Primoris Services Corporation (NYSE: PRIM) (Primoris) today announced financial results or its second quarter ended June 30, 2024 and provided comments on the Company’s operational performance and outlook for 2024.
For the second quarter of 2024, Primoris reported the following highlights (1):
- Revenue of $1,563.7 million, up $150.3 million, or 10.6 percent, compared to the second quarter of 2023 driven by strong growth in the Energy segment;
- Net income of $49.5 million, or $0.91 per diluted share, an increase of $10.5 million, or $0.19 per diluted share, from the second quarter of 2023;
- Adjusted net income of $57.1 million, or $1.04 per diluted share, an increase of $13.7 million, or $0.24 per diluted share, from the second quarter of 2023;
- Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) of $117.1 million, up $14.7 million, or 14.4 percent, from the second quarter of 2023.
- Raising EPS and Adjusted EPS guidance ranges to $2.70 to $2.90 and $3.25 to $3.45 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.”
“Primoris delivered another excellent quarter achieving solid revenue growth and improved profitability,” said Tom McCormick, President and Chief Executive Officer of Primoris. “The demand for our services remains strong across many of our end markets and we continue to win work with our customers, who value our partnership to provide safe and quality performance on their projects.”
“We are growing profitability and cash flow through focused capital allocation, and our second quarter results demonstrate early success toward achieving our objectives. We are capitalizing on the growing trend for additional solar and natural gas power generation sources while helping build and maintain our power delivery, gas, and communications infrastructure,” he added. “Primoris is well-positioned to grow and serve our customers in the years ahead as they invest to meet the infrastructure needs of North America that will support emerging technologies and drive economic growth.”
“As we progress through the second half of the year, I am confident we will stay focused on safely and efficiently serving our customers to exceed our goals for 2024 and move us further down the path toward our strategic goals.”
For the full investor release detailing Primoris' second quarter results and outlook, click here: https://ir.prim.com/news-and-events/news-releases/2024/08-05-2024-211532162.
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]