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Dec 31, 2023
Primoris Q4 2023 Earnings Report
Primoris reported mixed results for Q4 2023, with revenue up but net income and adjusted net income down compared to the same period in 2022.
Key Takeaways
Primoris Services Corporation reported a revenue increase of 14.0% to $1.5 billion for Q4 2023, driven by renewables growth in the Energy segment. However, net income decreased by 9.3% to $37.7 million, and adjusted net income fell by 7.6% to $46.4 million, due to higher income tax and interest expense, partially offset by higher operating income. The company's backlog reached a record $10.9 billion.
Revenue increased by 14.0% year-over-year to $1.5 billion, driven by renewables growth in the Energy segment.
Net income decreased by 9.3% year-over-year to $37.7 million, impacted by higher income tax and interest expense.
Adjusted net income decreased by 7.6% year-over-year to $46.4 million.
Total backlog reached a record $10.9 billion, up 19.8% from 2022 year end.
Forward Guidance
Primoris provided its estimates for the year ending December 31, 2024. Earnings per Share (“EPS”) is expected to be between $2.50 and $2.70 per fully diluted share. Adjusted EPS is estimated in the range of $3.05 to $3.25, and Adjusted EBITDA for the full year 2024 is expected to range from $395 to $415 million.
Positive Outlook
- Optimistic about continued success across many end markets.
- Focused on improving margins in the Utilities segment through increasing mix of project work in power delivery.
- Executing at a higher level of productivity on contracts updated to current market rates beginning in 2024.
- Well-positioned to grow revenue and remain a leader in utility-scale solar construction.
- Leveraging strong customer relationships and continuing track record of successful execution.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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