Primoris Services Corporation Declares Cash Dividend and Reports Financial Performance in Q3 2024

Primoris Services Corporation, a Delaware corporation, recently declared a cash dividend of $0.08 per share of common stock for stockholders of record as of December 31, 2024. The dividend is scheduled to be paid around January 15, 2025. This announcement was made by the company’s Board of Directors on October 30, 2024.

Furthermore, the company issued a press release on November 4, 2024, highlighting its financial performance for the quarter ended September 30, 2024. Primoris reported revenue of $1,649.1 million for the third quarter of 2024, marking a 7.8% increase compared to the same period in 2023. The growth was attributed to strong performance in both the Energy and Utilities segments.

Net income for the third quarter was $58.4 million, compared to $48.1 million in the prior year, with adjusted net income reaching $66.7 million. Diluted earnings per share (EPS) stood at $1.07 for the third quarter of 2024, an increase from $0.89 for the same period in 2023. Adjusted EPS for the quarter was $1.22, up from $1.02 in the third quarter of 2023.

The company’s backlog as of September 30, 2024, reached a record high of $11.3 billion, with $5.3 billion in Utilities backlog and $6.0 billion in Energy backlog. This growth was primarily driven by increased renewables bookings in the Energy segment.

Regarding future performance, Primoris revised its guidance for full year 2024, anticipating net income in the range of $156.0 million to $164.0 million, with Adjusted EPS expected to range from $3.40 to $3.55 per fully diluted share. Adjusted EBITDA for the full year is projected to be between $405 million and $420 million.

For more detailed financial information, including the reconciliations of non-GAAP financial measures, interested parties can access the complete report on the company’s website or through the Securities and Exchange Commission (SEC) filings. Primoris encouraged investors and analysts to participate in a conference call and webcast held on November 5, 2024, to discuss its financial results and business outlook.

Primoris Services Corporation continues to strive for growth, efficiency, and innovation across its diverse range of infrastructure services in the utility, energy, and renewables markets in the United States and Canada.

Please note that the financial figures and information mentioned are as per the provided 8-K Form filing by Primoris Services Corporation with the SEC.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Primoris Services’s 8K filing here.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.