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Dec 31, 2021
Primoris Q4 2021 Earnings Report
Primoris reported a decrease in revenue but maintained consistent gross profit margin for Q4 2021.
Key Takeaways
Primoris Services Corporation reported Q4 2021 results with a revenue of $884.4 million and a net income of $29.4 million. The company's backlog reached a record $4.0 billion. Revenue decreased slightly compared to the same period in 2020, while gross profit remained consistent.
Primoris wrapped up 2021 with a record backlog over $4 billion, an increase of more than 40 percent compared to year-end 2020.
During the fourth quarter, Primoris announced over $1.8 billion in Energy/Renewables and Utilities segment contracts.
Approximately $1 billion of the contracts announced in Q4 was directly related to utility-scale solar projects.
The Utilities segment led the revenue growth with a 21 percent increase compared to 2020.
Forward Guidance
The Company is providing its estimates for the year ending December 31, 2022. Net income attributable to Primoris is expected to be between $2.10 and $2.30 per fully diluted share. Adjusted EPS is estimated in the range of $2.39 to $2.59 for 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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