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Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2026

Reportable Segments

Schedule of revenue and gross profit by segment

Operating performance by segment for the three months ended March 31, 2026, and 2025 was as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended March 31, 2026

​

​

Utilities

​

% of Segment Revenue

​

Energy

​

​

% of Segment Revenue

​

Corporate and non-allocated costs

​

Consolidated

​

​

% of Consolidated Revenue

Revenue

​

$

632.9

​

​

—

​

$

955.4

​

​

—

​

$

(28.4)

(1)

$

1,559.9

​

​

—

​

Cost of revenue

​

​

570.9

​

​

90.2%

​

​

882.7

​

​

92.4%

​

​

(28.4)

(1)

​

1,425.2

​

​

91.4%

​

Gross profit

​

​

62.0

​

​

9.8%

​

​

72.7

​

​

7.6%

​

​

—

​

​

134.7

​

​

8.6%

​

Selling, general, and administrative expenses

​

​

31.5

​

​

5.0%

​

​

42.9

​

​

4.5%

​

​

31.4

​

​

105.8

​

​

6.8%

​

Transaction and related costs

​

​

—

​

​

​

​

​

—

​

​

​

​

​

4.5

​

​

4.5

​

​

​

​

Operating income

​

$

30.5

​

​

4.8%

​

$

29.8

​

​

3.1%

​

$

(35.9)

​

$

24.4

​

​

1.6%

​

​

(1) Represents intersegment revenue and cost of revenue of $28.4 million in the Utilities segment eliminated in our Condensed Consolidated Statements of Income.

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended March 31, 2025

​

​ ​ ​

Utilities

​ ​ ​

% of Segment Revenue

​

Energy

​

% of Segment Revenue

​

Corporate and non-allocated costs

​

Consolidated

​

​

% of Consolidated Revenue

Revenue

​

$

563.4

​

—

​

$

1,108.3

​

​

—

​

$

(23.6)

(1)

$

1,648.1

​

​

—

Cost of revenue

​

​

511.8

​

​

90.8%

​

​

989.2

​

​

89.3%

​

​

(23.6)

(1)

​

1,477.4

​

​

89.6%

Gross profit

​

​

51.6

​

​

9.2%

​

​

119.1

​

​

10.7%

​

​

—

​

​

170.7

​

​

10.4%

Selling, general, and administrative expenses

​

​

33.5

​

​

5.9%

​

​

40.2

​

​

3.6%

​

​

25.8

​

​

99.5

​

​

6.0%

Transaction and related costs

​

​

—

​

​

​

​

​

—

​

​

​

​

​

0.8

​

​

0.8

​

​

​

Operating income

​

$

18.1

​

3.2%

​

$

78.9

​

​

7.1%

​

$

(26.6)

​

$

70.4

​

​

4.3%

​

(1) Represents intersegment revenue and cost of revenue of $23.6 million in the Utilities segment eliminated in our Condensed Consolidated Statements of Income.

Schedule of segment operating income

Reconciliation of operating income to income before provision for income taxes is as follows (in millions):

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​	​ ​ ​	2026		​	2025
Operating income		$	24.4	​	$	70.4
Foreign exchange loss, net	​	​	—	​	​	(0.3)
Other income, net	​	​	0.1	​	​	—
Interest expense, net	​	​	(4.6)	​	​	(7.8)
Income before provision for income taxes	​	$	19.9	​	$	62.3

Schedule of depreciation and amortization by segment

Depreciation and amortization expense by segment for the three months ended March 31, 2026, and 2025 was as follows (in millions):

​

​	​	​	​	​	​	​
​	​ ​ ​	For the three months ended March 31,
​	​	2026		​	2025
Utilities		$	14.2	​	$	14.1
Energy	​	​	7.9	​	​	5.9
Corporate and non-allocated costs	​	​	1.7	​	​	1.4
Total depreciation and amortization		$	23.8	​	$	21.4

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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-Section 50
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- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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