Everus Construction Group, Inc. (NYSE: ECG), based in Bismarck, North Dakota, provides a complete range of construction services across the United States, specializing in electrical and mechanical, and transmission and distribution contracting. For the first quarter of 2025, Everus reported a significant increase in financial performance compared to the same period a year ago, evidencing a trend of growth.

Revenue rose to $826.6 million, reflecting a 32.1% increase from $625.7 million in the first quarter of 2024. The company’s net income climbed to $36.7 million, a gain of 30.1% over the previous year’s net income of $28.2 million, resulting in a net income margin of 4.4%. Diluted earnings per share increased to 72 cents, 30.9% higher than the 55 cents reported for the same quarter in 2024.

Everus also reported an increase in EBITDA to $61.8 million, which is up 31.8% from $46.9 million in the prior year, yielding an EBITDA margin of 7.5%. The gross profit for the quarter stood at $92.5 million, a 23.8% increase from $74.7 million in the first quarter of 2024, resulting in a gross profit margin of 11.2%, down from 11.9% in the prior year. Selling, general, and administrative expenses increased to $41.5 million, compared to $35.8 million the previous year.

The company’s backlog reached $3.1 billion as of March 31, 2025, up 10.0% from $2.8 billion at the end of 2024 and a substantial 40.5% increase from $2.2 billion a year prior. This increase reflects robust demand in the electrical and mechanical segment, which achieved revenue growth of 47.0% to $648.2 million, driven primarily by data center work.

In contrast, the transmission and distribution segment experienced a slight revenue decline of 1.9%, down to $185.0 million from $188.5 million in 2024. Despite this, net income for the transmission and distribution segment increased to $10.5 million from $10.2 million a year ago, and its EBITDA grew by 5.8% to $20.1 million.

The company maintains a stable financial condition, holding $54.3 million in unrestricted cash and $296.2 million in gross debt as of March 31, 2025. Net leverage remained steady at 1.0x. Operating cash flow was recorded at $7.1 million, a decline from $21.8 million in the first quarter of 2024, largely due to increased working capital requirements. Capital expenditures rose to $18.5 million for the quarter, significantly higher than the prior year’s $9.2 million.

Everus has reaffirmed its guidance for fiscal year 2025, projecting revenues in the range of $3.0 billion to $3.1 billion and EBITDA between $210 million and $225 million. The company expects 2025 gross capital expenditures to fall between $65 million and $70 million.