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Investing.com -- Primoris Services Corporation (NYSE:PRIM) shares surged 14% after the infrastructure services provider reported second-quarter earnings that significantly exceeded analyst expectations and raised its full-year guidance well above consensus.
The company reported adjusted earnings of $1.68 per share for the second quarter, substantially beating the analyst estimate of $1.08. Revenue came in at $1.89 billion, surpassing the consensus estimate of $1.69 billion and representing a 20.9% increase YoY. The strong performance was primarily driven by growth in the company’s Energy and Utilities segments.
"Our second quarter results are indicative of the strength of our end markets and our ability to execute on our strategic initiatives to drive improved profitability and cash flow," said David King, Chairman and Interim President and Chief Executive Officer of Primoris.
Following the impressive results, Primoris raised its full-year 2025 adjusted EPS guidance to a range of $4.90 to $5.10, well above the analyst consensus of $4.47. The company also expects adjusted EBITDA for 2025 to range from $490 million to $510 million.
The Utilities segment saw an 11.6% revenue increase to $693 million compared to the same period last year, with operating income surging 89.3% to $65.6 million. Meanwhile, the Energy segment posted a 27% revenue increase to $1.24 billion, though its gross profit margin decreased to 10.8% from 12.6% in the same quarter last year.
Total (EPA:TTEF) backlog as of June 30, 2025, stood at $11.5 billion, including $6.0 billion in Utilities and $5.5 billion in Energy projects.
The company also declared a quarterly dividend of $0.08 per share, payable on October 15, 2025, to stockholders of record as of September 30, 2025.
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