Primoris Services Corporation (NYSE: PRIM) (Primoris) today announced financial results for its first quarter ended March 31, 2023 and provided comments on the Company’s operational performance and outlook for 2023.
For the first quarter of 2023, Primoris reported the following highlights (1):
- Revenue of $1,256.9 million, up $472.5 million, or 60.2 percent, compared to the first quarter of 2022 driven by strong growth in both the Utilities and Energy segments and in part by the PLH and B Comm acquisitions;
- Net income of $1.3 million, or $0.02 per diluted share, up $3.0 million, or $0.05 per diluted share, from the first quarter of 2022;
- Adjusted net income of $9.9 million, or $0.18 per diluted share, an increase of $9.4 million, or $0.17 per diluted share, from the first quarter of 2022;
- Backlog of $5.6 billion, up 38.1 percent from the first quarter of 2022, including Master Service Agreements (“MSA”) backlog of $2.0 billion;
- Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) of $52.8 million, up $30.2 million, or 133.5 percent, from the first quarter of 2022.
- Please refer to “Non-GAAP Measures” and Schedules 1, 2, 3 and 4 for the definitions and reconciliations of our Non-GAAP financial measures, including “Adjusted Net Income,” “Adjusted EPS” and “Adjusted EBITDA.”
“Primoris started 2023 with solid results in the first quarter, surpassing our goals in revenue, gross profit and earnings per share, marking a significant improvement from the first quarter of 2022,” said Tom McCormick, President and Chief Executive Officer of Primoris. “I want to recognize and congratulate our employees for their dedication to achieving these results through prioritizing safety, quality and productivity.”
“In the face of a challenging economic environment, we continue to see resilience across our key growth markets of renewables, power delivery and communications. We are also seeing steady contributions from other markets where we participate and are optimistic about further improvements in our pipeline businesses from the cyclical trough in 2022.”
“Our backlog remains at record levels due to our ability to win work and successfully execute on behalf of our clients. This includes recent awards for a carbon capture utilization and storage pipeline project and a utility-scale solar project in the Southwest,” he added. “While some uncertainty remains as to the economic conditions over the coming quarters, we are confident that we will be able to build on our first quarter to reach our full year 2023 objectives.”
For the full investor release detailing Primoris' second quarter results and outlook, click here: https://ir.prim.com/news-and-events/news-releases/2023/05-09-2023-210745618.
About Primoris
Primoris Services Corporation is a premier specialty contractor providing critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Built on a foundation of trust, we deliver a range of engineering, construction, and maintenance services that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media at @PrimorisServicesCorporation.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Investor Contact:
Blake Holcomb
Vice President, Investor Relations
[email protected]
Media Contact:
Rachel Weiss
External Communications Manager
[email protected]