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Mar 31, 2025
Primoris Q1 2025 Earnings Report
Reported financial results for the first quarter ended March 31, 2025
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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