Strong Growth in E-Infrastructure Solutions
E-Infrastructure Solutions segment revenue grew by 18%, with a significant 60% increase in the data center market. Adjusted operating income in this segment grew 61% with operating margins reaching 23%, a 618 basis point increase.
Record Earnings and Profit Margins
Adjusted earnings per share increased by 29% to $1.63. Adjusted EBITDA grew by 31% to $80 million. Gross profit margins expanded more than 400 basis points from the prior year to reach 22%.
Significant Backlog Growth
Backlog increased by 17% year-over-year to $2.1 billion, with a book-to-burn ratio above two times. E-Infrastructure Solutions backlog rose by 27% in the first quarter.
Positive Cash Flow and Liquidity Position
Operating cash flow generation was strong at $85 million. The company ended the quarter with $638.6 million in cash and a net cash position of $328.6 million.
Strategic Acquisition of Drake Concrete
Acquired Drake Concrete for $25 million, expected to contribute $55 million in revenue and $6.5 million in EBITDA for 2025.