Primoris(PRIM)2024-11-04 21:22Revenue 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% increase compared to $48.1 million in Q3 2023[27] - Net income for the nine months ended September 30, 2024, was $126,922, a 43.4% increase compared to $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% from $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%, compared to December 31, 2023[15] Expenses and Costs - SG&A expenses increased to $98.1 million, a rise of $13.7 million, or 16.2% compared to Q3 2023, reflecting higher personnel costs[9] - Capital expenditures for Q3 2024 totaled $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% increase from $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%, influenced by state income taxes and nondeductible expenses[11] - Total liabilities rose to $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% increase[27] - The company reported a net cash provided by operating activities of $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% from Q3 2023[1] - Adjusted EBITDA for the full year 2024 is expected to range from $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]