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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.
Primoris
Primoris
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.