Financial Data and Key Metrics Changes - The company reported consolidated revenue growth of 23% to $193.7 million for the first quarter of fiscal 2026, with a gross margin of 19% [6][21] - Net income increased to approximately $22.6 million or $1.6 per diluted share, up from $7.9 million or $0.58 per diluted share year over year [6][24] - EBITDA rose to $30.3 million, representing 15.6% of revenues, compared to $11.9 million or 7.5% for the same period last year [6][25] - The company achieved a record backlog of $1.9 billion as of April 30, 2025, reflecting a 36% increase from January 31, 2025 [7][17] Business Segment Data and Key Metrics Changes - Power Industry Services segment revenues increased by 45% to $160 million, contributing 83% of total revenues, with a pretax book income of approximately $31 million [11] - Industrial Construction Services segment revenues decreased to $29 million from $44 million, contributing 15% of total revenues, with a pretax book income of approximately $2 million [11][12] - Telecommunications Infrastructure Services segment contributed 2% of total revenues, with a gross margin of 18% [13][23] Market Data and Key Metrics Changes - The company noted a substantial increase in power demand, reaching its highest level in two decades, driven by AI data centers, onshoring of manufacturing, and electric vehicle adoption [8][14] - The current project backlog is comprised of approximately 67% natural gas projects and 28% renewable energy projects [14][15] Company Strategy and Development Direction - The company plans to maintain its presence in renewable energy while focusing on natural gas projects as the core growth engine [18][29] - The company aims to leverage its capabilities in constructing both traditional and renewable energy facilities to meet the increasing demand for reliable power [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand environment, expecting attractive project opportunities for the next decade [9][30] - The company highlighted the urgency to meet power consumption increases coinciding with aging infrastructure and underinvestment in energy [29][30] Other Important Information - The company has a strong balance sheet with $546 million in cash and investments, net liquidity of $315 million, and no debt as of April 30, 2025 [9][26] - The board increased the share repurchase program to $150 million, reflecting a disciplined capital allocation strategy [9][28] Q&A Session Summary Question: What does the pipeline look like for the rest of the year? - Management indicated a strong pipeline and expects to add several power industrial jobs, potentially exceeding $2 billion in backlog later this year [35][37] Question: What is the outlook for the Industrial business segment? - Management acknowledged a slight contraction but noted strong interest in the segment, expecting revenues to increase meaningfully over the next several quarters [39] Question: Can you quantify the excess margin from projects like Trumbull? - Management stated that the gross margins reflect strong execution and a favorable project mix, expecting to exceed last year's margin profile [42] Question: Is the current project timeline of three to four years a permanent change? - Management attributed the extended timeline primarily to supply chain issues, indicating that it may not revert to previous timelines [48]

Financial Data and Key Metrics Changes - Consolidated revenue growth for fiscal 2025 was 52%, reaching $874 million, with a gross margin of 16.1% and record diluted EPS of $6.15 [8][31] - Fourth quarter revenues increased 41% to $232.5 million, with a gross profit of approximately $47.6 million, reflecting a gross margin of approximately 20.5% [27][28] - Net income for the fourth quarter was $31.4 million, or $2.22 per diluted share, compared to $12 million, or $0.89 per diluted share for the same quarter last year [30] Business Segment Data and Key Metrics Changes - Power industry services segment revenues increased 65% to $197 million for the fourth quarter, representing 85% of total revenues [12] - Industrial construction services revenues decreased to $33 million from $41 million in the fourth quarter of fiscal 2024, contributing 14% of consolidated revenues [13][31] - Gross margins for the power industry services, industrial construction services, and telecommunications infrastructure services segments were 16.7%, 13.3%, and 23.8% respectively for fiscal 2025 [32] Market Data and Key Metrics Changes - The project backlog at January 31, 2025, was approximately $1.4 billion, an 80% increase compared to $757 million at January 31, 2024 [9][34] - The current project pipeline includes a significant portion of natural gas projects (54%) and renewable projects (42%) [17] Company Strategy and Development Direction - The company aims to leverage core competencies to capitalize on market opportunities while maintaining disciplined risk management [45] - The focus remains on strengthening its position as a partner of choice in constructing power generation facilities and driving organic growth [46] - The company anticipates that natural gas projects will be the core of its growth engine for the foreseeable future [35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand environment for energy resources, citing the urgent need for additional power generation capabilities [10][44] - The company noted that the aging power infrastructure and underinvestment in power facilities present significant opportunities for growth [43] - Management highlighted the importance of project execution and the ability to deliver on time and on budget as key competitive advantages [17][25] Other Important Information - The company has a strong balance sheet with $525 million in cash and investments, net liquidity of $301 million, and no debt [11][39] - The annual dividend rate was increased to $1.50 per common share, reflecting the strength of the business [11][41] - An investor day is scheduled for April 8, 2025, at the New York Stock Exchange [48] Q&A Session Summary Question: Can you break down the 20.5% gross margin further? - Management indicated that higher margins reflect strong execution and a favorable project mix, with more U.S.-based revenues contributing positively [52] Question: What needs to happen for the 1.2 gigawatt project to enter backlog? - Management stated that the full notice to proceed is required, and they are confident it will start in the summer [56] Question: Any updates on the interconnect side and potential impacts from the new administration? - Management noted progress by grid operators in addressing bottlenecks, but highlighted supply chain challenges as a larger headwind [58][59] Question: What is the status of the 405 megawatt solar project? - Management confirmed that it is a large project and is being executed well, with completion expected in calendar 2026 [62] Question: Can you provide insight into the project pipeline and customer base? - Management indicated that the pipeline is largely U.S.-based, with a focus on independent power producers, but they are open to all potential customers [70][75] Question: How do you see the trend in the industrial business? - Management reported strong demand for TRC and noted that new contracts have been added post-year-end, expecting revenue growth later in the year [77]

Financial Data and Key Metrics Changes - Consolidated revenue growth for fiscal year 2025 was 52%, reaching $874 million, with a gross margin of 16.1% and record diluted EPS of $6.15 [6][23] - Fourth quarter revenues increased by 41% to $232.5 million, with a gross profit of approximately $47.6 million, reflecting a gross margin of 20.5% [20][21] - Net income for the fourth quarter was $31.4 million, or $2.22 per diluted share, compared to $12 million, or $0.89 per diluted share for the same quarter last year [22][24] Business Line Data and Key Metrics Changes - Power Industry Services segment revenues increased by 65% to $197 million for the fourth quarter, contributing 85% of total revenues [10] - Industrial Construction Services revenues decreased to $33 million from $41 million in the fourth quarter of the previous fiscal year, contributing 14% of consolidated revenues [11] - Telecommunications Infrastructure Services contributed only 1% of fourth quarter revenues, with a focus on enhancing profitability through new leadership [12] Market Data and Key Metrics Changes - The project backlog at the end of fiscal year 2025 was approximately $1.4 billion, an 80% increase from $757 million at the end of fiscal year 2024 [7][26] - The current project pipeline includes a significant number of natural gas and renewable energy projects, with a strong demand environment expected to continue for the next decade [9][14] Company Strategy and Development Direction - The company aims to maintain a balance between natural gas and renewable projects, with natural gas expected to be the core growth engine for the foreseeable future [26][32] - The focus is on leveraging core competencies to capitalize on market opportunities while maintaining disciplined risk management [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand environment for energy resources, citing the urgent need for additional power generation capabilities [9][31] - The company is well-positioned to drive growth due to its proven track record and strong relationships within the industry [14][32] Other Important Information - The company has a strong balance sheet with $525 million in cash and investments, net liquidity of $301 million, and no debt as of January 31, 2025 [9][29] - A 25% increase in the annual dividend rate to $1.5 per common share was approved, reflecting the company's financial strength [9][30] Q&A Session Summary Question: Can you break down the 20.5% gross margin further? - Management indicated that strong execution and a favorable project mix contributed to the high margin, with a shift towards more U.S.-based revenues [36][37] Question: What needs to happen for the 1.2 gigawatt project to enter backlog? - Management expects to receive the full notice to proceed for the project in the summer, at which point it will be included in the backlog [40] Question: How is the interconnect situation improving? - Management noted progress by grid operators in addressing bottlenecks, although supply chain challenges remain [41][42] Question: What is the timeline for the 405 megawatt solar project? - The project is expected to be completed in calendar year 2026, with current execution going well [43][44] Question: How many projects are in the pipeline and what regions are active? - The pipeline is largely U.S.-based, with significant activity expected in Texas and across the country over the next six months [51][52] Question: How is the industrial business expected to trend? - Management anticipates growth in the industrial segment, particularly in water treatment and data center projects, following a recent drop in backlog [55][56]