Primoris Earnings Reports

Primoris Services Corporation delivered strong financial results in Q4 2024, with revenue increasing 14.9% year-over-year to $1.74 billion. Net income rose 43.3% to $54.0 million, driven by higher operating income and lower interest expense. Adjusted net income reached $61.8 million, with an adjusted EPS of $1.13. The company also recorded its highest-ever backlog of $11.9 billion, setting the stage for future growth. Looking ahead, Primoris expects continued strong performance in 2025, supported by favorable market trends in infrastructure investment.

Primoris Services Corporation reported strong third-quarter results, with revenue reaching $1,649.1 million, a 7.8% increase compared to the same period in 2023. Net income rose to $58.4 million, or $1.07 per diluted share, and backlog hit a record $11.3 billion. The company is raising its EPS guidance and increased its quarterly cash dividend.

Primoris Services Corporation reported a strong second quarter in 2024, with revenue increasing by 10.6% compared to the same period in 2023, driven by growth in the Energy segment. Net income and adjusted net income also saw increases, and the company raised its EPS and adjusted EPS guidance ranges for the year.

Primoris Services Corporation reported a revenue increase of 14.0% to $1.5 billion for Q4 2023, driven by renewables growth in the Energy segment. However, net income decreased by 9.3% to $37.7 million, and adjusted net income fell by 7.6% to $46.4 million, due to higher income tax and interest expense, partially offset by higher operating income. The company's backlog reached a record $10.9 billion.

Primoris Services Corporation reported a strong third quarter with record revenue of $1,529.5 million, a 19.1% increase compared to Q3 2022. Net income was $48.1 million, or $0.89 per diluted share. The company's backlog reached a record $6.7 billion.

Primoris Services Corporation reported a strong first quarter in 2023, with revenue reaching $1,256.9 million, a 60.2% increase compared to the same period in 2022. Net income was $1.3 million, or $0.02 per diluted share, and adjusted net income was $9.9 million, or $0.18 per diluted share. The company's backlog reached $5.6 billion, up 38.1% from the first quarter of 2022.

Primoris Services Corporation reported a strong Q4 2022, with revenue reaching $1.3 billion, a 50.3% increase compared to Q4 2021. Net income rose by 40.5% to $41.5 million, and adjusted net income increased by 46.0% to $50.2 million. The company's performance was boosted by renewables growth and contributions from acquisitions.

Primoris Services Corporation reported a 40.6% increase in revenue to $1,284.1 million, driven by growth in the Utilities and Energy/Renewables segments and contributions from the PLH acquisition. Net income was $43.0 million, or $0.80 per diluted share, and adjusted net income was $60.4 million, or $1.12 per diluted share. The company's backlog increased to a record $5.5 billion.

Primoris Services Corporation announced record revenue of $1,022.9 million and a significant increase in total backlog to $4.572 billion, driven by the utility and energy/renewables segments. The company reported a net income of $50.2 million and EPS of $0.93. They also raised their estimates for the year ending December 31, 2022.

Primoris Services Corporation reported a revenue of $784.4 million for Q1 2022, a decrease compared to the same period last year. The company experienced a net loss of $1.7 million, with a loss per share of $0.03. Adjusted EPS was $0.01. Despite the overall decrease in revenue, Utilities and Energy/Renewables segments showed growth. The company's backlog reached a record $4.025 billion, driven by growth markets.

Primoris Services Corporation reported Q4 2021 results with a revenue of $884.4 million and a net income of $29.4 million. The company's backlog reached a record $4.0 billion. Revenue decreased slightly compared to the same period in 2020, while gross profit remained consistent.

Primoris Services Corporation reported a revenue of $913.2 million and a net income of $44.1 million for the third quarter ended September 30, 2021. The company's Energy/Renewables segment led revenue growth with an 11% increase, while the Utilities segment revenue increased by 10%. Primoris updated its estimates for the year ending December 31, 2021, expecting EPS to be between $2.10 and $2.20 per fully diluted share and Adjusted EPS in the range of $2.61 to $2.71.

Primoris Services Corporation reported a decrease in revenue but an increase in gross profit for the second quarter of 2021. The company's Utility and Energy/Renewables segments showed strong revenue growth, while the Pipeline Services segment experienced a decline. Overall, the company's strategic focus on master service agreements is yielding positive results.

Primoris Services Corporation reported a strong first quarter in 2021, marked by a 10% increase in revenue, a net income of $5.9 million, and the successful acquisition of Future Infrastructure Holdings, LLC. The company's performance was driven by growth in the Energy/Renewables and Utilities segments, with gross margins improving across all segments. Despite facing transaction costs and a winter storm impact, Primoris is optimistic about its financial flexibility and growth prospects.

Primoris Services Corporation reported a 14% increase in revenue and an 18% increase in net income for the fourth quarter of 2020. The company's acquisition of Future Infrastructure Holdings, LLC in January 2021 is expected to drive higher-margin growth and recurring revenue.

Primoris Services Corporation reported a strong second quarter in 2020, with revenue reaching $908.2 million compared to $789.9 million in Q2 2019. Net income attributable to Primoris was $33.0 million, or $0.68 per fully diluted share, up from $17.8 million, or $0.35 per share, in the same quarter last year. The company's backlog stood at $3.5 billion, including $0.5 billion related to a major pipeline project.

Primoris Services Corporation reported a revenue increase of 12.3% to $743.2 million for Q1 2020 compared to $661.6 million in Q1 2019. However, the company reported a net loss attributable to Primoris of ($3.7 million), or ($0.08) per fully diluted share, compared to net income of $1.9 million, or $0.04 per fully diluted share, in Q1 2019. The company withdrew its earnings guidance for the year due to uncertainty around the timing of work and the potential long-term impacts of the oil crisis and COVID-19.

Primoris Services Corporation reported a decrease in revenue and net income for Q4 2019 compared to Q4 2018, with revenue at $789.8 million and net income at $26.9 million. Despite the decline, the company's total backlog remained strong at $3.2 billion, and cash flow was impressive, allowing for the completion of a $50 million share repurchase program.