Primoris Services Corporation (NYSE: PRIM) (Primoris) today announced financial results for its second quarter ended June 30, 2023 and provided comments on the Company’s operational performance and outlook for 2023.
For the second quarter of 2023, Primoris reported the following highlights (1):
- Revenue of $1,413.4 million, up $390.4 million, or 38.2 percent, compared to the second 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 $39.0 million, or $0.72 per diluted share, a decrease of $11.1 million, or $0.21 per diluted share, from the second quarter of 2022, primarily due to a $40.1 million gain on sale and leaseback transaction in 2022;
- Adjusted net income of $43.4 million, or $0.80 per diluted share, an increase of $17.3 million, or $0.32 per diluted share, from the second quarter of 2022;
- Backlog of $6.6 billion, up 44.1 percent from the second quarter of 2022, including Master Service Agreements (“MSA”) backlog of $2.0 billion, up 15.9 percent from the second quarter of 2022;
- Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) of $102.4 million, up $46.2 million, or 82.3 percent, from the second quarter of 2022.
- Raised EPS and Adjusted EPS guidance ranges to $2.15 to $2.35 and $2.60 to $2.80 per diluted share, respectively.
(1) 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.”
“Our second quarter results once again established new records for Primoris, including total backlog and revenue generation,” said Tom McCormick, President and Chief Executive Officer of Primoris. “The growth we continue to see across our businesses indicates that we are well-positioned in the right end markets and that our customers value the quality service and execution provided by our employees.”
“In addition to ongoing success in our strategic markets of renewables, power delivery and communications, we are seeing improved demand for our industrial and pipeline services, which are moving past many of the headwinds experienced during 2022,” he added. “We are encouraged by customer sentiment regarding their upcoming plans, and their interest in an ongoing partnership with Primoris as they continue investing in the years ahead to strengthen North America’s infrastructure.”
“Looking forward to the second half of 2023, I am confident in our teams’ abilities to successfully execute on our expanding backlog of projects safely, efficiently and to the satisfaction of our customers. As a result, I have increasing confidence that we are well-positioned to exceed our goals for 2023 and set a solid foundation for an even stronger year in 2024.”
For the full investor release detailing Primoris' second quarter results and outlook, click here: https://ir.prim.com/news-and-events/news-releases/2023/08-07-2023-211022126.
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]