Primoris(US:PRIM)2025-11-03 21:37Financial Performance - Revenue for the three months ended September 30, 2025, was $2.18 billion, an increase from $1.65 billion in the same period of 2024, representing a growth of 32.1%[34] - Net income for the three months ended September 30, 2025, was $94.6 million, compared to $58.4 million in the same period of 2024, reflecting a year-over-year increase of 62.0%[34] - Adjusted EPS for the nine months ended September 30, 2025, was $4.07, up from $2.33 in the same period of 2024, indicating a growth of 74.8%[34] - Operating income for the three months ended September 30, 2025, was $137.0 million, compared to $99.6 million in the same period of 2024, representing a 37.5% increase[34] - For the nine months ended September 30, 2025, net income increased to $223,176,000, up 75.9% from $126,922,000 in the same period of 2024[38] - Adjusted net income for the nine months ended September 30, 2025, was $248,888,000, a 66.5% increase from $149,517,000 in 2024[41] - Adjusted diluted earnings per share for the nine months ended September 30, 2025, was $4.54, compared to $2.74 in 2024, representing a 65.5% increase[41] - EBITDA for the nine months ended September 30, 2025, was $402,155,000, up 31.9% from $304,696,000 in 2024[45] - Cash flows from operating activities for the nine months ended September 30, 2025, were $327,525,000, compared to $210,054,000 in 2024, indicating a 55.9% increase[38] Backlog and Assets - Total backlog as of September 30, 2025, was $11.1 billion, including Utilities backlog of approximately $6.6 billion and Energy backlog of $4.5 billion[21] - The decrease in total backlog from year-end 2024 was primarily due to the timing of fixed backlog awards in the Energy segment, partially offset by an increase in Utilities MSA backlog[22] - Total current assets rose to $2,565,759,000 as of September 30, 2025, compared to $2,159,472,000 at the end of 2024, reflecting a 18.8% increase[36] - The Company had $431.4 million of unrestricted cash and cash equivalents as of September 30, 2025[23] - Cash, cash equivalents, and restricted cash at the end of the period were $437,313,000, compared to $358,283,000 at the end of September 30, 2024, reflecting a 22.0% increase[38] Capital Expenditures and Dividends - Capital expenditures for the third quarter of 2025 were $34.5 million, with expectations for the remaining three months of 2025 to total between $15.0 million and $20.0 million[23] - The Company declared a cash dividend of $0.08 per share, payable on approximately January 15, 2026[24] Future Projections - The company forecasts net income for the full year ending December 31, 2025, to be between $260,500,000 and $271,500,000[47] - The estimated range for adjusted diluted earnings per share for the full year 2025 is projected to be between $5.35 and $5.55[47] - EBITDA is projected to be between $484,000 and $504,000 million[49] - Adjusted EBITDA is expected to range from $510,000 to $530,000 million[49] - Interest expense is expected to range from $30,000 to $32,000 million[49] - Provision for income taxes is estimated to be between $103,500 and $108,500 million[49] - Non-cash stock-based compensation is estimated at $19,500 million[49] - Transaction/integration and related costs are projected to be $3,000 million[49] - CEO severance costs are expected to be $2,100 million[49] - Impairment of assets is estimated at $1,400 million[49] - Depreciation and amortization is projected to be between $90,000 and $92,000 million[49] Share Repurchase - The Company did not purchase any shares of common stock under its share purchase program during the three months ended September 30, 2025, with $150.0 million available for future purchases[24]