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NEW YORK - Primoris Services Corporation (NYSE:PRIM) saw its shares jump 8.9% in premarket trading Tuesday after the infrastructure services provider reported fourth-quarter earnings and revenue that handily beat analyst expectations.
The company posted adjusted earnings per share of $1.13 for the quarter, significantly surpassing the analyst consensus estimate of $0.75. Revenue came in at $1.74 billion, well above the $1.59 billion analysts had projected and representing a 14.9% increase from the same period last year.
Primoris attributed the strong performance to growth in its Energy and Utilities segments. The company’s net income for the quarter rose 43.3% YoY to $54.0 million, or $0.99 per diluted share, driven by higher operating income and lower interest expenses.
"Primoris delivered another year of profitable growth in 2024, highlighting the successful execution of our strategy to allocate capital toward the highest return businesses and prioritize cash flow generation," said Tom McCormick (NYSE:MKC), President and CEO of Primoris.
The company reported record fourth-quarter net cash provided by operating activities of $298.3 million, primarily due to favorable changes in working capital and higher net income. Adjusted EBITDA for the quarter increased 11.9% to $116.6 million.
Primoris ended the year with a record total backlog of $11.9 billion, up 8.9% from the end of 2023, which the company says will provide a foundation for further revenue and profit growth opportunities.
Looking ahead to 2025, McCormick expressed confidence in the company’s positioning to meet growing infrastructure investment needs in North America, despite potential challenges from inflation, supply chain constraints, and changing trade and regulatory policies.
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