Primoris Q4 2024 Earnings Report
Key Takeaways
Primoris Services Corporation delivered strong financial results in Q4 2024, with revenue increasing 14.9% year-over-year to $1.74 billion. Net income rose 43.3% to $54.0 million, driven by higher operating income and lower interest expense. Adjusted net income reached $61.8 million, with an adjusted EPS of $1.13. The company also recorded its highest-ever backlog of $11.9 billion, setting the stage for future growth. Looking ahead, Primoris expects continued strong performance in 2025, supported by favorable market trends in infrastructure investment.
Q4 revenue increased 14.9% year-over-year to $1.74 billion, driven by growth in Energy and Utilities.
Net income rose 43.3% to $54.0 million, with EPS at $0.99.
Adjusted net income was $61.8 million, with an adjusted EPS of $1.13.
Total backlog reached a record $11.9 billion, supporting future revenue growth.
Primoris Revenue
Primoris EPS
Primoris Revenue by Segment
Primoris Revenue by Geographic Location
Forward Guidance
Primoris expects continued revenue and earnings growth in 2025, supported by strong demand in infrastructure investment. Net income is projected to be between $203.3 million and $214.3 million, with adjusted EPS expected in the range of $4.20 to $4.40.
Positive Outlook
- Projected net income of $203.3M to $214.3M in 2025.
- Expected adjusted EPS between $4.20 and $4.40.
- Record backlog of $11.9 billion provides strong revenue visibility.
- Ongoing growth in the Energy and Utilities segments.
- Improved margins and cash flow expected in 2025.
Challenges Ahead
- Potential macroeconomic challenges, including inflation and supply chain constraints.
- Higher interest expense could impact profitability.
- Regulatory uncertainties in infrastructure investment.
- Dependence on large projects and timing of contract awards.
- Fluctuations in energy market conditions affecting project execution.
Revenue & Expenses
Visualization of income flow from segment revenue to net income