Everus Construction Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in operating revenues to $761.0 million from $717.4 million in the same quarter the previous year. The increase is attributed to higher revenues in both the Electrical & Mechanical and Transmission & Distribution segments.
Cost of sales for the quarter was $671.1 million, representing 88% of sales, consistent with the same quarter of the previous year.
The company reported a gross profit of $89.9 million for the quarter, compared to $84.9 million in the previous year, with the increase attributed to higher revenues.
Selling, general, and administrative expenses increased to $36.2 million from $34.8 million, primarily due to higher professional service-related expenses and general expenses.
Net income for the quarter was $41.8 million, up from $36.0 million in the previous year. The increase is primarily due to higher operating income and lower interest expenses.
Cash provided by operating activities was $82.7 million, while cash used in investing and financing activities was $25.5 million and $58.2 million, respectively.
Everus had a working capital of $327.0 million as of September 30, 2024. The company acknowledges its reliance on cash flows from operations and credit facilities to meet future obligations.
The filing also details various financial agreements, including a new senior secured credit agreement entered into on October 31, 2024, which provides a revolving credit facility and term loans.
Everus does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
Everus continues to focus on expanding its service offerings and customer base across the United States, leveraging its capabilities in specialty contracting services.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Everus Construction Group Inc. quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.