Primoris Q1 2025 Earnings Report
Key Takeaways
Primoris Services Corporation reported strong first quarter 2025 results with revenue increasing by 16.7% to $1.65 billion, driven by growth in both Energy and Utilities segments. Net income more than doubled to $44.2 million, and Adjusted EPS rose significantly to $0.98. Total backlog remained robust at $11.4 billion. The company maintained its full-year 2025 guidance.
Revenue for Q1 2025 increased by 16.7% to $1,648.1 million compared to Q1 2024.
Net income for Q1 2025 was $44.2 million, up from $18.9 million in Q1 2024.
Adjusted diluted EPS for Q1 2025 was $0.98, a significant increase from $0.47 in Q1 2024.
Total backlog stood at $11.4 billion as of March 31, 2025, including $5.8 billion in MSA backlog.
Primoris
Primoris
Primoris Revenue by Segment
Forward Guidance
For the full year 2025, the company maintains its previous guidance, expecting Net Income between $203.3 million and $214.3 million, EPS between $3.70 and $3.90, and Adjusted EPS between $4.20 and $4.40. Adjusted EBITDA is expected to range from $440 million to $460 million.
Positive Outlook
- Maintained full year 2025 guidance.
- Targeting SG&A expense at approximately six percent of revenue for the full year.
- Targeting Utilities gross margins between 9% and 11%.
- Targeting Energy gross margins between 10% and 12%.
- Expect effective tax rate similar to 2024 (approx. 29%).
Challenges Ahead
- Guidance is based on current economic conditions and estimates, excluding potential impacts from changes in accounting or unusual items.
- Effective tax rate may vary depending on the mix of states in which the Company operates.
- Does not include other potential impacts, such as changes in accounting or unusual items.
Revenue & Expenses
Visualization of income flow from segment revenue to net income