Primoris(US:PRIM)2025-08-04 20:26Financial Performance - Revenue for Q2 2025 was $1,890.7 million, an increase of $327.0 million, or 20.9%, compared to Q2 2024, driven by growth in the Energy and Utilities segments [4]. - Net income for Q2 2025 was $84.3 million, or $1.54 per diluted share, an increase of $34.8 million, or $0.63 per diluted share, from Q2 2024 [5]. - Adjusted EBITDA for Q2 2025 was $154.8 million, up $37.7 million, or 32.2%, from Q2 2024 [5]. - Total revenue for the three months ended June 30, 2025, was $1,890.7 million, an increase from $1,563.7 million in the same period of 2024, representing a year-over-year growth of approximately 20.9% [35]. - Net income for the six months ended June 30, 2025, was $128.6 million, compared to $68.5 million for the same period in 2024, reflecting an increase of approximately 87.8% [35]. - Adjusted EPS for the three months ended June 30, 2025, was $1.54, compared to $0.91 for the same period in 2024, indicating a year-over-year increase of approximately 69.2% [35]. - The company reported a diluted earnings per share of $2.35 for the six months ended June 30, 2025, compared to $1.26 for the same period in 2024, representing an increase of 86.5% [42]. - Adjusted net income for the six months ended June 30, 2025, reached $145,753 thousand, compared to $82,848 thousand in 2024, reflecting a year-over-year increase of 75.9% [42]. - EBITDA for the six months ended June 30, 2025, was $240,309 thousand, up from $181,858 thousand in 2024, marking a growth of 32.2% [45]. Segment Performance - The Utilities segment revenue increased by $72.2 million, or 11.6%, in Q2 2025 compared to Q2 2024, with operating income rising by $30.9 million, or 89.3% [12]. - The Energy segment revenue increased by $263.3 million, or 27.0%, in Q2 2025 compared to Q2 2024, with operating income increasing by $7.8 million, or 9.2% [13]. Guidance and Expectations - The company raised its full-year 2025 net income guidance to between $241.0 million and $252.0 million, or $4.40 to $4.60 per diluted share [17]. - Adjusted EPS for the full year 2025 is estimated to be in the range of $4.90 to $5.10 per diluted share [17]. - The company expects an effective tax rate of approximately 29% for 2025, influenced by state income taxes and nondeductible expenses [20]. - The company expects capital expenditures for equipment to be between $20.0 million and $40.0 million in the remaining six months of 2025 [24]. Cash and Backlog - The total backlog as of June 30, 2025, was $11.5 billion, including a Utilities backlog of approximately $6.0 billion and an Energy backlog of $5.5 billion [22]. - The increase in total backlog from March 31, 2025, was driven by an increase in Utilities MSA backlog, partially offset by a decrease in Fixed backlog [23]. - The company had $390.3 million in unrestricted cash and cash equivalents as of June 30, 2025 [24]. - Cash and cash equivalents at the end of the period were $396,194 thousand, a decrease from $461,429 thousand at the beginning of the period, reflecting a net change of $65,235 thousand [39]. Expenses and Liabilities - SG&A expenses for Q2 2025 were $104.5 million, an increase of $4.4 million compared to Q2 2024, but as a percentage of revenue, it decreased to 5.5% from 6.4% [14]. - Interest expense for Q2 2025 was $7.6 million, down from $17.1 million in Q2 2024, primarily due to lower average debt balances and interest rates [15]. - Total current liabilities increased to $2,019,760 thousand as of June 30, 2025, compared to $1,670,686 thousand at December 31, 2024, indicating a rise of approximately 20.8% [37]. Capital Expenditures - Capital expenditures for the second quarter of 2025 were $33.1 million, with expectations for the remaining six months of 2025 to total between $25.0 million and $45.0 million [24]. - The company plans to continue investing in property and equipment, with purchases amounting to $73,703 thousand for the six months ended June 30, 2025, compared to $34,637 thousand in 2024 [39]. - The company did not purchase any shares under its share purchase program during the three months ended June 30, 2025, with $150.0 million available for future purchases [25].