Key Highlights

  • Kadant pushed third quarter Revenue up 15%, reaching a quarterly high of USD 313.2 million, with organic expansion delivering 4% and purchases the other 11 points.
  • Everus Construction Group reported a Backlog of USD 5.48 billion at September 30, 2026, lifted by an estimated USD 742.3 million of acquired work.
  • Primoris Services posted total backlog of USD 14.1 billion, a record, while revenue slid 10.4% to USD 2.0 billion.
  • Limbach Holdings closed two deals in consecutive months, yet its filing extract gave no purchase prices or results for either one.

Kadant (NYSE:KAI): Purchased Revenue Accounts for Most of the Top-Line Jump

Kadant (NYSE:KAI) released third quarter figures on November 3, 2026, for the period closing October 3. Revenue advanced 15%, landing at USD 313.2 million compared with USD 271.6 million a year earlier. Only 4% of that expansion came from the existing business, while acquisitions supplied USD 31.0 million, equal to 11 points of growth. Our own arithmetic shows acquired revenue accounted for roughly three quarters of the increase. GAAP Earnings Per Share climbed 26% to USD 2.96. On an adjusted basis, per-share profit reached a high of USD 3.64, versus USD 3.01, once intangible amortization and deal costs were excluded. Gross Margin slipped 50 basis points to 44.7%, which means profit gains came from scale rather than better pricing. Adjusted EBITDA advanced 24%, reaching USD 71.7 million, while free Cash Flow improved 32% to USD 58.1 million. Orders expanded 22%, with 10% of that coming from organic sources, a sign that future sales may hold up. The full-year adjusted per-share forecast moved up to USD 12.58 through USD 12.73, previously USD 12.43 through USD 12.68, while revenue guidance spans USD 1.195 billion to USD 1.210 billion. Management flagged that economic and geopolitical uncertainty still shapes the timing of large Capital purchases, and the heavy reliance on bought-in revenue makes integration performance a key test.

Everus Construction Group (NYSE:ECG): Backlog Swells to a Record With Acquisitions Adding Fuel

Everus Construction Group (NYSE:ECG) posted third quarter 2026 sales of USD 1.38 billion, a 40.3% advance over USD 986.8 million, in a release dated November 3, 2026. Organic expansion accounted for 35.8%, leaving acquisitions to explain the rest of the climb. Backlog, meaning contracted work still waiting to be performed, stood at USD 5.48 billion, which is 69.8% higher than at December 31, 2025. About USD 742.3 million of that backlog was acquired, and one of those deals, Epsilon Industries, was bought on September 1, 2026. Electrical and mechanical backlog rose 98.9% to USD 5.11 billion, driven by Data Center and high-tech jobs, whereas the transmission and distribution book shrank to USD 371.3 million, down from USD 375.8 million. Diluted Earnings per Share reached a record USD 1.79 versus USD 1.11, on Net Income of USD 91.9 million. Borrowing ballooned to USD 571.5 million from USD 285.0 million, lifting net Leverage to 0.7 times from 0.4 times. Selling, general and administrative costs grew 55.8% to USD 80.7 million. The company lifted its 2026 revenue outlook to USD 5.0 billion to USD 5.1 billion, from USD 4.5 billion to USD 4.7 billion, and its EBITDA target to USD 485 million to USD 495 million.

Primoris Services (NYSE:PRIM): A Record Backlog Sits Beside Shrinking Revenue and Profit

Primoris Services (NYSE:PRIM) disclosed its July-to-September 2026 quarter figures on November 3, 2026. Revenue came in at USD 2.0 billion, down 10.4% year over year. Net income totaled USD 51.3 million, or USD 0.95 per diluted share, versus USD 1.73 previously. Adjusted per-share earnings, a non-GAAP figure, were USD 1.20 compared with USD 1.88. Energy revenue dropped 17.6% as renewable projects began more slowly than planned, and that segment's gross margin slipped to 8.5% from 10.1%. Utilities went the opposite way, with revenue up 4.5% and margin improving to 13.0% from 11.7%. The May 1, 2026 purchase of PayneCrest Electric lifted Energy results and contributed about USD 593.6 million to fixed-price backlog. Total backlog hit a record USD 14.1 billion, including USD 8.5 billion under master service agreements, compared with USD 11.9 billion at December 31, 2025, a rounded figure. Management indicated that the final of six troubled projects is close to completion. A repurchase authorization of up to USD 250 million was announced, and 2026 adjusted EBITDA guidance now runs from USD 290.0 million to USD 310.0 million. Backlog does not equal revenue, and because much Energy work is fixed price, cost overruns land on the contractor.

Limbach Holdings (NASDAQ:LMB): Pair of Data Center Deals Arrive Without Disclosed Figures

Limbach Holdings (NASDAQ:LMB) said in its filing, dated November 3, 2026 and covering the stretch that ended September 30, that two purchases closed one month apart. CYMCOR, a professional services firm based in Frisco, Texas, was bought on August 4, 2026. Its work spans program management and commissioning oversight, with advisory services aimed at hyperscale, colocation and enterprise Facility owners. The second purchase, 1901, a union mechanical, electrical, plumbing and controls contractor from Madison, Wisconsin, closed September 1, 2026. Limbach presents itself as a building systems solutions company with roughly 2,100 team members across 23 offices. The reviewed extract includes no purchase prices, revenue, profit or backlog figures, so the size of these deals and their performance remain unknown. The filing states that earnouts tied to several acquisitions, 1901 included, are measured at Fair Value each reporting date, with shifts flowing through operating income. Retention payments for key staff at CYMCOR and 1901 are booked over the required service period. Since most revenue is recognized against estimated total costs, an inaccurate estimate on a fixed-price Job can move margins in later periods.

Where Things Stand

Kadant (NYSE:KAI) leaned hardest on purchased growth, yet it still reported 10% organic order growth and raised guidance. Everus Construction Group (NYSE:ECG) combined 35.8% organic growth with acquired backlog, although its borrowing and costs also climbed. Primoris Services (NYSE:PRIM) pairs a big order book with a 10.4% revenue decline, so the backlog has not yet translated into sales growth. Limbach Holdings (NASDAQ:LMB) cannot be judged on numbers because the supplied extract includes none. Without trading Volume data in the material, thin-trading risk for the smaller names cannot be assessed. This is information only, not a recommendation.