Primoris Services Corporation (NYSE: PRIM) (Primoris) today announced financial results for its second quarter ended June 30, 2025 and provided comments on the Company’s operational performance and outlook for the remainder of 2025.
For the second quarter of 2025, Primoris reported the following highlights (1):
- Revenue of $1,890.7 million, up $327.0 million, or 20.9 percent, compared to the second quarter of 2024 driven by strong growth in the Energy and Utilities segments;
- Net income of $84.3 million, or $1.54 per diluted share, an increase of $34.8 million, or $0.63 per diluted share, from the second quarter of 2024;
- Adjusted net income of $92.2 million, or $1.68 per diluted share, an increase of $35.2 million, or $0.64 per diluted share, from the second quarter of 2024;
- Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) of $154.8 million, up $37.7 million, or 32.2 percent, from the second quarter of 2024;
- Raising EPS and Adjusted EPS guidance ranges to $4.40 to $4.60 and $4.90 to $5.10 per diluted share, respectively, for the full year 2025.
- 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 are indicative of the strength of our end markets and our ability to execute on our strategic initiatives to drive improved profitability and cash flow,” said David King, Chairman and Interim President and Chief Executive Officer of Primoris. “Our teams continue to safely provide critical infrastructure solutions to our customers with an emphasis on performance, quality and productivity, giving us confidence to increase our earnings guidance for the full year of 2025.”
“Primoris has a track record of successfully constructing utility-scale solar and natural gas power generation resources, and the infrastructure to support the transmission and distribution of power. These along with other infrastructure solutions remain in high demand to support economic growth in North America and provide us the opportunity to further expand our earnings potential in the years ahead,” he added.
“We are pleased with our performance in the first half of the year and believe that we are on the path for a solid finish to 2025. We are well-positioned to meet or exceed our longer-term strategic objectives.”
For the full investor release detailing Primoris' first quarter results and outlook, click here: https://ir.prim.com/news-and-events/news-releases/2025/08-04-2025-211559739.
About Primoris
Primoris Services Corporation is a leading provider of critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. We deliver a range of engineering, construction, and maintenance capabilities that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, power generation, 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
Senior Communications Manager
[email protected]