Primoris Q4 2023 Earnings Report
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.
Primoris
Primoris
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.