19% to $30.4 million, leading to an EBITDA margin of 14.3% [18] Market Data and Key Metrics Changes - The company noted strong demand trends in key end markets, particularly in data centers and hospitality, with no significant weather impacts reported during the quarter [10][32] - The utility end market showed increased activity, especially in the underground submarket, contributing to the growth in the T and D segment [7][18] Company Strategy and Development Direction - The company aims for long-term organic revenue growth of 5% to 7% compounded annually, with EBITDA growth of 7% to 9% on a compound annual basis [12] - The focus remains on attracting and retaining key talent, with a record employment level achieved during the quarter [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate continued backlog growth, citing strong customer relationships and favorable trends in key markets [7][23] - The company raised its 2025 revenue guidance to a range of $3.3 billion to $3.4 billion, reflecting strong execution and favorable demand drivers [20] Other Important Information - The company is pursuing several larger projects in the T and D segment, indicating a shift in trend and potential for growth [45] - The company is actively exploring inorganic growth opportunities, with a focus on companies that align with its values and operational standards [54] Q&A Session Summary Question: Capability to convert backlog and fill gaps with book and burn work - Management highlighted the importance of timing and resource allocation in project execution, emphasizing their strong position to support growth [26][27] Question: Weather impact on T and D and hospitality outlook - No weather impacts were reported in the second quarter, and there was an uptick in hospitality work in Las Vegas, although it has not yet returned to pre-pandemic levels [32] Question: Sustainability of gross margin improvements - Management noted that efficiency gains from prefab investments and strong project execution contributed to gross margin improvements, with ongoing investments planned [38] Question: Book to bill ratio and demand environment - The book to bill ratio was slightly below one, attributed to the lumpiness of backlog and timing of project awards, with a year-to-date ratio of 1.1 indicating strong demand [41][42] Question: Growth rates in the back half of the year - Management indicated that growth rates may be tempered in the second half due to tougher comparisons, with E and M expected to grow at a faster rate than T and D [48] Question: Pipeline for M&A opportunities - The company is actively pursuing M&A opportunities, bolstered by the hiring of a new vice president of corporate development, with a focus on geographic expansion [54] Question: Cash flow and working capital management - Management expressed confidence in their ability to generate cash flow in the second half of the year, despite increased working capital needs for new projects [57]

Second Quarter 2025 Performance - Revenue grew by 31% year-over-year, reaching $921.5 million in the second quarter of 2025, driven by strong performance in the E&M segment[29] - Backlog increased by 24% year-over-year, reaching $30 billion, with E&M backlog up 24% and T&D backlog up 21%[30, 34] - EBITDA increased by 36% year-over-year, reaching $842 million in the second quarter of 2025, driven by strong revenue growth and margin expansion[31, 34] - EBITDA margin expanded by 30 basis points to 91% in the second quarter of 2025[10, 33] Segment Performance - E&M revenues increased by 42% in the second quarter of 2025, driven by continued momentum in data center work, reaching $7136 million[13, 37] - E&M EBITDA increased by 53% with a 70 bps margin expansion[13, 39] - T&D revenues increased by 3% in the second quarter of 2025, driven by growth in both transportation and utility end markets, reaching $2124 million[13, 40] - T&D EBITDA increased by 19%, driven by a 200 bps margin expansion[13, 43] Financial Position and Guidance - The company had $274 million in total unrestricted cash and cash equivalents and revolver availability as of June 30, 2025, with a net leverage of 08x[14, 52] - The company is raising its 2025 revenue guidance to $33 billion - $34 billion and EBITDA guidance to $240 million - $255 million[53]

Key Takeaways Tutor Perini Corp. (TPC) recently beat on earnings and raised full year guidance as it has a record construction backlog. This Zacks Rank #1 (Strong Buy) is expected to grow revenue by 20.6% this year. Tutor Perini is a civil, building and specialty construction company offering general contracting and design- build services to private clients and public agencies worldwide. It specializes in executing large, complex projects. Tutor Perini has a market cap of $3 billion. Tutor Perini Beats and ...