Loading...
01/11 07:59
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The company reported strong financial performance, with revenue and EBITDA increasing by 32% year-over-year and a 10% increase in total backlog. Despite weather-related delays and macroeconomic uncertainties, the optimistic guidance for 2025 and the company's strong backlog and relationships in key markets suggest a positive outlook. However, the lack of a share repurchase program and potential tariff impacts are concerns. Overall, the positive growth metrics and guidance outweigh the risks, indicating a likely positive stock price movement.
Revenue $826.6 million, an increase of 32% year-over-year, driven by E&M revenue increasing 47%, partially offset by a 2% decline in T&D.
EBITDA $61.8 million, an increase of 32% year-over-year, driven by solid revenue growth and increases in segment-level margins in both E&M and T&D, partially offset by incremental stand-alone operating costs.
EBITDA Margin 7.5%, consistent with the prior year period.
Total Backlog $3.1 billion, up 10% from December 31, and up 41% from March 31 of 2024, with E&M backlog up 46% and T&D up 8% year-over-year.
E&M Revenue $648.2 million, an increase of 47% year-over-year, driven by growth across each of the end markets.
E&M EBITDA $49.5 million, an increase of 51% year-over-year, driven by higher revenues and higher income from joint ventures, partially offset by changes in project mix and higher SG&A expenses.
E&M EBITDA Margin 7.6%, up 20 basis points from last year.
T&D Revenue $185 million, down 2% year-over-year, due to lower revenue in the utility business from weather-related delays.
T&D EBITDA $20.1 million, up 5.8% year-over-year, driven by strong project execution and lower SG&A costs.
T&D EBITDA Margin 10.9%, up 80 basis points from last year.
CapEx $18.5 million, up from $9.2 million year-over-year, reflecting increased investments to support organic growth, including the purchase of a new prefab facility.
Net Leverage Approximately 1x, defined as net debt to trailing 12-month EBITDA.
E&M Backlog Growth: E&M backlog increased 46% from the prior year period, driven by growth in key submarkets including data center, manufacturing, government, and hospitality.
Total Backlog Growth: Total backlog at the end of Q1 was $3.1 billion, up 10% from year-end and up 41% from the prior year period.
T&D Segment Performance: Despite a slight revenue decline in the T&D segment, EBITDA grew due to solid project execution.
CapEx Increase: CapEx was $18.5 million in Q1, up from $9.2 million last year, reflecting investments in a new prefabrication facility.
Employee Growth: The company added to its skilled labor headcount during the quarter to support long-term growth objectives.
4EVER Strategy: The 4EVER strategy focuses on attracting and retaining talent, delivering high-quality execution, and maintaining customer relationships.
M&A Strategy: Tim Sznewajs was appointed as VP of Corporate Development and Strategy to enhance M&A capabilities.
Tariff and Trade Uncertainties: The company faces dynamic operating conditions due to tariff and trade uncertainties, which could impact project execution and profitability.
Weather-Related Delays: The transmission and distribution (T&D) segment experienced a slight revenue decline attributed to weather-related delays in certain markets.
Macro Economic Uncertainty: There is significant macroeconomic uncertainty that could affect project timing and overall business performance.
Backlog Conversion Timing: The current mix of backlog includes larger multi-year projects, which may extend backlog conversion times compared to historical patterns.
Stand-Alone Operating Costs: The company anticipates full-year run rate incremental costs of $28 million, which could impact profitability.
4EVER Strategy: Focus on attracting, retaining, and training employees, creating value for customers and shareholders, delivering safe and high-quality execution, and maintaining customer relationships.
CapEx Increase: Significant portion of CapEx increase was for a new prefabrication facility in Kansas City, expanding the footprint by approximately 128,000 square feet.
M&A Strategy: Appointment of Tim Sznewajs as Vice President of Corporate Development and Strategy to enhance M&A capabilities.
Backlog Growth: Total backlog increased 10% from year-end and 41% from the prior year, with E&M backlog up 46%.
Revenue Guidance: 2025 revenue expected in the range of $3 billion to $3.1 billion.
EBITDA Guidance: 2025 EBITDA expected in the range of $210 million to $225 million.
Long-term Financial Framework: Expect organic revenue growth of 5% to 7% CAGR and EBITDA growth of 7% to 9% CAGR.
Share Repurchase Program: None
The earnings call reveals strong financial performance, with raised revenue and EBITDA guidance, significant backlog growth, and robust cash flow. Despite some uncertainties in margin sustainability and regional market dynamics, the overall sentiment is positive, supported by strategic growth plans, diversified market presence, and optimistic guidance. The Q&A section highlighted continued demand and expansion opportunities, especially in the data center market, reinforcing confidence in future growth. These factors suggest a likely stock price increase in the short term.
The earnings call indicates strong financial performance with significant revenue and EBITDA growth, improved margins, and effective backlog management. The company is investing in organic growth and has a robust M&A strategy. Despite some uncertainties in management's responses, the overall sentiment is positive, especially with record revenues and strong guidance. The market is likely to react positively to the company's strategic initiatives and financial health.
The company reported strong financial performance, with revenue and EBITDA increasing by 32% year-over-year and a 10% increase in total backlog. Despite weather-related delays and macroeconomic uncertainties, the optimistic guidance for 2025 and the company's strong backlog and relationships in key markets suggest a positive outlook. However, the lack of a share repurchase program and potential tariff impacts are concerns. Overall, the positive growth metrics and guidance outweigh the risks, indicating a likely positive stock price movement.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
