Primoris Q3 2021 Earnings Report
Key Takeaways
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.
Revenue reached $913.2 million, with the Energy/Renewables segment up 11% and the Utilities segment up 10%.
Net income attributable to Primoris was $44.1 million, with a diluted EPS of $0.81.
Adjusted net income attributable to Primoris was $48.5 million, with an adjusted diluted EPS of $0.89.
Backlog totaled $2.7 billion, with MSA Backlog at $1.5 billion, representing 53% of the total backlog.