Primoris Services Corporation (NYSE: PRIM) (Primoris) today announced financial results for its fourth quarter and full year ended December 31, 2024, and provided the Company’s initial outlook for 2025.
For the full year 2024, Primoris reported the following highlights(1):
- Revenue of almost $6.4 billion, up $0.7 billion, or 11.4 percent, compared to the full year of 2023 driven primarily by strong growth in the Energy segment
- Net income of $180.9 million, or $3.31 per diluted share, up 43.4 percent from the full year of 2023 due to higher operating income and lower interest expense
- Record full year net cash provided by operating activities of $508.3 million, up $309.8 million from the full year of 2023, driven primarily by improved working capital and higher net income
- Record total backlog of $11.9 billion, up $1.0 billion or 8.9 percent from year end 2023, including total Master Service Agreements (“MSA”) backlog of $5.8 billion
- Adjusted net income of $211.4 million, or $3.87 per diluted share, an increase of 36.7 percent from the full year of 2023
- Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) of $435.2 million, up 14.7 percent from the full year of 2023
For the fourth quarter 2024, Primoris reported the following highlights(1):
- Revenue of $1.7 billion, up $225.8 million, or 14.9 percent, compared to the fourth quarter of 2023 driven by growth in the Energy and Utilities segments
- Net income of $54.0 million, or $0.99 per diluted share, up 43.3 percent from the fourth quarter of 2023, driven by higher operating income and lower interest expense
- Record fourth quarter net cash provided by operating activities of $298.3 million, driven primarily by favorable changes in working capital and higher net income
- Adjusted net income of $61.8 million, or $1.13 per diluted share, up 33.4 percent from the fourth quarter of 2023
- Adjusted EBITDA of $116.6 million, or 6.7 percent of revenue, up 11.9 percent, from the fourth quarter of 2023.
(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.”
“Primoris delivered another year of profitable growth in 2024, highlighting the successful execution of our strategy to allocate capital toward the highest return businesses and prioritize cash flow generation. We finished the year with record levels of revenue, operating income, and cash flow from operations. These accomplishments enabled us to improve margins, pay down debt and set us on a solid path to accomplish the multi-year financial and operational targets we set in the first half of 2024,” said Tom McCormick, President and Chief Executive Officer of Primoris.
“In several high growth areas, we were able to capitalize on favorable market trends to expand our power delivery margins through improved productivity and an active storm year, win and execute on multiple natural gas power generation projects and generate nearly $2.0 billion in revenue in our renewables business. We also ended the year with the highest total backlog in our history of $11.9 billion that is expected to provide the foundation for further revenue and profit growth opportunities.”
“As we progress into 2025, we believe we are well-positioned to meet the growing need for infrastructure investment in North America. Although uncertainty exists with regards to inflation, supply chain constraints, and changing trade and regulatory policies, our commitment to safely providing a broad range of critical infrastructure services enables us to continue building on long-standing, collaborative customer relationships. We are confident in our ability to adapt to these potential opportunities and challenges and grow profitably for the benefit of our customers, employees, and shareholders.”
For the full investor release detailing Primoris' fourth quarter and full year results and outlook, click here: https://ir.prim.com/news-and-events/news-releases/2025/02-24-2025-211548991.
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
Senior Communications Manager
[email protected]