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Segment Information
 9 Months Ended
Sep. 30, 2025
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, 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 and communication infrastructure, as well as design, 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:
Three months ended September 30, 2025
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$767,312 $223,412 $— $990,724 
Eliminations
(1,772)(2,132)— (3,904)
Total segment operating revenues
765,540 221,280 — 986,820 
Cost of sales
679,340 183,424 (166)862,598 
Gross profit
86,200 37,856 166 124,222 
Selling, general and administrative expenses29,224 10,343 12,274 51,841 
Operating income$56,976 $27,513 $(12,108)72,381 
Interest income
1,369 
Interest expense
5,441 
Other income, net
3,745 
Total consolidated income before income taxes and income from equity method investments
$72,054 
Three months ended September 30, 2024
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$536,895 $228,504 $— $765,399 
Eliminations
(2,154)(2,260)— (4,414)
Total segment operating revenues
534,741 226,244 — 760,985 
Cost of sales
480,149 190,985 (49)671,085 
Gross profit
54,592 35,259 49 89,900 
Selling, general and administrative expenses19,649 10,001 6,541 36,191 
Operating income$34,943 $25,258 $(6,492)53,709 
Interest expense
2,851 
Other income, net
1,071 
Total consolidated income before income taxes and income from equity method investments
$51,929 
Nine months ended September 30, 2025
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,129,139 $620,811 $— $2,749,950 
Eliminations
(7,994)(7,041)— (15,035)
Total segment operating revenues
2,121,145 613,770 — 2,734,915 
Cost of sales
1,880,567 518,266 (502)2,398,331 
Gross profit
240,578 95,504 502 336,584 
Selling, general and administrative expenses80,065 29,868 30,779 140,712 
Operating income$160,513 $65,636 $(30,277)195,872 
Interest income
2,858 
Interest expense
16,437 
Other income, net
6,220 
Total consolidated income before income taxes and income from equity method investments
$188,513 
Nine months ended September 30, 2024
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$1,481,778 $623,777 $— $2,105,555 
Eliminations
(5,627)(9,881)— (15,508)
Total segment operating revenues
1,476,151 613,896 — 2,090,047 
Cost of sales
1,312,538 524,461 (146)1,836,853 
Gross profit
163,613 89,435 146 253,194 
Selling, general and administrative expenses62,842 29,353 17,097 109,292 
Operating income$100,771 $60,082 $(16,951)143,902 
Interest expense
8,823 
Other income, net
3,683 
Total consolidated income before income taxes and income from equity method investments
$138,762 
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,
September 30, 2025September 30, 2024
E&M
T&D
E&M
T&D
(In thousands)
Depreciation and amortization expense
$1,415 $5,917 $1,618 $4,753 
Interest expense
(2,431)946 (54)982 
Income tax expense
17,033 6,646 9,806 6,249 
Capital expenditures*
$2,575 $7,346 $2,701 $15,256 
Nine months ended,
September 30, 2025September 30, 2024
E&M
T&D
E&M
T&D
(In thousands)
Depreciation and amortization expense
$4,268 $17,162 $4,794 $13,848 
Interest expense
(5,728)2,644 117 3,030 
Income tax expense
46,770 15,900 28,478 14,596 
Capital expenditures*
$12,699 $29,269 $5,641 $28,726 
__________________
*Capital expenditures for the three and nine months ended September 30, 2025 and 2024 include noncash transactions for capital expenditure-related Accounts payable.
Reconciliations of reportable segment assets to consolidated assets were as follows as of:
September 30, 2025December 31, 2024
(In thousands)
E&M segment assets
$1,019,499 $764,470 
T&D segment assets
440,100 410,887 
Total reportable segment assets1,459,599 1,175,357 
Other assets188,781 161,016 
Eliminations
(24,644)(47,910)
Total consolidated assets $1,623,736 $1,288,463 
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.
Revenue from a single customer accounted for approximately 17% and 16% of total operating revenues for the three and nine months ended September 30, 2025, respectively, which was included in the E&M segment. No single customer accounted for more than 10% of total operating revenues for the three and nine months ended September 30, 2024.
At a segment level, revenue from two E&M customers individually accounted for approximately 22% and 11% of total E&M segment revenues for three months ended September 30, 2025, respectively, and for approximately 21% and 11% of total E&M segment revenues for the nine months ended September 30, 2025, respectively. No single E&M customer accounted for more than 10% of total E&M segment revenues for the three and nine months ended September 30, 2024.
As for T&D, revenue from a single T&D customer accounted for approximately 16% and 17% of total T&D segment revenues for the three and nine months ended September 30, 2025, respectively. A single T&D customer accounted for approximately 15% and 18% of total T&D segment revenues for the three and nine months ended September 30, 2024, respectively.
Trade receivables from a single customer accounted for approximately 17% of total trade receivables as of September 30, 2025, which was included in the E&M segment. No single customer accounted for more than 10% of total trade receivables as of December 31, 2024.
At a segment level, trade receivables from a single E&M customer accounted for approximately 21% of total E&M segment trade receivables as of September 30, 2025. Trade receivables from a single customer accounted for approximately 10% of total E&M segment trade receivables as of December 31, 2024.
As for T&D, trade receivables from a single T&D customer accounted for approximately 11% of total T&D segment trade receivables as of September 30, 2025. No single customer accounted for more than 10% of total T&D trade receivables as of December 31, 2024.