Primoris(PRIM) - 2024 Q3 - Quarterly Results

Revenue and Income - Revenue for Q3 2024 was $1,649.1 million, an increase of$119.6 million, or 7.8% compared to Q3 2023, driven by growth in Energy and Utilities segments[1] - Net income for Q3 2024 was $58.4 million, or$1.07 per diluted share, up from $48.1 million, or$0.89 per diluted share in Q3 2023[3] - Net income for Q3 2024 was $58.4 million, representing a 21.4$48.1 million in Q3 2023[27] - Net income for the nine months ended September 30, 2024, was $126,922, a 43.4$88,486 for the same period in 2023[29] - Adjusted net income was $66.7 million for Q3 2024, compared to$55.2 million in Q3 2023, with adjusted diluted EPS rising to $1.22 from$1.02[4] - Adjusted net income for the nine months ended September 30, 2024, was $149,517, up 38.2$108,317 in the prior year[31] Backlog and Growth - Record backlog reached $11.3 billion, with Utilities backlog of approximately$5.3 billion and Energy backlog of $6.0 billion, reflecting strong renewables bookings[15] - Total Fixed Backlog increased by$0.7 billion compared to June 30, 2024, and by $0.4 billion, or 7.3$98.1 million, a rise of $13.7 million, or 16.2$63.7 million, with expectations of $10.0 million to$20.0 million for the remaining three months of 2024[17] Earnings Per Share - Basic earnings per share for Q3 2024 were $1.09, up from$0.90 in Q3 2023[27] - The company raised its EPS guidance for 2024 to a range of $2.85 to$3.00 per diluted share[12] - Adjusted diluted earnings per share for the nine months ended September 30, 2024, was $2.74, a 37$2.00 in the prior year[31] - Forecasted diluted earnings per share for 2024 is projected to be between $2.85 and$3.00, while adjusted diluted earnings per share is expected to range from $3.40 to$3.55[36] Cash and Assets - As of September 30, 2024, the Company had $352.7 million in unrestricted cash and cash equivalents[17] - Cash and cash equivalents at the end of the period were$358,283, compared to $166,546 at the end of the same period last year, reflecting a significant increase[29] - Total current assets increased to$2,222,552, up 17.9% from $1,885,233 as of December 31, 2023[28] Tax and Liabilities - The effective tax rate for the nine months ended September 30, 2024, was 29.0$2,882,298, an increase of 11.2% from $2,591,335 as of December 31, 2023[28] Stockholder Equity and Dividends - Total stockholders' equity increased to$1,357,995, up 9.8% from $1,236,092 as of December 31, 2023[28] - The Company declared a cash dividend of$0.08 per share, an increase from the previous $0.06 per share[18] Operational Performance - The Company reported an operating income of$99.6 million for Q3 2024, compared to $88.4 million in Q3 2023, reflecting a 12.3$210,054, compared to a net cash used of $(7,147) in the same period last year[29] Future Projections - Adjusted EBITDA for Q3 2024 was$127.7 million, an increase of $7.7 million, or 6.4$405 million to $420 million[12] - Estimated EBITDA for the full year 2024 is projected to be between$385,500 thousand and $400,500 thousand[39] - Interest expense for the full year 2024 is estimated to be between$68,000 thousand and $71,000 thousand[39] - Provision for income taxes for the full year 2024 is expected to be between$64,500 thousand and $68,500 thousand[39] - Non-cash stock-based compensation for the full year 2024 is forecasted at$14,500 thousand[39] - Transaction/integration and related costs for the full year 2024 are estimated to be $3,500 thousand[39] - Impairment of fixed assets for the full year 2024 is projected to be$1,500 thousand[39] Conference Call - Management will discuss the Company's results and business outlook in a conference call on November 5, 2024[19]