Everus Construction Group Files Q3 2024 10-Q
Ticker: ECG · Form: 10-Q · Filed: Nov 21, 2024 · CIK: 2015845
Sentiment: neutral
Topics: 10-Q, quarterly-report, construction
TL;DR
ECG filed its Q3 10-Q. Financials and operations detailed.
AI Summary
Everus Construction Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Specific financial figures and operational highlights are presented within the report.
Why It Matters
This filing provides investors and stakeholders with the latest financial health and operational status of Everus Construction Group, Inc. as of the end of the third quarter of 2024.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the inherent risks of the construction industry and the company's specific financial performance can introduce volatility.
Key Players & Entities
- Everus Construction Group, Inc. (company) — Filer of the 10-Q report
- 2024-09-30 (date) — End of the reporting period
- 2024-11-21 (date) — Date of filing
- 7012216400 (phone_number) — Business phone number
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 21, 2024.
What is the company's primary business address?
The company's business address is 1730 Burnt Boat Drive, Bismarck, ND 58503.
What is the Standard Industrial Classification (SIC) code for Everus Construction Group, Inc.?
The SIC code for Everus Construction Group, Inc. is 1531, which corresponds to Operative Builders.
What is the fiscal year end for Everus Construction Group, Inc.?
The fiscal year end for Everus Construction Group, Inc. is December 31.
Filing Stats: 4,432 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-11-21 16:25:49
Key Financial Figures
- $0.01 — h registered Common Stock, par value $0.01 per share ECG New York Stock Exchange
Filing Documents
- ecg-20240930.htm (10-Q) — 1418KB
- ex1017-everus401kplandocum.htm (EX-10.17) — 476KB
- a2024q3ex311-ecg.htm (EX-31.1) — 14KB
- a2024q3ex312-ecg.htm (EX-31.2) — 13KB
- a2024q3ex321-ecg.htm (EX-32.1) — 9KB
- a2024q3ex322-ecg.htm (EX-32.2) — 9KB
- 0002015845-24-000022.txt ( ) — 8414KB
- ecg-20240930.xsd (EX-101.SCH) — 51KB
- ecg-20240930_cal.xml (EX-101.CAL) — 71KB
- ecg-20240930_def.xml (EX-101.DEF) — 246KB
- ecg-20240930_lab.xml (EX-101.LAB) — 585KB
- ecg-20240930_pre.xml (EX-101.PRE) — 459KB
- ecg-20240930_htm.xml (XML) — 1298KB
-- Financial Information
Part I -- Financial Information 3
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Income -- Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income -- Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets -- September 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Equity -- Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows -- Nine Months Ended September 30, 2024 and 2023 7 Notes to the Condensed Consolidated Financial Statements 8 1. Background and Nature of Operations 8 2. Basis of Presentation 8 3. Summary of Significant Accounting Policies 10 4. Revenue from Contracts with Customers 13 5. Goodwill and Other Intangible Assets 18 6. Fair Value Measurements 19 7. Leases 20 8. Earnings Per Share 22 9. Accumulated Other Comprehensive Loss 23 10. Income Taxes 24 11. Supplemental Cash Flow Information 24 12. Business Segment Data 25 13. Employee Benefit Plans 26 14. Commitments and Contingencies 27 15. Related-Party Transactions 28 16. Subsequent Events 30
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 47
Controls and Procedures
Item 4. Controls and Procedures 49
-- Other Information
Part II -- Other Information 50
Legal Proceedings
Item 1. Legal Proceedings 50
Risk Factors
Item 1A. Risk Factors 50
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50
Other Information
Item 5. Other Information 50
Exhibits
Item 6. Exhibits 53
Signatures
Signatures 55 1 Industry Information Any industry data included in this Quarterly Report on Form 10-Q ("Quarterly Report") regarding industry size and/or relative industry position is derived from a variety of sources, including company research, third-party studies and surveys, industry and general publications, and estimates based on Everus Construction Group, Inc.'s ("Everus") knowledge and experience in the industries in which it operates. Everus' estimates, if any, have been based on information obtained from its customers, suppliers, trade and business organizations, and other contacts in the industry. Everus is responsible for all the disclosures contained in this Quarterly Report, and Everus believes that any third-party data is generally reliable and that its estimates are accurate as of the date of this Quarterly Report. Further, Everus' estimates and assumptions involve risks and uncertainties and are subject to change based on various factors, including those discussed in the "Risk Factors" in Everus' Registration Statement on Form 10, which is not incorporated by reference herein. These and other factors could cause results to differ materially from those expressed in the estimates and assumptions. 2
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Everus Construction Group, Inc. Condensed Consolidated Statements of Income (Unaudited) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Operating revenues $ 760,985 $ 717,406 $ 2,090,047 $ 2,218,672 Cost of sales 671,085 632,499 1,836,853 1,976,534 Gross profit 89,900 84,907 253,194 242,138 Selling, general and administrative expenses 36,191 34,816 109,292 102,519 Operating income 53,709 50,091 143,902 139,619 Interest expense 2,851 4,596 8,823 13,483 Other income 1,071 1,208 3,683 2,705 Income before income taxes and income from equity method investments 51,929 46,703 138,762 128,841 Income taxes 13,995 11,423 37,606 32,822 Income from equity method investments 3,833 734 7,797 4,718 Net income $ 41,767 $ 36,014 $ 108,953 $ 100,737 Earnings per share: Basic $ 0.82 $ 0.71 $ 2.14 $ 1.98 Diluted $ 0.82 $ 0.71 $ 2.14 $ 1.98 Weighted average common shares outstanding (1) : Basic 50,972 50,972 50,972 50,972 Diluted 50,972 50,972 50,972 50,972 __________________ (1) Prior to the Separation (as defined below), Everus Construction had 1,000 common shares issued and outstanding. On October 31, 2024, as part of the Distribution (as defined below), 50,972,059 shares of Everus common stock were issued and outstanding. Basic and diluted earnings per share for periods prior to the Separation and Distribution have been retrospectively adjusted to reflect the Everus shares outstanding on the Distribution date. Refer to Note 1 and Note 2 for more information. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Everus Construction Group, Inc. Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) Net income $ 41,767 $ 36,014 $ 108,953 $ 100,737 Other c