Transmission Margins
Q: Transmission project margin risk?
A: Management is confident in this largest, sole‐source transmission win, expecting double-digit margins similar to past projects, with limited added risk. " "

Transmission Pipeline
Q: Extra transmission projects booked 2024?
A: They noted ongoing pursuit of additional large transmission awards, indicating a robust pipeline and more wins expected in 2024. "

Communications Outlook
Q: Outlook for Communications in 2025?
A: Management is bullish on a strong multiyear outlook, with improved revenue and margin prospects driven by BEAD funding and new customer entrants. "

Distribution Spending
Q: Why have distribution spend deferrals occurred?
A: Deferrals are linked to ongoing uncertainties with rate cases and timing issues, but spending is expected to recover as resolutions occur. "

Permitting Status
Q: Are all permits in place for transmission?
A: While a few permits remain, management expects them to be secured by year-end, paving the way for an early-2025 start. "

Clean Energy Backlog
Q: Are Clean Energy bookings sufficient?
A: Current backlog covers near-term targets, and management expects additional work in the second half, solidifying the 2025 pipeline. "

Communications Margins
Q: How will Communications margins evolve?
A: With the shift from traditional services to new BEAD projects, margins could return to the 12–13% range as market dynamics improve. "

Power Delivery Margins
Q: Can Power Delivery margins hit double-digits?
A: Management is confident that increased scale and improved operations will help drive Power Delivery margins into double-digit territory over time. "

Oil & Gas Stability
Q: Can oil & gas revenue remain stable?
A: They anticipate stability at the $2 billion level based on a robust, active market, even without a marquee project like MVP. "

Data Center Outlook
Q: What is the data center market outlook?
A: Continued bid activity is expected to boost data center services, with several hundred million dollars in new work projected for 2024 and ample opportunities in 2025. "

Sole Sourced Transmission
Q: Is the transmission project solely sourced?
A: Yes, the project is fully sole sourced, leveraging internal expertise and capacity, with no reliance on subcontracting. "

Distribution Regulatory Scope
Q: Are regulatory challenges limited to Illinois?
A: The challenges extend beyond Illinois due to widespread rate cases and cost pressures, with minimal storm restoration work noted recently. "

Clean Energy Solar Backlog
Q: Does solar backlog extend beyond 2025?
A: Backlog currently covers only an 18‐month period; discussions suggest strong multiyear potential that isn’t fully captured in booked orders. "

Clean Energy Supply Chain
Q: Is the team ready for clean energy delivery?
A: Management emphasized that teams and supply chains are well-prepared to execute, ensuring smooth project delivery in the coming months. "

Infrastructure Job Sizing
Q: What size infrastructure projects are targeted?
A: They are increasingly pursuing larger infrastructure projects, leveraging limited competition to drive significant business growth. "

Clean Energy LNP Stability
Q: Is the $2B LNP in clean energy stable?
A: The $2B figure is dynamic—projects continuously transition into backlog—indicating a healthy and active market pipeline. "

Historical Transmission Margins
Q: How did past transmission projects perform?
A: Historically, large transmission deals have delivered double-digit margins, and the current award is expected to perform similarly. "

Civil Infrastructure Delays
Q: Are there concerns over civil project delays?
A: The delays seen are typical government-related timing adjustments with expectations to accelerate in the second half, posing minimal long-term impact. "