Construction and Maintenance Services Stocks Q3 Teardown: WillScot Mobile Mini (NASDAQ:WSC) Vs The Rest

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at construction and maintenance services stocks, starting with Great Lakes Dredge & Dock .

Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies’ offerings.

The 13 construction and maintenance services stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was in line.

Luckily, construction and maintenance services stocks have performed well with share prices up 13.3% on average since the latest earnings results.

Great Lakes Dredge & Dock

Founded as Lydon & Drews dredging company, Great Lakes Dredge & Dock provides dredging services, land reclamation, and coastal protection projects in the United States and internationally.

Great Lakes Dredge & Dock reported revenues of $195.2 million, up 2.1% year on year. This print fell short of analysts’ expectations by 3%, but it was still a strong quarter for the company with a beat of analysts’ EPS and EBITDA estimates.

Lasse Petterson, President and Chief Executive Officer, commented, “Great Lakes delivered another solid quarter, driven by strong project execution and high equipment utilization. We ended the quarter with revenue of $195.2 million, net income of $17.7 million, and adjusted EBITDA of $39.3 million. Our substantial dredging backlog stood at $934.5 million as of the end of the third quarter, with an additional $193.5 million in low bids and options pending award, providing revenue visibility for the remainder of 2025 and well into 2026. Capital and coastal protection projects account for over 84% of our dredging backlog, which typically yield higher margins for GLDD due to our experienced project teams and our extensive fleet.

Interestingly, the stock is up 34.3% since reporting and currently trades at $15.29.

Best Q3: Primoris

Listed on the NASDAQ in 2008, Primoris builds, maintains, and upgrades infrastructure in the utility, energy, and civil construction industries.

Primoris reported revenues of $2.18 billion, up 32.1% year on year, outperforming analysts’ expectations by 17.7%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Primoris pulled off the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 6.4% since reporting. It currently trades at $152.51.

Weakest Q3: WillScot Mobile Mini

Originally focusing on mobile offices for construction sites, WillScot provides ready-to-use temporary spaces, largely for longer-term lease.

WillScot Mobile Mini reported revenues of $566.8 million, down 5.8% year on year, falling short of analysts’ expectations by 2.3%. It was a softer quarter as it posted a miss of analysts’ Delivery and Installation revenue estimates and revenue guidance for next quarter missing analysts’ expectations significantly.

WillScot Mobile Mini delivered the slowest revenue growth in the group. Interestingly, the stock is up 3.2% since the results and currently trades at $20.19.

Read our full analysis of WillScot Mobile Mini’s results here.

Tutor Perini

Known for constructing the Philadelphia Eagles’ Stadium, Tutor Perini is a civil and building construction company offering diversified general contracting and design-build services.

Tutor Perini reported revenues of $1.42 billion, up 30.7% year on year. This number surpassed analysts’ expectations by 2.3%. Overall, it was a stunning quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is up 17.5% since reporting and currently trades at $79.83.

Read our full, actionable report on Tutor Perini here, it’s free.

Orion

Established in 1994, Orion provides construction services for marine infrastructure and industrial projects.

Orion reported revenues of $225.1 million, flat year on year. This result was in line with analysts’ expectations. It was a strong quarter as it also produced a beat of analysts’ EPS estimates and full-year EBITDA guidance slightly topping analysts’ expectations.

The stock is up 44.4% since reporting and currently trades at $12.52.

Read our full, actionable report on Orion here, it’s free.

Wrapping up Q3 earnings, we look at the numbers and key takeaways for the construction and maintenance services stocks, including Concrete Pumping and its peers.

Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies’ offerings.

The 13 construction and maintenance services stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was in line.

Luckily, construction and maintenance services stocks have performed well with share prices up 12.2% on average since the latest earnings results.

Concrete Pumping

Going public via SPAC in 2018, Concrete Pumping is a provider of concrete pumping and waste management services in the United States and the United Kingdom.

Concrete Pumping reported revenues of $108.8 million, down 2.4% year on year. This print exceeded analysts’ expectations by 5.7%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ organic revenue and adjusted operating income estimates.

"This quarter, our results again reflected the resilience and adaptability of our business model amid persistent macroeconomic challenges," said CPH CEO Bruce Young.

Unsurprisingly, the stock is down 22% since reporting and currently trades at $5.77.

Best Q3: Primoris

Listed on the NASDAQ in 2008, Primoris builds, maintains, and upgrades infrastructure in the utility, energy, and civil construction industries.

Primoris reported revenues of $2.18 billion, up 32.1% year on year, outperforming analysts’ expectations by 17.7%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

Primoris delivered the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 6.1% since reporting. It currently trades at $152.02.

Weakest Q3: WillScot Mobile Mini

Originally focusing on mobile offices for construction sites, WillScot provides ready-to-use temporary spaces, largely for longer-term lease.

WillScot Mobile Mini reported revenues of $566.8 million, down 5.8% year on year, falling short of analysts’ expectations by 2.3%. It was a softer quarter as it posted a miss of analysts’ Delivery and Installation revenue estimates and revenue guidance for next quarter missing analysts’ expectations significantly.

WillScot Mobile Mini delivered the slowest revenue growth in the group. Interestingly, the stock is up 4.5% since the results and currently trades at $20.43.

Read our full analysis of WillScot Mobile Mini’s results here.

MYR Group

Constructing electrical and phone lines in the American Midwest dating back to the 1890s, MYR Group is a specialty contractor in the electrical construction industry.

MYR Group reported revenues of $950.4 million, up 7% year on year. This print beat analysts’ expectations by 2.8%. It was a strong quarter as it also put up an impressive beat of analysts’ revenue estimates and a solid beat of analysts’ adjusted operating income estimates.

The stock is up 13.6% since reporting and currently trades at $256.22.

Read our full, actionable report on MYR Group here, it’s free.

Limbach

Established in 1901, Limbach provides integrated building systems solutions, including mechanical, electrical, and plumbing services.

Limbach reported revenues of $184.6 million, up 37.8% year on year. This result was in line with analysts’ expectations. Zooming out, it was a mixed quarter as it also produced full-year EBITDA guidance slightly topping analysts’ expectations but a miss of analysts’ EBITDA estimates.

Limbach achieved the highest full-year guidance raise among its peers. The stock is down 7.5% since reporting and currently trades at $84.03.

Read our full, actionable report on Limbach here, it’s free.

Comfort Systems has been on fire lately. In the past six months alone, the company’s stock price has rocketed 62.9%, reaching $1,129 per share. This was partly thanks to its solid quarterly results, and the performance may have investors wondering how to approach the situation.

Following the strength, is FIX a buy right now? Or is the market overestimating its value? Find out in our full research report, it’s free.

Why Is FIX a Good Business?

Formed through the merger of 12 companies, Comfort Systems provides mechanical and electrical contracting services.

1. Surging Backlog Locks In Future Sales

We can better understand Construction and Maintenance Services companies by analyzing their backlog. This metric shows the value of outstanding orders that have not yet been executed or delivered, giving visibility into Comfort Systems’s future revenue streams.

Comfort Systems’s backlog punched in at $9.38 billion in the latest quarter, and over the last two years, its year-on-year growth averaged 33.6%. This performance was fantastic and shows the company has a robust sales pipeline because it is accumulating more orders than it can fulfill. Its growth also suggests that customers are committing to Comfort Systems for the long term, enhancing the business’s predictability.

2. Outstanding Long-Term EPS Growth

We track the long-term change in earnings per share (EPS) because it highlights whether a company’s growth is profitable.

Comfort Systems’s EPS grew at an astounding 45% compounded annual growth rate over the last five years, higher than its 23.7% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.

3. New Investments Bear Fruit as ROIC Jumps

ROIC, or return on invested capital, is a metric showing how much operating profit a company generates relative to the money it has raised (debt and equity).

We like to invest in businesses with high returns, but the trend in a company’s ROIC is what often surprises the market and moves the stock price. Fortunately, Comfort Systems’s ROIC has increased significantly over the last few years. This is a great sign when paired with its already strong returns. It could suggest its competitive advantage or profitable growth opportunities are expanding.

Final Judgment

These are just a few reasons why Comfort Systems is a cream-of-the-crop industrials company, and after the recent rally, the stock trades at 38.3× forward P/E (or $1,129 per share). Is now a good time to buy? See for yourself in our in-depth research report, it’s free.