Primoris reports Q1 adjusted EPS 47c, consensus 24cc

Reports Q1 revenue $1.41B, consensus $1.38B. Reports total backlog of $10.6B, down $0.3B from Q4. The company said, “We continue to see growing demand for our Energy and Utilities services as the energy transition and infrastructure modernization of North America continues to progress. Our solar and industrial businesses are capitalizing on opportunities to help meet the growing demand for power generation, while our power delivery business supports the increased need for transmission and distribution services. We maintain a strong backlog of work and expect to see new project awards accelerate in the coming quarters to further build our backlog and support revenue growth. Overall, our solid start to the year led us to be optimistic that our full year 2024 goals to improve margins and cash flow generation remain achievable with continued, consistent execution.”