Everus Construction Group has raised its full-year outlook after reporting record third-quarter results, with demand for data centre construction driving a sharp rise in revenue and a much larger order book.

The United States infrastructure construction group reported revenue of $1.38 billion for the three months to 30 September, up 40.3 per cent from $986.8 million in the same period last year. Net income rose 61.2 per cent to $91.9 million, while diluted earnings per share increased to $1.79 from $1.11 a year earlier.

Earnings before interest, tax, depreciation and amortisation, known as EBITDA, rose 57.5 per cent to $140.2 million. The EBITDA margin widened to 10.1 per cent, compared with 9.0 per cent in the third quarter of 2025. Gross profit increased 65.1 per cent to $205.0 million, helped by higher workloads, project timing and a $7.6 million net benefit from resolving a dispute over earlier billings.

The strongest growth came from the electrical and mechanical business, which serves commercial and industrial customers. Revenue in that division rose 48.0 per cent to $1.14 billion, while its EBITDA increased 79.1 per cent to $119.8 million. Growth was driven mainly by data centre and high-technology work, although revenue from renewable energy projects was lower.

Transmission and distribution revenue rose 14.4 per cent to $255.6 million, supported by utility work on transmission, distribution and underground systems. That division reported EBITDA of $38.3 million, up 13.3 per cent, with its margin broadly unchanged at 15.0 per cent.

Everus ended the quarter with a backlog of $5.48 billion, up 86.1 per cent from a year earlier and up 69.8 per cent from $3.23 billion at the end of December 2025. Backlog represents contracted work that has not yet been completed. Acquisitions completed during the first nine months of 2026 contributed about $742 million of that total.

Chief executive Jeffrey Thiede said data centre work remained the largest part of the backlog and that the company worked mainly with large hyperscale customers. He said Everus was involved in their project planning, giving it visibility beyond the work already under contract. Asked about possible construction pauses or less supportive data centre policies after the recent elections, he said the company had not seen a change in customer behaviour. “Our outlook for data centers is strong,” he said.

Thiede also pointed to growth in semiconductor, government and healthcare work. He said an initial project for a semiconductor customer in a new geographic market was progressing well and described the opportunity in that region as lasting several years. Utility backlog also grew, with substation and transmission work contributing.

Everus completed its acquisition of Epsilon Industries on 1 September. The deal expands its off-site modular construction and prefabrication capabilities. A separate acquisition, SE&M, completed in April, expanded its presence in pharmaceutical and healthcare work and increased its mechanical business. Management said Epsilon’s modular work usually converts backlog into revenue more slowly than its on-site work and can be less even from quarter to quarter.

For the first nine months of 2026, revenue rose 33.6 per cent to $3.65 billion. Operating cash flow increased to $267.3 million from $108.6 million a year earlier, while free cash flow rose to $221.2 million from $74.8 million. Net leverage stood at 0.7 times trailing 12-month EBITDA at the end of September.

Everus now expects full-year 2026 revenue of $5.0 billion to $5.1 billion, up from its previous forecast of $4.5 billion to $4.7 billion. It also raised its EBITDA forecast to $485 million to $495 million, from $410 million to $425 million. The company kept its capital expenditure forecast at $90 million to $100 million. It said it would provide guidance for 2027 in February.