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Sep 30, 2023
Primoris Q3 2023 Earnings Report
Primoris reported record revenue and grew backlog.
Key Takeaways
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.
Revenue increased by 19.1% year-over-year, driven by growth in power delivery, renewables, industrial, and pipeline businesses.
Net income increased to $48.1 million, or $0.89 per diluted share.
Backlog increased by 22.2% year-over-year, reaching $6.7 billion.
Adjusted EPS was $1.02 per diluted share.
Forward Guidance
The Company is reaffirming its estimates for the year ending December 31, 2023. Net income is expected to be between $2.15 and $2.35 per fully diluted share. Adjusted EPS is estimated in the range of $2.60 to $2.80 for 2023. Adjusted EBITDA for the full year 2023 is expected to range from $360 million to $380 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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