v3.26.1
Segment Information
 6 Months Ended
Jun. 28, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s reportable segments are: (i) U.S. Gas Utility Services (“U.S. Gas”); (ii) Canadian Utility Services (“Canadian Operations”); (iii) Union Electric Utility Services (“Union Electric”); and (iv) Non-Union Electric Utility
Services (“Non-Union Electric”). Canadian Operations includes the results of Connect, which was acquired in November 2025.

The Company’s president and chief executive officer serves as the Company's chief operating decision maker (the "CODM"). The Company’s reportable segments are established in consideration of differences in services, geographic areas and workforce composition (union vs. non-union). The Company has not aggregated any operating segments into reportable segments. The CODM reviews short-term and long-term trends and budget-to-actual variances in gross profit to assess performance across the different segments in determining where to allocate resources.

U.S. Gas

U.S. Gas provides comprehensive services, including maintenance, replacement, repair, and installation for local natural gas distribution utilities (“LDCs”) focused on the modernization of customers’ infrastructure throughout the United States. The work performed within this segment includes solutions for all stages of utility work and is performed primarily within the distribution, utility-scale transmission and end-user infrastructure, rather than large-scale, project-based, cross-country transmission. In addition, U.S. Gas performs other underground services, including water and fiber, and has an in-house fabrication shop providing pipe and component assembly. The Company is able to cater to the needs of its gas utility services and energy customers by serving union and non-union markets.

Canadian Operations

Canadian Operations provides comprehensive services, including maintenance, replacement, repair, and installation for local gas and electric utilities and energy providers. A majority of the work performed in this segment is focused on distribution, urban transmission and end-user interface under master service agreements (“MSAs”) for gas and electric utilities. This segment also provides storm response services and performs construction of electrical systems used in renewable energy projects.

Union Electric

Union Electric provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, storm response, upgrade and expansion services for urban transmission and local distribution infrastructure within union markets. The work performed within this segment is focused primarily on recurring local distribution and urban transmission services under MSAs, as opposed to large-scale, project-based, cross-country transmission, and services are primarily focused on infrastructure between the substation and end-user meter. In addition to core electric utility infrastructure, this segment provides heavy industrial work, including civil, mechanical, electrical, and fabrication (component assembly) services.

Non-Union Electric

Non-Union Electric provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, storm response, upgrade and expansion services for urban transmission and local distribution infrastructure within non-union markets. The work performed within this segment is focused almost exclusively on recurring local distribution and urban transmission services under MSAs as opposed to large-scale, project-based, cross-country transmission, and services are primarily focused on infrastructure between the substation and end-user meter.

Other

Other consists of any corporate and non-allocated transactions.
Revenue and gross profit by segment are presented below (in thousands). Revenue amounts presented are revenues with external customers, and intersegment revenues were not material.
Fiscal Three Months EndedFiscal Six Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Revenue:
U.S. Gas$489,520 $336,834 $774,019 $534,528 
Canadian Operations81,438 55,111 141,466 94,895 
Union Electric224,167 182,239 428,236 357,707 
Non-Union Electric166,861 149,868 341,439 287,003 
Consolidated revenue$961,986 $724,052 $1,685,160 $1,274,133 
 
Gross profit:
 
U.S. Gas$20,647 $26,424 $14,312 $11,568 
Canadian Operations13,042 9,485 22,142 16,564 
Union Electric20,195 15,355 38,429 27,168 
Non-Union Electric15,258 16,537 30,017 32,829 
Consolidated gross profit$69,142 $67,801 $104,900 $88,129 


Gross profit represents the difference between revenue and cost of revenue. Cost of revenue is a significant expense that is regularly reported to the CODM by segment. Cost of revenue by segment was as follows (in thousands):
Fiscal Three Months EndedFiscal Six Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
U.S. Gas$468,873 $310,410 $759,707 $522,960 
Canadian Operations68,396 45,626 119,324 78,331 
Union Electric203,972 166,884 389,807 330,539 
Non-Union Electric151,603 133,331 311,422 254,174 
Consolidated cost of revenue$892,844 $656,251 $1,580,260 $1,186,004 

Depreciation expense, included in cost of revenue, by segment was as follows (in thousands):
Fiscal Three Months EndedFiscal Six Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
U.S. Gas$9,903 $10,633 $19,882 $21,790 
Canadian Operations1,580 1,442 3,272 2,874 
Union Electric7,618 7,360 14,998 14,638 
Non-Union Electric7,899 7,731 15,818 15,049 
Consolidated depreciation expense (1)
$27,000 $27,166 $53,970 $54,351 

(1)Depreciation expense within selling, general and administrative expense was excluded from the table above as it is not produced or utilized by management to evaluate segment performance.

Separate measures of the Company’s assets and cash flows, with the exception of capital expenditures, are not produced or utilized by the CODM to evaluate segment performance, as defined by Accounting Standards Codification Topic 280, “Segment Reporting.” The CODM does not use total assets by segment as a basis for decision making.

Capital expenditures by segment were as follows (in thousands):
Fiscal Three Months EndedFiscal Six Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
U.S. Gas$17,112 $7,915 $22,856 $18,103 
Canadian Operations1,267 162 3,582 784 
Union Electric7,027 4,011 16,828 7,716 
Non-Union Electric2,448 8,702 4,567 18,547 
Other59 10 314 12 
Consolidated capital expenditures$27,913 $20,800 $48,147 $45,162 
Foreign Operations
The Company recorded revenue in Canada of approximately $81.4 million (8% of consolidated revenue) and $55.1 million (8% of consolidated revenue) during the fiscal three months ended June 28, 2026 and June 29, 2025, respectively, and $141.5 million (8% of consolidated revenue) and $94.9 million (7% of consolidated revenue) for the fiscal six months ended June 28, 2026 and June 29, 2025, respectively.