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Business Segment Data (Tables)

12 Months Ended

Dec. 31, 2024

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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:


Year ended December 31, 2024	E&M		T&D		Corporate and Other		Consolidated Total
	(In thousands)


Segment operating revenues	$	2,031,447	$	837,146	$	—	$	2,868,593
Eliminations	(7,536)		(11,372)		—		(18,908)
Total segment operating revenues	2,023,911		825,774		—		2,849,685





Cost of sales	1,804,095		703,152		2,987		2,510,234
Gross profit	219,816		122,622		(2,987)		339,451









Selling, general and administrative expenses	82,845		37,567		29,132		149,544

Operating income	$	136,971	$	85,055	$	(32,119)	189,907
Interest expense							14,023
Other income							4,875
Total consolidated income before income taxes and income from equity method investments							$	180,759


Year ended December 31, 2023	E&M		T&D		Corporate and Other		Consolidated Total
	(In thousands)


Segment operating revenues	$	2,134,867	$	734,577	$	—	$	2,869,444
Eliminations	(9,324)		(5,730)		—		(15,054)
Total segment operating revenues	2,125,543		728,847		—		2,854,390





Cost of sales	1,911,721		620,738		13		2,532,472
Gross profit	213,822		108,109		(13)		321,918









Selling, general and administrative expenses	79,445		34,499		17,431		131,375

Operating income	$	134,377	$	73,610	$	(17,444)	190,543
Interest expense							16,954
Other income							3,981
Total consolidated income before income taxes and income from equity method investments							$	177,570


Year ended December 31, 2022	E&M		T&D		Corporate and Other		Consolidated Total
	(In thousands)


Segment operating revenues	$	1,997,840	$	717,393	$	—	$	2,715,233
Eliminations	(9,111)		(6,872)		—		(15,983)
Total segment operating revenues	1,988,729		710,521		—		2,699,250





Cost of sales	1,816,938		606,097		169		2,423,204
Gross profit	171,791		104,424		(169)		276,046









Selling, general and administrative expenses	66,830		32,089		12,483		111,402

Operating income	$	104,961	$	72,335	$	(12,652)	164,644
Interest expense							6,354
Other income							1,379
Total consolidated income before income taxes and income from equity method investments							$	159,669

Schedule of Segment Reporting Information by Segment

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:


Years Ended December 31,	2024				2023				2022
	E&M		T&D		E&M		T&D		E&M		T&D
	(In thousands)


Depreciation and amortization expense	$	6,358	$	19,099	$	6,200	$	17,108	$	5,751	$	15,816

Interest expense	(800)		4,027		4,957		4,490		2,572		1,406
Income taxes	38,609		20,989		33,143		17,399		26,318		17,628

Capital expenditures*	$	7,944	$	40,355	$	4,853	$	30,736	$	6,373	$	29,471

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*Capital expenditures for 2024, 2023 and 2022 include noncash transactions for capital expenditure-related accounts payable.

Reconciliation of Assets from Segments to Consolidated

Reconciliations of reportable segment assets to consolidated assets were as follows as of December 31:


	2024		2023
	(In thousands)
E&M segment assets	$	764,470	$	657,731
T&D segment assets	410,887		373,617
Total reportable segment assets	1,175,357		1,031,348
Other assets	161,016		43,628
Elimination of intercompany receivables	(47,910)		(22,517)
Total consolidated assets	$	1,288,463	$	1,052,459