Everus Construction Group, Inc. ( (ECG) ) has released its Q3 earnings. Here is a breakdown of the information Everus Construction Group, Inc. presented to its investors.
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Everus Construction Group, Inc. is a leading company in the construction sector, specializing in electrical and mechanical, as well as transmission and distribution services, recognized for its strong national platform and market-leading local brands. In the third quarter of 2024, Everus reported a notable increase in financial performance, achieving a revenue of $761 million, which reflects a 6.1% growth compared to the same period last year. The company also recorded a net income of $41.8 million, resulting in earnings of 82 cents per share, marking a 15.5% increase from the previous year. Additionally, EBITDA rose by 12.1% to $65 million, with a margin of 8.5%. A major highlight for Everus this quarter was its successful spin-off from MDU Resources, which positions the company as an independent entity better equipped to focus on profitable growth and capital allocation. The company’s backlog has reached a record $2.88 billion, indicating strong future project commitments and growth potential. The electrical and mechanical segment showed a revenue increase driven by commercial and institutional market demand, while the transmission and distribution segment also experienced a rise due to increased utility and transportation market activities. Looking forward, Everus maintains a positive outlook, reiterating its full-year guidance for 2024, emphasizing continued organic revenue growth and favorable market conditions. The company remains strategically positioned to capitalize on significant industry trends and aims to deliver long-term shareholder value.
