Primoris Services: Strong Growth in Q3 2024

Primoris Services ( (PRIM) ) has released its Q3 earnings. Here is a breakdown of the information Primoris Services presented to its investors.

Primoris Services Corporation, a leader in critical infrastructure services for the utility, energy, and renewables sectors across the U.S. and Canada, focuses on engineering, construction, and maintenance solutions that cater to utility-scale solar, renewables, and transportation infrastructure.

In its third quarter 2024 earnings report, Primoris Services Corporation highlighted a significant increase in revenue and backlog, driven by robust growth in its Energy and Utilities segments. The company’s financial performance was underlined by record levels in revenue and net income, alongside a strategic increase in its quarterly cash dividend.

Key financial metrics for Primoris include a 7.8% rise in revenue to $1.649 billion, a net income increase to $58.4 million, and a record backlog of $11.3 billion. The adjusted net income reached $66.7 million, with adjusted EBITDA showing a 6.4% increase to $127.7 million. Primoris also raised its EPS and adjusted EPS guidance ranges, reflecting a strong financial outlook.

The company noted enhanced performance in its Utilities segment, aided by improved project execution and increased demand in the renewables market. Despite challenges in industrial construction impacting the Energy segment, renewables drove revenue growth, showcasing Primoris’ strategic focus on high-demand markets.

Looking ahead, Primoris Services Corporation is optimistic about its future performance, with expectations of continued revenue growth and improved profitability through strategic capital allocation and operational efficiency. The company remains committed to meeting the increasing demand for reliable energy infrastructure as it moves towards enhancing margins and cash flow into 2025.