v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s reportable segments are those that are based on the Company’s method of internal reporting and management of the business. The Company provides a full spectrum of construction services across most of the United States through two reportable, operating segments:
E&M: Contracting services for the construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, renewables infrastructure and mechanical piping and services to customers in both the public and private sectors.
T&D: Contracting services for the construction and maintenance of overhead and underground electrical, gas, communication infrastructure and transportation-related lighting, as well as the manufacture and distribution of overhead and underground transmission line construction equipment and tools.
The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s chief executive officer (“CEO”). The Company’s CEO evaluates each reportable segment’s performance, allocates resources and makes decisions based on segment operating income, which is the segment measure of profitability. The CODM uses segment operating income to analyze the results of each reportable segment individually and by comparing the results of the segments with each other. This comparison between segments helps drive decision-making regarding resource allocation and compensation of employees. Segment operating income is also considered when creating the annual budget plan, as well as the forecasting process, including the allocation of capital for uses such as capital expenditures.
All intercompany balances and transactions between the businesses comprising the Company have been eliminated in the unaudited condensed consolidated financial statements.
Reconciliations of reportable segment operating revenues, inclusive of the Company’s significant segment expenses of Cost of sales and Selling, general and administrative expenses, to consolidated Income before income taxes and income from equity method investments for the Company’s reportable segments and “Corporate and Other” category were as follows:
New CODM basis:
Three months ended March 31, 2026
E&MT&DCorporate and Other
Eliminations
Consolidated Total
(In thousands)
Operating revenues
$835,091 $201,862 $— $— $1,036,953 
Intersegment revenues
33 2,601 1,694 (4,328)— 
Segment revenues
835,124 204,463 1,694 (4,328)1,036,953 
Cost of sales
735,069 174,322 1,161 (4,328)906,224 
Gross profit
100,055 30,141 533 — 130,729 
Selling, general and administrative expenses29,482 9,793 13,770 — 53,045 
Operating income$70,573 $20,348 $(13,237)$— 77,684 
Interest income2,324 
Interest expense
4,620 
Other income, net
552 
Total consolidated income before income taxes and income from equity method investments
$75,940 
Old CODM basis:
 
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$837,662 $205,924 $— $1,043,586 
Eliminations
(2,571)(4,062)— (6,633)
Total segment operating revenues
835,091 201,862 — 1,036,953 
Cost of sales
735,036 171,722 (534)906,224 
Gross profit
100,055 30,140 534 130,729 
Selling, general and administrative expenses29,482 9,793 13,770 53,045 
Operating income$70,573 $20,347 $(13,236)77,684 
Interest income
2,324 
Interest expense
4,620 
Other income, net
552 
Total consolidated income before income taxes and income from equity method investments
$75,940 
Three months ended March 31, 2025
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$648,227 $185,015 $— $833,242 
Eliminations
(4,236)(2,377)— (6,613)
Total segment operating revenues
643,991 182,638 — 826,629 
Cost of sales
575,106 159,196 (166)734,136 
Gross profit
68,885 23,442 166 92,493 
Selling, general and administrative expenses24,616 8,971 7,922 41,509 
Operating income$44,269 $14,471 $(7,756)50,984 
Interest income937 
Interest expense
5,631 
Other income, net
567 
Total consolidated income before income taxes and income from equity method investments
$46,857 
Additional financial information on the Company’s reportable segments is shown below, which follows the same accounting policies as those described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies:
Three months ended,
March 31, 2026March 31, 2025
E&M
T&D
E&M
T&D
(In thousands)
Depreciation and amortization expense
$1,574 $6,546 $1,482 $5,449 
Interest expense, net1
(2,058)568 (1,823)700 
Income tax expense
19,083 4,964 13,267 3,442 
Capital expenditures2
$4,345 $11,191 $9,319 $9,820 
1.Amounts shown are included in Interest expense on the unaudited condensed consolidated statements of income. Also, the amounts include intercompany transactions related to the Company’s cash management and financing program.
2.Capital expenditures for the three months ended March 31, 2026 and 2025 include noncash transactions for capital expenditure-related Accounts payable.
Reconciliations of reportable segment assets to consolidated assets were as follows as of:
March 31, 2026December 31, 2025
(In thousands)
E&M segment assets
$1,072,018 $1,047,626 
T&D segment assets
448,278 455,875 
Total reportable segment assets1,520,296 1,503,501 
Other assets350,349 267,577 
Eliminations
(22,898)(42,347)
Total consolidated assets $1,847,747 $1,728,731 
For more information about the disaggregation of the Company’s revenue by contract type and customer type for each reportable segment, refer to Note 3 – Revenue from Contracts with Customers.
Revenues from a single customer accounted for approximately 19.1% and 13.3% of total operating revenues for the three months ended March 31, 2026 and 2025, respectively, which was included in the E&M segment.
At a segment level, revenues from a single E&M customer accounted for approximately 23.6% of total E&M segment revenues for the three months ended March 31, 2026. Revenues from two E&M customers individually accounted for approximately 17.0% and 11.0% of total E&M segment revenues for the three months ended March 31, 2025, respectively.
As for T&D, revenues from a single T&D customer accounted for approximately 14.3% of total T&D segment revenues for the three months ended March 31, 2026. Revenues from two T&D customers individually accounted for approximately 18.4% and 10.5% of total T&D segment revenues for the three months ended March 31, 2025, respectively.
Trade receivables from a single customer accounted for approximately 19.7% of total trade receivables as of March 31, 2026, which was included in the E&M segment. Trade receivables from a single customer accounted for approximately 16.3% of total trade receivables as of December 31, 2025, which was included in the E&M segment.
At a segment level, trade receivables from a single E&M customer accounted for approximately 23.6% of total E&M segment trade receivables as of March 31, 2026. Trade receivables from a single E&M customer accounted for approximately 19.9% of total E&M segment trade receivables as of December 31, 2025.
As for T&D, trade receivables from a single T&D customer accounted for approximately 11.1% of total T&D segment trade receivables as of March 31, 2026. No single customer accounted for more than 10% of total T&D trade receivables as of December 31, 2025.