Primoris Services Corporation (NYSE: PRIM) (Primoris) today announced financial results for its third quarter ended September 30, 2024 and provided comments on the Company’s operational performance and outlook for 2024.
For the third quarter of 2024, Primoris reported the following highlights (1):
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Revenue of $1,649.1 million, up $119.6 million, or 7.8 percent, compared to the third quarter of 2023 driven by strong growth in both the Energy and Utilities segments;
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Net income of $58.4 million, or $1.07 per diluted share, an increase of $10.3 million, or $0.18 per diluted share, from the third quarter of 2023;
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Adjusted net income of $66.7 million, or $1.22 per diluted share, an increase of $11.4 million, or $0.20 per diluted share, from the third quarter of 2023;
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Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) of $127.7 million, up $7.7 million, or 6.4 percent, from the third 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.”
“In the third quarter, Primoris achieved record levels of revenue, earnings and backlog while also delivering strong operating cash flow,” said Tom McCormick, President and Chief Executive Officer of Primoris. “This is a credit to our hard-working employees and the trust of our customers to execute their projects safely and efficiently.
“We continue to see opportunities to grow revenue in markets experiencing increased investment while improving profitability and cash flow through disciplined capital allocation. Our renewables business continues to see strong demand and we are driving higher productivity and improved execution across our Utilities segment.
“Primoris is committed to providing critical infrastructure services to meet the growing demand for safe, reliable energy. We look forward to finishing 2024 strong and establishing the foundation for further progress toward margin and cash flow expansion in 2025.”
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.