Primoris(PRIM) - 2024 Q4 - Annual Results

Revenue and Income Growth - Primoris reported full year 2024 revenue of almost $6.4 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 $180.9 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 $1.7 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 $54.0 million, or $0.99 per diluted share, up 43.3% from $37.7 million in Q4 2023[10]. - Net income for the year ended December 31, 2024, was $180,888, up 43.3% from $126,145 in 2023[44]. - Basic earnings per share for the year ended December 31, 2024, increased to $3.37 from $2.37 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 $148.1 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 $2,439.0 million in 2024 compared to 2023, with operating income rising by $50.5 million, or 56.6%[17]. - Energy segment revenue increased by $685.8 million, or 20.5%, to $4,032.0 million in 2024 compared to 2023, with operating income increasing by $47.2 million, or 19.0%[18]. Backlog and Future Outlook - Record total backlog reached $11.9 billion, up $1.0 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 $11.9 billion, an increase of $1.1 billion, or 9.9%, compared to $10.9 billion at December 31, 2023[27]. - Fixed backlog increased by $0.9 billion, or 17.2%, to $6.1 billion in 2024 compared to 2023[27]. - The company expects net income for 2025 to be between $203.3 million and $214.3 million, with EPS projected between $3.70 and $3.90[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 $54.6 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 $78.2 million in 2023, with a projected interest expense for 2025 expected to be between $44 million and $48 million[22]. - The provision for income taxes increased by $22.5 million to $74.0 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 $198,552 in 2023, indicating a substantial increase of 156.1%[44]. Capital Expenditures and Dividends - Capital expenditures for 2024 totaled $126.6 million, with $81.9 million allocated to facilities and $36.6 million for construction equipment[29]. - The company declared a cash dividend of $0.08 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 $0.24 in 2023, reflecting an 8.3% increase[39]. Assets and Liabilities - Total assets as of December 31, 2024, were $4,195,868, compared to $3,827,427 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 $217,778 in 2023, marking a growth of 109.5%[41]. - Total current liabilities increased to $1,670,686 as of December 31, 2024, from $1,335,035 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 $379.5 million in 2023[16]. - EBITDA for Q4 2024 was $111,058,000, representing a 10.7% increase from $100,356,000 in Q4 2023[51]. - Adjusted EBITDA for Q4 2024 was $116,611,000, up 12.0% from $104,181,000 in Q4 2023[51]. - The forecasted EBITDA for 2025 is estimated to range from $420,000,000 to $440,000,000[57]. - The forecasted adjusted EBITDA for 2025 is projected to be between $440,000,000 and $460,000,000[57].