Welcome to our dedicated page for Everus Construction Group news (Ticker: ECG), a resource for investors and traders seeking the latest updates and insights on Everus Construction Group stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Everus Construction Group's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Everus Construction Group's position in the market.
Everus Construction Group (NYSE: ECG) reported strong Q3 2024 financial results with revenues of $761.0 million, up 6.1% year-over-year. Net income increased 16.1% to $41.8 million, with earnings per share of 82 cents, up 15.5%. EBITDA grew 12.1% to $65.0 million. The company's backlog reached a record $2.88 billion, up 43.5% from prior year-end. Everus completed its spinoff from MDU Resources Group on Oct. 31, 2024, and reiterated its 2024 guidance with expected revenues of $2.65-2.85 billion and EBITDA of $220-240 million.
Everus Construction Group (NYSE: ECG) has scheduled its third quarter 2024 earnings release for November 6, 2024, after market close. The company will host a webcast on November 7, 2024, at 8:30 a.m. EST to discuss financial results and recent events, followed by a Q&A session. The webcast will be accessible through the company's investor relations website, with presentation materials available under the 'Events & Presentations' tab. Participants can join via web or phone, with both toll-free and international dial-in options available.
MDU Resources Group has completed the spinoff of its construction services subsidiary, Everus Construction Group, which is now trading independently on NYSE under ticker 'ECG'. The separation was executed through a pro rata distribution where MDU shareholders received one share of Everus stock for every four MDU shares held as of October 21, 2024. The distribution is expected to be tax-free for U.S. federal income tax purposes. This strategic move positions MDU Resources as a pure-play regulated energy delivery business, following the previous spinoff of Knife River
Everus Construction Group (NYSE: ECG) has completed its spinoff from MDU Resources Group (NYSE: MDU) and commenced trading on the NYSE. The separation was executed through a pro rata distribution where MDU stockholders received one share of ECG common stock for every four MDU shares held on October 21. Jeffrey S. Thiede, president and CEO, emphasized the company's position as a major specialty construction services provider, focusing on data center growth, grid modernization, and high-tech reshoring. The company aims to implement its 4EVER strategy and disciplined capital allocation initiatives as a standalone entity to drive profitable growth.
MDU Resources Group, Inc. (NYSE: MDU) has announced that its construction services subsidiary, Everus Construction Group, will be listed on the NYSE under the ticker symbol ECG following its planned spinoff in late 2024. The company has filed a Form 10 registration statement with the SEC. MDU stockholders will receive one share of ECG for every four shares of MDU stock held, with fractional shares sold and proceeds distributed in cash. The spinoff is expected to be tax-free for U.S. federal income tax purposes.
Everus will hold an Investor Day on October 17, 2024, at the NYSE to present investment highlights, operations, financial performance, and growth prospects. The event will be webcast. This move is part of MDU Resources' strategy to become a pure-play regulated energy delivery business, providing stockholders with two distinct investment opportunities.
FAQ
What is the current stock price of Everus Construction Group (ECG)?
What is the market cap of Everus Construction Group (ECG)?
