Primoris Services Corporation (NYSE: PRIM) (Primoris) today announced financial results for its first quarter ended March 31, 2025 and provided comments on the Company’s operational performance and outlook for 2025.
For the first quarter of 2025, Primoris reported the following highlights (1):
- Revenue of $1,648.1 million, up $235.4 million, or 16.7 percent, compared to the first quarter of 2024 primarily driven by strong growth in both the Energy and the Utilities segments;
- Net income of $44.2 million, or $0.81 per diluted share, up $25.3 million, or $0.46 per diluted share, from the first quarter of 2024;
- Adjusted net income of $53.5 million, or $0.98 per diluted share, an increase of $27.8 million, or $0.51 per diluted share, from the first quarter of 2024;
- Total backlog of $11.4 billion, down $0.5 billion from the fourth quarter of 2024, including total Master Service Agreements (“MSA”) backlog of $5.8 billion;
- Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) of $99.4 million, up $25.7 million, or 34.8 percent, from the first quarter of 2024.
- Announced share purchase authorization of up to $150 million of common shares over a three-year period
- 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 had another great quarter to start 2025, delivering solid execution on our strategy to expand margins and increase cash flow generation,” said David King, Chairman and Interim President and Chief Executive Officer of Primoris. “We remain focused on serving the needs of our customers through safe, reliable and quality performance and I want to thank our employees for their efforts in achieving these goals in the first quarter.”
“Despite uncertainty in the current regulatory and economic environments, the fundamentals of our end markets remain strong. We continue to see elevated levels of demand for our infrastructure services, particularly in meeting the utility and power generation needs of North America. We believe the need to support increased electrification of industry, further investments in manufacturing and the construction of facilities to support emerging technologies provides significant opportunities for Primoris in the years ahead.”
“While we continue to monitor conditions and engage with customers on potential impacts to their plans, we continue to have a robust backlog and broad range of opportunities to win new business throughout the year,” he added. “Overall, we are confident in our ability to meet our full year 2025 goals and adapt to further changes in the macroeconomic or regulatory landscape.”
For the full investor release detailing Primoris' first quarter results and outlook, click here: https://ir.prim.com/news-and-events/news-releases/2025/05-05-2025-234517251.
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]