Everus Construction Group reported its fourth quarter and full year 2024 financial results on February 11, 2025. For Q4 2024, revenues increased to $759.7 million from $635.7 million in Q4 2023, while diluted EPS decreased to $0.67 from $0.72. Full year 2024 revenues were $2.85 billion, on par with 2023, and diluted EPS increased to $2.81 from $2.69 in 2023.
The company's full year 2024 EBITDA increased to $232.2 million, up from $222.6 million in 2023, with an EBITDA margin of 8.1%. Backlog stood at $2.8 billion as of December 31, 2024, representing a 38% increase from the prior year-end. Net leverage was 1.0x as of December 31, 2024, after repaying the $40.0 million drawn on the revolving credit facility in November 2024.
Everus initiated its full-year 2025 guidance, projecting revenues between $3.0 billion and $3.1 billion and EBITDA between $210 million and $225 million. Management noted that the backlog conversion cycle may be extended relative to historical patterns in the coming quarters due to larger, more complex, and longer average project sizes.
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