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Primoris(PRIM) - 2024 Q4 - Annual Results
PRIMPrimoris(PRIM)2025-02-24 21:33

Revenue and Income Growth - Primoris reported full year 2024 revenue of almost 6.4billion,anincreaseof6.4 billion, an increase of 0.7 billion or 11.4% compared to 2023, driven primarily by strong growth in the Energy segment[6]. - Net income for 2024 was 180.9million,or180.9 million, or 3.31 per diluted share, up 43.4% from 2023 due to higher operating income and lower interest expense[6]. - Fourth quarter 2024 revenue was 1.7billion,up1.7 billion, up 225.8 million or 14.9% compared to Q4 2023, driven by growth in the Energy and Utilities segments[6]. - In the fourth quarter, net income was 54.0million,or54.0 million, or 0.99 per diluted share, up 43.3% from 37.7millioninQ42023[10].−NetincomefortheyearendedDecember31,2024,was37.7 million in Q4 2023[10]. - Net income for the year ended December 31, 2024, was 180,888, up 43.3% from 126,145in2023[44].−BasicearningspersharefortheyearendedDecember31,2024,increasedto126,145 in 2023[44]. - Basic earnings per share for the year ended December 31, 2024, increased to 3.37 from 2.37in2023,reflectingagrowthof42.32.37 in 2023, reflecting a growth of 42.3%[39]. Segment Performance - Utilities segment revenue increased by 87.6 million, or 15.2%, for Q4 2024 compared to Q4 2023, primarily due to increased activity across communications, gas operations, and power delivery[12]. - Energy segment revenue increased by 148.1million,or15.6148.1 million, or 15.6%, for Q4 2024 compared to Q4 2023, primarily due to increased renewables activity[13]. - Utilities segment revenue increased by 28.9 million, or 1.2%, to 2,439.0millionin2024comparedto2023,withoperatingincomerisingby2,439.0 million in 2024 compared to 2023, with operating income rising by 50.5 million, or 56.6%[17]. - Energy segment revenue increased by 685.8million,or20.5685.8 million, or 20.5%, to 4,032.0 million in 2024 compared to 2023, with operating income increasing by 47.2million,or19.047.2 million, or 19.0%[18]. Backlog and Future Outlook - Record total backlog reached 11.9 billion, up 1.0billionor8.91.0 billion or 8.9% from year end 2023, including 5.8 billion in Master Service Agreements[6]. - Total backlog as of December 31, 2024, was 11.9billion,anincreaseof11.9 billion, an increase of 1.1 billion, or 9.9%, compared to 10.9billionatDecember31,2023[27].−Fixedbacklogincreasedby10.9 billion at December 31, 2023[27]. - Fixed backlog increased by 0.9 billion, or 17.2%, to 6.1billionin2024comparedto2023[27].−Thecompanyexpectsnetincomefor2025tobebetween6.1 billion in 2024 compared to 2023[27]. - The company expects net income for 2025 to be between 203.3 million and 214.3million,withEPSprojectedbetween214.3 million, with EPS projected between 3.70 and 3.90[24].−Forthefullyear2025,theforecastednetincomeisestimatedtobebetween3.90[24]. - For the full year 2025, the forecasted net income is estimated to be between 203,250,000 and 214,250,000[54]. Expenses and Financial Metrics - Total SG&A expenses were 383.4 million in 2024, an increase of 54.6million,or16.654.6 million, or 16.6%, compared to 2023, with SG&A as a percentage of revenue rising to 6.0%[19][20]. - Interest expense decreased to 65.3 million in 2024 from 78.2millionin2023,withaprojectedinterestexpensefor2025expectedtobebetween78.2 million in 2023, with a projected interest expense for 2025 expected to be between 44 million and 48million[22].−Theprovisionforincometaxesincreasedby48 million[22]. - The provision for income taxes increased by 22.5 million to 74.0millionin2024,withaneffectivetaxrateof29.074.0 million in 2024, with an effective tax rate of 29.0%[23]. - Net cash provided by operating activities for the year ended December 31, 2024, was 508,313, compared to 198,552in2023,indicatingasubstantialincreaseof156.1198,552 in 2023, indicating a substantial increase of 156.1%[44]. Capital Expenditures and Dividends - Capital expenditures for 2024 totaled 126.6 million, with 81.9millionallocatedtofacilitiesand81.9 million allocated to facilities and 36.6 million for construction equipment[29]. - The company declared a cash dividend of 0.08pershare,payableonapproximatelyApril15,2025[30].−Thecompanydeclareddividendspercommonshareof0.08 per share, payable on approximately April 15, 2025[30]. - The company declared dividends per common share of 0.26 for the year ended December 31, 2024, compared to 0.24in2023,reflectingan8.30.24 in 2023, reflecting an 8.3% increase[39]. Assets and Liabilities - Total assets as of December 31, 2024, were 4,195,868, compared to 3,827,427asofDecember31,2023,indicatingagrowthof9.63,827,427 as of December 31, 2023, indicating a growth of 9.6%[41]. - Cash and cash equivalents increased significantly to 455,825 as of December 31, 2024, from 217,778in2023,markingagrowthof109.5217,778 in 2023, marking a growth of 109.5%[41]. - Total current liabilities increased to 1,670,686 as of December 31, 2024, from 1,335,035in2023,representingariseof25.11,335,035 in 2023, representing a rise of 25.1%[41]. EBITDA and Adjusted Metrics - Adjusted EBITDA for 2024 was 435.2 million, an increase of 14.7% from 379.5millionin2023[16].−EBITDAforQ42024was379.5 million in 2023[16]. - EBITDA for Q4 2024 was 111,058,000, representing a 10.7% increase from 100,356,000inQ42023[51].−AdjustedEBITDAforQ42024was100,356,000 in Q4 2023[51]. - Adjusted EBITDA for Q4 2024 was 116,611,000, up 12.0% from 104,181,000inQ42023[51].−TheforecastedEBITDAfor2025isestimatedtorangefrom104,181,000 in Q4 2023[51]. - The forecasted EBITDA for 2025 is estimated to range from 420,000,000 to 440,000,000[57].−TheforecastedadjustedEBITDAfor2025isprojectedtobebetween440,000,000[57]. - The forecasted adjusted EBITDA for 2025 is projected to be between 440,000,000 and $460,000,000[57].