Total Revenue

+157% (from $1.358B in Q4 2023 to $3.497B in Q4 2024)

Strong top‐line expansion drove the dramatic revenue increase, fueled by significant acquisitions and organic growth initiatives that built on the relatively lower base in Q4 2023. This growth is underpinned by a favorable market environment and efforts to enhance same-store performance. " " " " "

Operating Income

+226% (from $120.28M in Q4 2023 to $392.56M in Q4 2024)

Improved operational efficiency is evident from the more than twofold increase in operating income, reflecting not only higher revenue but also better cost management, margin expansion, and effective integration of acquired operations that enhanced profitability compared to the previous period. " " " " "

Net Income

+59% (from $91.58M in Q4 2023 to $145.87M in Q4 2024)

Robust bottom-line performance was achieved through higher revenues and operational gains; however, the more modest net income rise (relative to operating income) suggests the impact of non-operating expenses or tax adjustments. This reflects a strong recovery from the previous period’s lower base while indicating improvements in core profitability. " " " " "

Earnings Per Share

~+60% (from 2.56 in Q4 2023 to 4.1 in Q4 2024)

EPS growth mirrors net income improvements, driven by the enhanced profitability and possibly a reduced share count from share repurchase actions. The substantial EPS increase reinforces the company’s success in translating operational gains into shareholder value relative to the prior period’s figures. " " " " "

Same-Store Sales Growth

FY 2025

no prior guidance

high single-digit percentage growth " "

no prior guidance

Margins

FY 2025

no prior guidance

Gross profit margins are expected to remain in the strong ranges achieved in comparable quarters of FY 2024; margins in the productivity automation area are expected to support growth projections, with overall margin guidance consistent with the rest of the business " "

no prior guidance

Tax Rate

FY 2025

no prior guidance

Estimated to be approximately 22% to 23% for FY 2025 "

no prior guidance

Capital Expenditures (CapEx)

FY 2025

no prior guidance

Expected to remain at about the same percentage of revenue in FY 2025 as in FY 2024 "

no prior guidance

Sustained Demand

Consistently mentioned across Q1–Q3 with record or near‐record backlog figures (e.g., Q1: $5.9B, Q2: $5.8B, Q3: $5.7B) driven by robust multi‐sector demand. " " "

Q4 shows a record $6B backlog, strong multi‐sector activity and unprecedented visibility into 2026, with continued focus on the industrial sector and advanced technology areas. " " "

Consistently strong demand; upward trend with record backlog levels and longer-term pipeline visibility indicating continued robustness. " " "

Margin Sustainability

Q1–Q3 emphasized high and improving margins (e.g., Q1: significant improvements, Q2 and Q3 noted record levels and seasonal variations). " " " "

Q4 highlights confidence in sustaining elevated margins through good project selection, productivity gains, and strong execution, though acknowledging market volatility factors. " " " "

Steady focus on maintaining high margins; sentiment remains positive while being cautiously realistic about further expansion. " " "

Data Center Opportunities

All periods (Q1–Q3) consistently discussed robust demand in data centers, significant content per project, and initial mention of potential design/complexity risks. " " "

Q4 continues to underline extremely robust demand and opportunities in data centers—with capacity constraints leading to turning down work—and notes technological evolution (e.g. early AI data centers) while stressing profitability and strong backlog. " " "

Data center remains a key growth engine; risks are acknowledged but opportunities and contribution to high-growth advanced technology remain strong. " " "

Modular Construction Expansion

Q1 detailed high demand with capacity nearly sold out for 2025 and scalability challenges; Q2 mentioned incremental expansion and complexity; Q3 noted efficiency initiatives using automation and robotics. " " "

Q4 emphasizes that modular capacity is heavily focused on data centers (80–90% allocation), with plans to add 200,000 sq ft and recognition of scalability challenges if demand shifts. " " "

Continued focus with evolving execution; incremental expansion coupled with scalability challenges, particularly as demand from data centers dominates capacity. " " "

Capacity Constraints

Q1 called out both labor and production capacity limits (modular capacity for 2025 nearly sold, persistent labor tightness); Q2 mentioned production constraints in modular space; Q3 referenced workload management through selective project choices. " " "

Q4 explicitly discusses production constraints, efforts to expand capacity and carefully manage labor by being selective with projects, ensuring high execution standards amid full backlog. " "

Ongoing challenge; persistent production and labor constraints are managed through selective work acceptance and targeted capacity expansion. " "

Automation & Productivity

Q1 provided minimal details (only mentioning prefabrication boosting productivity); Q2 and Q3 emphasized investments in automation, robotics reconfiguration, and technology to improve field productivity and efficiency. " " "

Q4 continues investing in automation and productivity enhancements through new space additions (200,000 sq ft) with the view that these will help sustain margin improvements and incremental growth. " "

Consistent and growing investment in automation to boost productivity and margins across periods. " "

Diversification into High-Growth Sectors

Q1 through Q3 consistently highlighted shifts in revenue mix – increasing contributions from technology (data centers/chip fabrication), pharmaceuticals, life sciences, education, and healthcare – with percentages rising over time. " " " "

Q4 stresses diversification with technology and advanced sectors now representing 33% of revenue (up from 21%) and robust performance in pharmaceuticals, education, and healthcare, reinforcing the value of a broad-based revenue mix. " "

Ongoing diversification with a noticeable shift toward higher-growth sectors; increased emphasis on advanced technology components drives future growth potential. " "

Acquisition Strategy & Integration

Q1 discussed successful acquisitions (Summit Industrial, J&S Mechanical) and smooth integration; Q2 and Q3 emphasized disciplined and highly accretive acquisitions contributing to backlog and revenue. " " " "

Q4 features the recent strategic acquisition of Century Contractors and continued optimism about integration effectiveness, with a robust M&A pipeline that is managed with discipline and focus on long-term value. " "

Steady and disciplined acquisition strategy continues to be a key growth lever, with the integration process remaining highly effective over time. " "

Operating Leverage & SG&A Constraints

Q1 reported improved SG&A as a % of revenue; Q2 cautioned about mathematical limits to further leverage; Q3 highlighted strong operating leverage improvements with investments paying off. " " " "

Q4 notes improved SG&A leverage (SG&A at 11.1% vs. 11.8% in the prior year) and emphasizes confidence in sustaining strong margins, without directly citing constraints as a major future risk. " "

Generally positive, with continued SG&A improvements year-over-year though sequential gains might be limited; overall sentiment remains optimistic about margin stability. " "

Extended Project Visibility

Q1 noted strong modular capacity for 2025 with some early long-term signals; Q2 did not explicitly address it; Q3 highlighted extended visibility into projects through 2026 with strong pipeline confidence. " " "

Q4 demonstrates extended visibility with a record $6B backlog and unprecedented bookings for 2026, reinforcing long-term pipeline strength and providing workforce stability and planning confidence. " "

Increasing long-term visibility and pipeline planning; longer project horizons reinforce the company’s strong future outlook. " "