Everus Construction Group reported robust financial results for the third quarter ended September 30, 2024, with revenues increasing 6% to $761.0 million compared to $717.4 million in the prior-year period. Net income rose to $41.8 million, or $0.82 per share, up from $36.0 million, or $0.71 per share, in Q3 2023.
EBITDA for the quarter increased to $65.0 million from $58.0 million year-over-year, with the EBITDA margin expanding by 40 basis points to 8.5%. The Electrical and Mechanical (E&M) segment saw revenues grow 3.9% to $536.9 million, while the Transmission and Distribution (T&D) segment revenues rose 11.7% to $228.5 million.
The company's backlog reached an all-time record of $2.88 billion at September 30, 2024, an increase of $873.9 million since the start of the year. Everus reaffirmed its full-year 2024 financial guidance, projecting revenues in the range of $2.65 billion to $2.85 billion and EBITDA between $220 million and $240 million, with EBITDA margins expected to be higher than in 2023. Additionally, on October 31, 2024, Everus established a new financing structure, including a $300 million term loan and a $225 million revolving credit facility, drawing $40 million to meet working capital needs post-spinoff.
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