Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Whil ...

Group 1 - Aecom Technology (ACM) has been outperforming its peers in the Construction sector, with a year-to-date return of approximately 0.2% compared to an average loss of 2.7% for the sector [4] - The Zacks Consensus Estimate for ACM's full-year earnings has increased by 1% over the past three months, indicating improved analyst sentiment and a stronger earnings outlook [4] - Aecom Technology is ranked 2 (Buy) in the Zacks Rank system, which highlights stocks with characteristics likely to outperform the market in the near term [3] Group 2 - Aecom Technology is part of the Engineering - R and D Services industry, which consists of 17 companies and currently holds a Zacks Industry Rank of 21, with an average loss of 1.2% this year [6] - In comparison, Primoris Services (PRIM), another outperforming stock in the Construction sector, has a year-to-date return of 0.6% and a consensus EPS estimate increase of 5.4% over the past three months [5] - The Building Products - Heavy Construction industry, which includes Primoris Services, is ranked 1 and has seen a year-to-date increase of 0.9% [7]

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves a ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $1.6 billion, an increase of $235 million or 16.7% from the prior year, driven by growth in both Energy and Utility segments [19][20] - Gross profit for Q1 was approximately $171 million, an increase of $37 million or 28% from the prior year, with gross margins at 10.4% compared to 9.4% in the prior year [19][20] - Cash from operations for Q1 was $66.2 million, an increase of nearly $95 million from the prior year, marking a first-quarter record for the company [24] Business Segment Performance - Utilities segment revenue increased by over $75 million or 15.5% compared to the prior year, with significant contributions from power delivery, gas operations, and communications [19][20] - Energy segment revenue rose by $161 million or 17% from the prior year, primarily due to strong growth in solar projects [19][20] - The power delivery business saw improved performance driven by early project releases and increased client engagement regarding grid resiliency plans [13][14] Market Data and Key Metrics Changes - The total backlog at the end of Q1 was $11.4 billion, down from $11.9 billion at the end of 2024, with a decrease in the Energy segment backlog primarily due to timing of new solar awards [26][27] - Utilities backlog increased by $88 million from year-end, driven by MSA and fixed backlog [27] Company Strategy and Industry Competition - The company is focused on capitalizing on ongoing investments in North American power, industrial, and energy infrastructure, with a favorable outlook for multi-year endeavors [8][11] - Management emphasized the importance of maintaining strong relationships with customers and adapting to changing market conditions while pursuing higher-margin projects [30][71] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued bookings throughout the year, despite potential economic and regulatory uncertainties [11][30] - The company is closely monitoring risks related to tariffs and regulatory changes but does not expect significant impacts on operations in 2025 [9][30] Other Important Information - The company authorized a new share purchase program allowing for the purchase of up to $150 million in shares through April 2028 [25] - SG&A expenses for Q1 were $99.5 million, an increase of $10.9 million compared to the prior year, but as a percentage of revenue, it decreased to 6% from 6.3% [22] Q&A Session Summary Question: Concerns about prolonged economic uncertainty and project signings - Management clarified that there is no significant freeze in project signings, and they continue to have regular conversations with customers about their project queues [33][35] Question: Interest expense outlook - Management indicated that they do not expect a significant uptick in interest expense and will monitor trends closely [38] Question: Confidence in financial targets for 2024-2026 - Management confirmed they are on track or ahead of schedule in all metrics outlined during the Analyst Day [46] Question: Renewable revenue targets for 2025 - Management expects to return to a normal growth cadence of $300 million to $400 million post-2025, with a significant portion of 2026 already booked [47][48] Question: Update on CEO search - The Board is prioritizing finding the right candidate rather than setting a strict timeline, with a focus on public company experience and M&A capabilities [49][50] Question: Utility segment margin performance - Management expects modest growth in utilities, with potential for margin improvement driven by project work and supply chain improvements [52][68] Question: Natural gas generation opportunities - Management is currently vetting approximately $1 billion in natural gas projects tied to data centers across the U.S. [55] Question: Impact of tariffs on solar projects - Management stated that tariffs have not significantly impacted their business, and they are prepared for various outcomes regarding battery storage materials [83][85]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $1.6 billion, an increase of $235 million or 16.7% from the prior year, driven by growth in both Energy and Utility segments [17][18] - Gross profit for Q1 was approximately $171 million, an increase of $37 million or 28% from the prior year, with gross margins at 10.4% compared to 9.4% in the prior year [18][19] - Cash from operations for Q1 was $66.2 million, an increase of nearly $95 million from the prior year, marking a record for the company [23] Business Line Data and Key Metrics Changes - In the Utilities segment, gross profit was $51.6 million, up $22.1 million compared to the prior year, driven by higher revenue in gas operations and significant improvement in power delivery profitability [19][20] - The Energy segment achieved significant top-line growth, with gross profit just over $119 million for the quarter, a $15.2 million increase from the prior year, primarily due to higher revenue in Renewables [20][21] - The Utilities backlog increased by $88 million from year-end, driven by MSA and fixed backlog, while the Energy segment backlog decreased by $567 million due to timing of new solar awards [25] Market Data and Key Metrics Changes - The company noted strong demand in North American power, industrial, and energy infrastructure, positioning itself to capitalize on ongoing investments [7][9] - The company is optimistic about continued bookings throughout the year, despite potential economic and regulatory uncertainties [9][10] Company Strategy and Development Direction - The company is focused on driving higher margins and improved cash flow while maintaining safety and operational efficiency [6][16] - The management emphasized the importance of being selective in project bidding and maintaining strong communication with customers to ensure project execution [16][68] - The company is actively monitoring market conditions and is prepared to adapt to changes, with a strong balance sheet allowing for continued investment in growth opportunities [29][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing demand for critical infrastructure services and the ability to achieve or exceed financial goals for 2025 [16][26] - The company is closely monitoring risks related to tariffs and regulatory changes but does not expect significant impacts on operations in 2025 [8][79] - Management indicated that while there may be some delays in project signings, they have not seen major pauses from customers [33][87] Other Important Information - The company authorized a new share purchase program allowing for the purchase of up to $150 million in shares through April 2028 [24] - The effective tax rate for the quarter was 29%, expected to remain consistent for the full year [22] Q&A Session Summary Question: Concerns about prolonged economic uncertainty and project signings - Management clarified that there is no significant freeze in project signings and that customer conversations indicate a normal cadence of uncertainty [33][34] Question: Interest expense outlook - Management indicated that they do not expect a significant uptick in interest expense and will monitor trends closely [37] Question: Confidence in financial targets for 2024-2026 - Management confirmed they are on track or ahead of schedule in all metrics laid out during Analyst Day [44][45] Question: Renewable revenue targets for 2025 - Management expects to return to a normal growth cadence post-2025, with a significant portion of 2026 already booked [47] Question: Update on CEO search - The board is prioritizing finding the right candidate without a specific timeline, focusing on public company experience and acquisition integration [48] Question: Utility segment margin performance - Management expects modest growth in utilities, with potential for margin improvement if supply chain conditions improve [51] Question: Natural gas generation opportunities - Management is vetting approximately $1 billion in natural gas projects tied to data centers [53] Question: Impact of tariffs on solar projects - Management stated that tariffs have not significantly impacted their business, and they are prepared for various scenarios [79][81] Question: Timing and impact of reconciliation bill on solar projects - Management is in regular communication with customers and feels prepared for any outcome regarding the reconciliation bill [91]

Financial Performance - Q1 2025 - Revenue increased to $1,648.112 million in 1Q 2025, compared to $1,412.707 million in 1Q 2024[7] - Net income rose to $44.240 million in 1Q 2025, significantly higher than the $18.943 million in 1Q 2024[7] - Diluted EPS increased to $0.81 in 1Q 2025, compared to $0.35 in 1Q 2024[7] - Adjusted EBITDA increased to $99.412 million in 1Q 2025, from $73.758 million in 1Q 2024[7] - Adjusted EPS increased to $0.98 in 1Q 2025, from $0.47 in 1Q 2024[7] Segment Performance - Q1 2025 - Utilities revenue was $563.407 million with a gross profit of $51.578 million (9.2% of segment revenue) and operating income of $18.060 million (3.2% of segment revenue)[11] - Energy revenue was $1,108.341 million with a gross profit of $119.079 million (10.7% of segment revenue) and operating income of $78.861 million (7.1% of segment revenue)[11] Backlog - Total backlog decreased in Q1 2025, driven primarily by higher renewables revenue in the Energy segment[10] - Total backlog as of March 31, 2025, was $11,386 million, with 51% in Energy and 49% in Utilities[9] Full Year 2025 Guidance - The company projects full year 2025 EPS to be in the range of $3.70 to $3.90 per diluted share[16] - The company projects full year 2025 Adjusted EPS to be in the range of $4.20 to $4.40 per diluted share[17] - The company projects full year 2025 Adjusted EBITDA to be in the range of $440 million to $460 million[18]

Core Insights - Primoris Services (PRIM) reported $1.65 billion in revenue for Q1 2025, a year-over-year increase of 16.7% [1] - The company's EPS for the same period was $0.98, compared to $0.47 a year ago, indicating significant growth [1] - Revenue exceeded the Zacks Consensus Estimate of $1.5 billion by 9.89%, and EPS surpassed the consensus estimate of $0.72 by 36.11% [1] Financial Performance - Total Backlog for Energy was reported at $5.78 billion, below the average estimate of $6.39 billion from two analysts [4] - Total Backlog overall was $11.39 billion, slightly lower than the average estimate of $11.93 billion [4] - Total Backlog for Utilities was $5.61 billion, which was above the average estimate of $5.54 billion [4] Revenue and Profit Metrics - Revenue from Energy was $1.11 billion, exceeding the average estimate of $940.29 million [4] - Revenue from Utilities was $563.41 million, also surpassing the average estimate of $540.31 million [4] - Gross Profit from Energy was $119.08 million, compared to the average estimate of $103.02 million [4] - Gross Profit from Utilities was $51.58 million, exceeding the average estimate of $47.12 million [4] Stock Performance - Primoris Services shares have returned +25.7% over the past month, significantly outperforming the Zacks S&P 500 composite's +0.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Primoris Services (PRIM) came out with quarterly earnings of $0.98 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to earnings of $0.47 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 36.11%. A quarter ago, it was expected that this construction contractor would post earnings of $0.73 per share when it actually produced earnings of $1.13, delivering a surprise of 54.79%.Over the last four quar ...

Part I. Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Primoris Services Corporation's unaudited condensed consolidated financial statements and detailed accounting notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets | Metric | March 31, 2025 (in Thousands) | December 31, 2024 (in Thousands) | Change (in Thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | | Total Assets | $4,217,488 | $4,195,868 | +$21,620 | | Total Liabilities | $2,771,748 | $2,786,335 | -$14,587 | | Total Stockholders' Equity | $1,445,740 | $1,409,533 | +$36,207 | | Cash and cash equivalents | $351,581 | $455,825 | -$104,244 | | Contract assets | $939,014 | $773,736 | +$165,278 | | Long-term debt, net of current portion | $543,924 | $660,193 | -$116,269 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Condensed Consolidated Statements of Income | Metric | Three Months Ended March 31, 2025 (in Thousands) | Three Months Ended March 31, 2024 (in Thousands) | Change (in Thousands) | % Change | | :-------------------------------- | :------------------------------------- | :------------------------------------- | :-------------------- | :------- | | Revenue | $1,648,112 | $1,412,707 | +$235,405 | +16.7% | | Gross profit | $170,657 | $133,376 | +$37,281 | +28.0% | | Operating income | $70,364 | $44,238 | +$26,126 | +59.0% | | Net income | $44,240 | $18,943 | +$25,297 | +133.5% | | Basic EPS | $0.82 | $0.35 | +$0.47 | +134.3% | | Diluted EPS | $0.81 | $0.35 | +$0.46 | +131.4% | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Condensed Consolidated Statements of Comprehensive Income | Metric | Three Months Ended March 31, 2025 (in Thousands) | Three Months Ended March 31, 2024 (in Thousands) | Change (in Thousands) | % Change | | :-------------------------------- | :------------------------------------- | :------------------------------------- | :-------------------- | :------- | | Net income | $44,240 | $18,943 | +$25,297 | +133.5% | | Foreign currency translation adjustments | $96 | $(1,273) | +$1,369 | N/A | | Comprehensive income | $44,336 | $17,670 | +$26,666 | +150.9% | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Condensed Consolidated Statements of Stockholders' Equity | Metric | March 31, 2025 (in Thousands) | December 31, 2024 (in Thousands) | Change (in Thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | | Total Stockholders' Equity | $1,445,740 | $1,409,533 | +$36,207 | | Net income | $44,240 | N/A | N/A | | Dividends declared | $(4,324) | N/A | N/A | | Conversion of stock based awards, net of shares withheld for taxes | $(9,911) | N/A | N/A | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Three Months Ended March 31, 2025 (in Thousands) | Three Months Ended March 31, 2024 (in Thousands) | Change (in Thousands) | | :-------------------------------- | :------------------------------------- | :------------------------------------- | :-------------------- | | Net cash provided by (used in) operating activities | $66,172 | $(28,464) | +$94,636 | | Net cash (used in) provided by investing activities | $(33,178) | $4,187 | -$37,365 | | Net cash used in financing activities | $(137,264) | $(15,106) | -$122,158 | | Net change in cash, cash equivalents and restricted cash | $(104,259) | $(39,697) | -$64,562 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the company's accounting policies, financial instruments, and revenue recognition - The company operates in the United States and Canada, providing infrastructure services through two segments: Utilities and Energy[17](index=17&type=chunk) - As of March 31, 2025, the company had **$5.8 billion** in remaining performance obligations, with **59.9%** expected to be recognized as revenue in the next 12 months[38](index=38&type=chunk) - The company's effective tax rate for the three months ended March 31, 2025, and 2024, was **29.0%**, differing from the U.S. federal statutory rate of **21.0%** primarily due to state income taxes and nondeductible per diem expenses[75](index=75&type=chunk) - Total goodwill remained unchanged at **$856.9 million** as of March 31, 2025, with **$703.5 million** allocated to Utilities and **$153.4 million** to Energy[59](index=59&type=chunk) - The company's long-term debt, net of current portion, decreased by **$116.3 million** from December 31, 2024, to March 31, 2025, primarily due to significant payments on the term loan[63](index=63&type=chunk)[173](index=173&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results for Q1 2025, covering trends, accounting policies, segment performance, liquidity, and market impacts [Forward Looking Statements](index=34&type=section&id=Forward%20Looking%20Statements) This section outlines the inherent risks and uncertainties associated with forward-looking statements, which may cause actual results to differ materially - Forward-looking statements are subject to "safe harbor" provisions and involve known and unknown risks that may cause actual results to differ materially[115](index=115&type=chunk)[116](index=116&type=chunk) - Key risk factors include customer timing, project duration, weather, economic conditions, changes in customer/project mix, commodity price volatility, inflation, tariffs, labor availability, and regulatory changes[116](index=116&type=chunk) [Introduction](index=36&type=section&id=Introduction) Primoris Services Corporation is a leading infrastructure services provider in the United States and Canada, operating through Utilities and Energy segments with diverse contract types - Primoris Services Corporation is a leading provider of infrastructure services in the United States and Canada[121](index=121&type=chunk) - The company operates through two reportable segments: Utilities and Energy, serving diversified customers across various industries[121](index=121&type=chunk)[124](index=124&type=chunk) - Revenue is generated from fixed-price, unit-price, time and material, and cost-reimbursable contracts, with revenue recognition typically over time based on work completion[125](index=125&type=chunk) [Material trends and uncertainties](index=36&type=section&id=Material%20trends%20and%20uncertainties) The company faces challenges from cost inflation, fluctuating commodity prices, and interest rate changes, impacting profitability and demand for services - The company anticipates elevated levels of cost inflation in 2025 and attempts to mitigate impacts through price escalation provisions, but contractual caps can negatively affect profitability[129](index=129&type=chunk) - Fluctuations in oil, gas, and other fuel prices affect demand for services, particularly in the pipeline industry, while increased demand for electric power expands opportunities in renewable energy and battery storage[131](index=131&type=chunk)[132](index=132&type=chunk) - A **1.0%** increase or decrease in interest rates would change annual interest expense by approximately **$5.7 million**, based on variable rate debt outstanding as of March 31, 2025[133](index=133&type=chunk)[183](index=183&type=chunk) [Seasonality, cyclicality and variability](index=38&type=section&id=Seasonality,%20cyclicality%20and%20variability) Company results are subject to quarterly variations due to weather and client budget cycles, typically leading to lower revenue and earnings in the

Exhibit 99.1 For the first quarter of 2025, Primoris reported the following highlights (1): "Primoris had another great quarter to start 2025, delivering solid execution on our strategy to expand margins and increase cash flow generation," said David King, Chairman and Interim President and Chief Executive Officer of Primoris. "We remain focused on serving the needs of our customers through safe, reliable and quality performance and I want to thank our employees for their efforts in achieving these goals in ...