Everus Construction Group reported strong first-quarter 2025 results on May 13, 2025, with revenues increasing 32.1% to $826.6 million compared to $625.7 million in Q1 2024. The Electrical and Mechanical (E&M) segment was a primary driver, with revenues surging 47.0% to $648.2 million, largely due to growth in data center work.
Net income for the quarter rose 30.1% to $36.7 million, or $0.72 diluted EPS, up from $28.2 million, or $0.55 diluted EPS, in the prior-year period. EBITDA increased 31.8% to $61.8 million, maintaining an EBITDA margin of 7.5%, consistent with Q1 2024.
The company's backlog reached a record $3.1 billion as of March 31, 2025, up 40.5% year-over-year and 10.0% sequentially. Despite the strong performance, Everus affirmed its previously issued full-year 2025 guidance of $3.0 billion to $3.1 billion in revenue and $210 million to $225 million in EBITDA. Operating cash flows were $7.1 million for the quarter, down from $21.8 million in Q1 2024, primarily due to higher working capital needs, resulting in negative free cash flow of $8.1 million.
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