Spin-off - Everus Construction Group, Inc.
Form Type: 10-Q
Filing Date: 2025-05-15
Corporate Action: Spin-off
Type: Update
Accession Number: 000201584525000041
Filing Summary: Everus Construction Group, Inc. ("Everus") has reported financial results for the quarter ended March 31, 2025. The company recorded operating revenues of $826,629,000, representing a significant increase from $625,689,000 in the same period the previous year. The cost of sales also rose to $734,136,000 from $550,972,000, leading to a gross profit of $92,493,000. Operating income increased to $50,984,000, while net income saw a substantial improvement to $36,672,000, up from $28,214,000 a year earlier. The report highlights the company's successful spinoff from MDU Resources, completed on October 31, 2024, when MDU Resources distributed shares of Everus common stock to its shareholders on a pro-rata basis. This spinoff marks Everus as an independent publicly traded company under the ticker "ECG" on the New York Stock Exchange. The company's balance sheet as of March 31, 2025 shows total assets of $1,355,847,000 with total liabilities of $895,648,000, leading to stockholders' equity of $460,199,000. Everus operates through two segments: Electrical & Mechanical and Transmission & Distribution.
Additional details:
Cik: 001-42276
Spinoff Date: 2024-10-31
Distribution Ratio: 1:4
Shares Outstanding: 50,999,581
Net Income: 36,672,000
Operating Revenues: 826,629,000
Form Type: DEF 14A
Filing Date: 2025-04-04
Corporate Action: Spin-off
Type: New
Accession Number: 000201584525000030
Filing Summary: Everus Construction Group, Inc., which became an independent publicly traded company following its spinoff from MDU Resources Group, Inc. on October 31, 2024, is holding its first annual meeting of stockholders on May 20, 2025. The meeting will be conducted entirely online, allowing stockholders to participate, vote, and ask questions live. Key voting items include the election of directors, the compensation of named executive officers, and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm. The record date for stockholders entitled to vote is March 21, 2025. The document highlights the company's solid financial performance in 2024, showing a revenue of $2.85 billion and a net income of $143.4 million, reflecting robust growth across its business segments. The transition into a standalone company has allowed Everus to bolster its growth strategy with increasing opportunities in the construction market, supported by a strong backlog of $2.78 billion and an optimistic outlook for the future.
Additional details:
Record Date: 2025-03-21
Annual Meeting Date: 2025-05-20
Meeting Time: 11:00 a.m. CDT
Website Link: www.virtualshareholdermeeting.com/ECG2025
Ticker Symbol: ECG
Separation Date: 2024-10-31
Net Income 2024: 143.4 million
Revenue 2024: 2.85 billion
Backlog: 2.78 billion
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