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Legence Corp. (NASDAQ:LGN) stock rose Friday after delivering mixed third-quarter results in its first earnings report since going public.
The company posted revenue of $708.01 million, up 26.2% year-over-year and ahead of analyst expectations of $639.78 million.
Gross margin eased to 20.9% from 21.1% a year earlier, while earnings missed forecasts, with an EPS loss of 2 cents compared with consensus estimates calling for a profit of 6 cents.
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San Jose–based Legence, which went public on September 12, 2025, generates most of its revenue through installation, maintenance, engineering, and consulting services for mission-critical building systems across data centers, life sciences, healthcare, and education.
Blackstone Inc. (NYSE:BX) acquired the company from Gemspring Capital in 2020 and later moved it to public markets as part of its broader listing strategy.
Adjusted EBITDA rose 38.9% year-over-year to $88.8 million, while the company ended the quarter with $176.03 million in cash and equivalents.
Engineering & Consulting revenue increased 9.5% to $212.2 million, supported by rising demand for Engineering & Design services from state and local government, life sciences, and healthcare clients, as well as strong Program & Project Management activity in hospitality and entertainment.
Installation & Maintenance revenue grew 35.1% to $495.8 million, driven by elevated demand in Installation & Fabrication from data center, technology, life sciences, and healthcare customers.
Backlog and awarded contracts climbed 29.4% year-over-year to $3.1 billion. The consolidated book-to-bill ratio reached 1.5x, up from 1.3x last year, underscoring ongoing strength across core end markets.
Legence also announced an agreement to acquire The Bowers Group for about $475 million, comprising $325 million in cash, $100 million in stock, and $50 million in deferred consideration payable in cash or stock by the end of 2026.
The deal is expected to expand Legence's mechanical contracting presence in the high-growth Northern Virginia and DC Metro regions—particularly in data centers—add 370,000 square feet of fabrication capacity, and enhance cross-selling with its electrical services portfolio.
The company expects the acquisition to accelerate revenue, EBITDA, and backlog growth; generate operating efficiencies across shared teams and capabilities; and strengthen its scale in mission-critical infrastructure. The transaction is expected to close in the first quarter of 2026, pending customary conditions.
Legence's CEO Jeff Sprau said the company delivered strong organic revenue, adjusted EBITDA, and backlog growth in its first quarter as a public company, pointing to broad-based demand across key end markets.
He added that Legence is reducing leverage through IPO proceeds and solid cash generation and remains confident in its outlook.
For the fourth quarter, the company expects revenue between $600 million and $630 million, compared with a consensus estimate of $608.45 million, and adjusted EBITDA of $60 million to $65 million.
For fiscal 2026, Legence projects revenue of $2.65 billion to $2.85 billion, above the consensus estimate of $2.63 billion, and adjusted EBITDA of $295 million to $315 million.
Price Action: LGN shares were trading higher by 1.62% to $33.87 premarket at last check Friday.
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