Spin-off - Everus Construction Group, Inc.
Form Type: 11-K
Filing Date: 2025-06-25
Corporate Action: Spin-off
Type: New
Accession Number: 000201584525000060
Filing Summary: On June 25, 2025, Everus Construction Group, Inc. filed an annual report with the SEC detailing the Everus 401(k) Plan, created on September 1, 2024. The plan was established after the company's spin-off from MDU Resources Group, Inc., which occurred on October 31, 2024. The document includes audited financial statements that report net assets available for benefits totaling $194.5 million as of December 31, 2024. Key highlights include a net increase in net assets of $13.8 million prior to plan transfers and a significant amount of employer and participant contributions. The total investment income was reported at $8.5 million, with deductions related to distributions and administrative expenses of approximately $4.6 million. The plan allows for contributions from participants, employer matching contributions, and has established provisions for loans to participants, among other details pertaining to plan management and compliance with ERISA. The report emphasizes that the plan is designed to provide retirement benefits and includes notes on asset transfers from the prior retirement plan, with specific procedures established for participant distributions and contributions. The audit was conducted by Deloitte & Touche LLP, which expressed an unmodified opinion on the financial statements, asserting their conformity with GAAP.
Additional details:
Plan Title: Everus 401(k) Plan
Plan Creation Date: 2024-09-01
Separation Date: 2024-10-31
Total Assets: 194545051
Investment Income: 8493677
Total Contributions: 9833046
Total Deductions: 4629685
Net Increase: 13784644
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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