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Sep 30, 2021
Primoris Q3 2021 Earnings Report
Primoris's third quarter results for 2021 were announced, demonstrating the strength of its business model and strategic acquisitions in key markets.
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.
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