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Dec 31, 2022
Primoris Q4 2022 Earnings Report
Primoris's Q4 2022 earnings increased, driven by growth in the renewables sector and strategic acquisitions.
Key Takeaways
Primoris Services Corporation reported a strong Q4 2022, with revenue reaching $1.3 billion, a 50.3% increase compared to Q4 2021. Net income rose by 40.5% to $41.5 million, and adjusted net income increased by 46.0% to $50.2 million. The company's performance was boosted by renewables growth and contributions from acquisitions.
Revenue increased by 50.3% to $1.3 billion, driven by renewables and acquisitions.
Net income increased by 40.5% to $41.5 million, or $0.77 per diluted share.
Adjusted net income increased by 46.0% to $50.2 million, or $0.93 per diluted share.
Adjusted EBITDA increased by 42.6% to $95.6 million.
Forward Guidance
The Company is providing its estimates for the year ending December 31, 2023. Net income is expected to be between $2.10 and $2.30 per fully diluted share. Adjusted EPS is estimated in the range of $2.50 to $2.70 for 2023. Adjusted EBITDA for the full year 2023 is expected to range from $350 million to $370 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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