Financial Data and Key Metrics Changes - The company reported diluted EPS of $6.57 and revenues of $4.3 billion, representing a 16.4% increase from the prior year period [5][13]. - The operating margin was exceptional at 9.4%, with strong operating cash flow of $475.5 million [5][19]. - The book-to-bill ratio was 1.16, with record RPOs at $12.6 billion, an increase of $2.8 billion year over year [6][10]. Business Line Data and Key Metrics Changes - U.S. electrical construction revenues were $1.29 billion, increasing 52.1% due to strong organic growth and the acquisition of Miller Electric [15]. - U.S. mechanical construction revenues reached a record $1.78 billion, up 7% primarily through organic growth driven by data center demand [17]. - U.S. building services revenues were $813.9 million, reflecting a 2.1% increase year over year [18]. - Industrial services revenues were $286.9 million, consistent with the previous year, while UK building services generated revenues of $136.2 million, an increase of 28.1% [18][19]. Market Data and Key Metrics Changes - RPOs within network and communications totaled a record $4.3 billion, almost double the year-ago period [10]. - Healthcare RPOs totaled $1.3 billion, with nearly 7% year-over-year growth attributed to the acquisition of Miller Electric [11]. - Manufacturing and industrial RPOs reached $1.1 billion, benefiting from onshoring and reshoring initiatives [11]. Company Strategy and Development Direction - The company is focused on capital allocation with discipline, having allocated over $430 million on share repurchases and $900 million for acquisitions in the first nine months of 2025 [6]. - The sale of the UK business for approximately $255 million is expected to close by year-end, allowing the company to sharpen its focus on core U.S. markets [26][27]. - The acquisition of John W. Danforth Company is anticipated to add $350 million to $400 million in revenues, enhancing capabilities in data centers and healthcare [31]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand across key sectors, particularly in data centers, healthcare, and traditional manufacturing [30]. - The company acknowledged macroeconomic uncertainties, including tariffs and trade issues, but believes its guidance reflects potential impacts [30]. - Management indicated that organic growth is expected to remain in the high single digits to low double digits, supported by robust RPO growth [100]. Other Important Information - The company generated a gross profit of $835.3 million, with a gross profit margin of 19.4% [22]. - SG&A expenses increased by $58.4 million, primarily due to incremental expenses from acquired companies and increased headcount to support growth [22]. - The company anticipates operating cash flow for the full year to be at least equal to net income [26]. Q&A Session Summary Question: Margin profile this quarter - Management noted that the operating margins are among the strongest ever, with expectations of 14% plus in electrical without amortization headwinds [42]. Question: Growth in data center RPOs - Management confirmed strong growth in mechanical services and noted that seven of ten mechanical segments had growth, indicating broad-based demand [51]. Question: Investments impacting electrical segment - Management indicated that the headwind from investments typically lasts one to two quarters as they build labor forces in new markets [60]. Question: Capital allocation and buybacks - Management clarified that the lack of buybacks in the quarter does not indicate capital constraints, as they are balanced capital allocators [90]. Question: Organic growth expectations - Management expects organic growth to remain in the high single digits, with potential for additional growth through acquisitions [100].

Financial Data and Key Metrics Changes - The company reported revenues of $3,870,000,000, reflecting a year-over-year growth of 12.7% [5][15] - Operating income was $318,800,000 with an operating margin of 8.2%, and diluted earnings per share were $5.26, representing a 26% increase from the first quarter of 2024 [6][20] - Non-GAAP adjusted operating income was $328,100,000 or 8.5% of revenues, with non-GAAP adjusted diluted earnings per share of $5.41, an increase of 29.7% [6][27] Business Line Data and Key Metrics Changes - Electrical Construction segment revenues increased by 42% year-over-year, while Mechanical Construction segment revenues grew by 10.2% [6][16] - The Electrical Construction segment generated $1,090,000,000 in revenues, driven by data center projects and healthcare [16][21] - Mechanical Construction revenues were $1,570,000,000, with significant growth in data centers and healthcare [17][21] Market Data and Key Metrics Changes - Remaining Performance Obligations (RPOs) grew to $11,800,000,000, a 17.1% organic increase year-over-year, and a 28.1% increase including Miller Electric [11][12] - RPOs in networking communications (data centers) reached $3,600,000,000, up nearly 112% year-over-year [12][13] - Healthcare RPOs increased by 38% year-over-year to $1,500,000,000, with Miller contributing significantly [13] Company Strategy and Development Direction - The company plans to continue focusing on mechanical services, shifting the revenue mix from site-based services to mechanical services [62] - The integration of Miller Electric is on track, enhancing capabilities in key market sectors [8][11] - The company aims to manage tariff uncertainties and supply chain disruptions proactively while maintaining strong operating margins [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's growth prospects despite macroeconomic uncertainties, emphasizing strong demand reflected in RPOs [32][34] - The company anticipates continued growth in high-tech manufacturing, particularly in pharmaceuticals and semiconductors, driven by reshoring trends [47][51] - Management highlighted the importance of maintaining operational discipline and cost management to navigate potential challenges [34][65] Other Important Information - The company reported a cash balance of just under $577,000,000 after the Miller Electric acquisition and share repurchases [28] - Operating cash flow was $108,500,000, down from $132,300,000 in the previous year, but still strong for the first quarter [28][66] Q&A Session Summary Question: Clarification on guidance range and operational risks - Management indicated that the guidance range reflects macroeconomic uncertainties rather than growth-related concerns, with confidence in maintaining margins [41][44] Question: Opportunities in high-tech manufacturing - Management expressed optimism about growth in pharmaceuticals and semiconductors, anticipating increased spending in the coming years [47][51] Question: Impact of Miller Electric on Electrical segment margins - It was noted that Miller Electric is currently dilutive to margins due to intangible asset amortization, but strong margins are expected once this is excluded [53] Question: Future direction of Building Services segment - The focus will be on mechanical services, with a shift in revenue mix expected to favor this area significantly [61][62] Question: Data center business growth sources - Growth has primarily been organic, with a balanced contribution from existing and new markets [102] Question: EPS guidance and contributing factors - Guidance considers the impact of Miller and transaction expenses, with a wide range due to macroeconomic uncertainties [75][76]