Primoris Services (NYSE:PRIM) Q4 2025 Earnings call February 24, 2026 10:00 AM ET Company ParticipantsAdam Thalhimer - Director of ResearchAdam Uhlman - VP of Global Investment ResearchBlake Holcomb - VP of Investor RelationsJerry Revich - Managing Director and Equity ResearchKen Dodgen - CFOKoti Vadlamudi - President and CEOLee Jagoda - Senior Managing DirectorManish Somaiya - Managing DirectorConference Call ParticipantsAadit Madan - Associate AnalystBrent Thielman - Managing Director and Senior Research ...

Primoris Services (NYSE:PRIM) Q4 2025 Earnings call February 24, 2026 10:00 AM ET Speaker10Welcome to the Primoris Services Corporation fourth quarter and full year 2025 earnings conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by 1 on your telephone keypad. If you would like to withdraw your question, pleas ...

The Energy segment faced margin pressure in Q4 due to unanticipated underground rock conditions on two 'sister' solar projects, which required unplanned labor and equipment expenditures.Management emphasizes a 'self-perform' labor model as a competitive advantage, allowing for better control over project timelines and quality in a constrained labor market.Renewables performance reached record levels despite navigating a volatile regulatory environment and project re-sequencing that pulled $500 million of re ...

Core Insights - Technip Energies, in collaboration with JGC and Samsung Heavy Industries, has secured a significant contract from Mozambique Rovuma Venture (MRV) to advance the Coral Norte Floating Liquefied Natural Gas (FLNG) project, marking Mozambique's second floating LNG facility [1][12][14] Group 1: Project Details - The contract builds upon a previously announced agreement for early works, confirming the ongoing progress of Technip Energies' involvement in the Coral Norte FLNG project [2] - Coral Norte is designed as an enhanced replica of the successful Coral Sul project, utilizing the same feed gas composition and field location, which aims to improve project execution efficiency and LNG capacity [3] - The hull launch for the Coral Norte project took place on January 16, 2026, in Geoje, South Korea, indicating rapid advancement through early works and the adoption of a replica concept [2] Group 2: Company Expertise and Partnerships - Loïc Chapuis, President of Project Delivery & Services at Technip Energies, emphasized the project as a testament to the company's engineering and project delivery expertise, highlighting the successful replication of proven solutions [4] - The contract strengthens Technip Energies' long-standing partnership with Eni and its Area 4 partners, reinforcing the company's leadership in delivering innovative LNG solutions [4] Group 3: Company Overview - Technip Energies is recognized as a global technology and engineering powerhouse, with leadership in sectors such as LNG, hydrogen, and sustainable chemistry, contributing to critical markets including energy and decarbonization [5] - The company reported revenues of €6.9 billion in 2024 and operates with over 17,000 employees across 34 countries, committed to sustainability and innovation [6]

This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. As builds in the booming semiconductor and advanced technology sectors gain more prominence, Suffolk is bolstering its presence in the market with a new hire. The Boston-based contractor has brought on industry veteran Clem Wood as the company’s executive vice president of advanced technology, according to a news release shared with Construction Dive.  Th ...

Core Insights - Fluor has demonstrated significant stock performance over the past five years, with an average annual gain of 20.8%, outperforming a low-fee S&P 500 index fund which yielded 12.8% [1][2] - The company currently has a substantial backlog of orders amounting to $25.5 billion, indicating strong future revenue potential despite recent pressures from economic conditions and AI-related concerns [4][6] - Fluor is transitioning away from fixed-price contracts, which is expected to mitigate risks associated with project cost overruns [4] Historical Performance - Over the past 3 years, Fluor's return was 8.02% - Over the past 5 years, the return was 20.43% - Over the past 10 years, the return was 1.13% - Over the past 15 years, the return was -2.25% [4] Current Financials - Fluor's current stock price is $53.53, with a market capitalization of $8.7 billion [6] - The stock has a day's range of $52.30 to $54.12 and a 52-week range of $29.20 to $57.50 [6] - The company has a gross margin of -77.40%, indicating potential financial challenges [6] Strategic Moves - Fluor is divesting its majority stake in the nuclear start-up NuScale Power for billions, which will strengthen its balance sheet but may result in lost future profits [6] - The company is viewed as a potential investment opportunity, though it may not be among the most promising growth or value stocks currently available [7]

Core Insights - The current market is characterized by a multidecade infrastructure transformation driven by the convergence of utility, power generation, and large load industries [1] - The company is focusing on self-perform capabilities and has grown its workforce to approximately 69,500 employees to position itself as a total solutions provider rather than a traditional contractor [1] Investment Strategy - A vertical supply chain strategy has been initiated with an investment of $500 million to $700 million in power transformer manufacturing to mitigate lead-time risks and ensure execution certainty [2] - The company is shifting from bidding on short-term projects to negotiating five-to-ten-year programmatic spend arrangements, enhancing long-term visibility and return on invested capital [2] Growth and Performance - The craft skill platform has been expanded through eight strategic acquisitions in 2025, targeting load-center facilities and turnkey mechanical infrastructure for technology and semiconductor markets [3] - Record results in 2025 are attributed to a diversified solution-based model that adapts to evolving load growth demands and utility modernization requirements [3] - The 2026 guidance assumes continued double-digit growth in revenue and adjusted EBITDA, supported by a record $44 billion backlog across broad-based end markets [3] - Data center-related work is expected to represent approximately 10% of the business moving forward, identified as the fastest-growing component of the current backlog [3] - Significant 765-kilovolt high-voltage transmission awards are anticipated to stack in the latter half of 2027 and beyond, which are not yet reflected in the 2026 backlog [3] - Projected free cash flow for 2026 is approximately $1.8 billion, accounting for the collection of remaining balances from a large Canadian renewable project [3] - Organic growth of approximately 6,000 employees is assumed for 2026, which may temporarily pressure margins due to onboarding and training cycles [3]

Financial Data and Key Metrics Changes - For the full year 2025, revenues reached $28.5 billion, a 20% increase compared to 2024. Adjusted EBITDA was a record $2.9 billion, and adjusted diluted earnings per share grew 20% year over year to $10.75. Record cash flow from operations was $2.2 billion, and record free cash flow was $1.7 billion [10][12] - In Q4 2025, revenues were $7.8 billion, with adjusted EBITDA of $845 million and adjusted diluted EPS of $3.16, all records for the company. Cash flow from operations in the quarter was $1.1 billion, and free cash flow was $946 million, both fourth quarter records [10][11] Business Line Data and Key Metrics Changes - The company completed three acquisitions in Q4 2025: Tri-City Group, Wilson Construction Company, and Billings Flying Service, for a total consideration of approximately $1.7 billion, enhancing power delivery capabilities for large load center facilities and utility capital programs [11] - The acquisitions and organic growth added approximately 11,100 employees, bringing the total workforce to approximately 69,500 at year-end, reinforcing self-perform capabilities [7] Market Data and Key Metrics Changes - The total backlog at year-end was $44 billion, indicating substantial momentum across end markets driven by ongoing investment in grid reliability and resilience, and growing demand for power generation [7][12] - The company is positioned to benefit from multi-year structural demand drivers in the utility and power generation sectors, with significant visibility heading into 2026 and beyond [12] Company Strategy and Development Direction - The company aims to enhance vertical supply chain solutions through a planned investment of approximately $500 million to $700 million over the next several years in power transformer manufacturing facilities [8] - The strategy remains focused on craft labor excellence, execution certainty, and disciplined investment, positioning the company at the center of a multi-decade infrastructure transformation [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record backlog and another year of double-digit earnings per share growth in 2026, supported by a strong backlog and ongoing investments in infrastructure [9][12] - The company is optimistic about the growth opportunities in the data center market, which is expected to be a significant contributor to future revenues [17] Other Important Information - The company has established itself as a compounder of profitable growth, achieving record results in revenues, adjusted EBITDA, and adjusted diluted earnings per share for eight consecutive years [4] - Management emphasized the importance of maintaining a disciplined approach to acquisitions and investments, ensuring alignment with the company's strategic goals [87] Q&A Session Summary Question: Insights on earnings growth and data center contracts - Management indicated that data center contracts currently represent about 10% of the business and are the fastest-growing segment of the backlog, with significant opportunities expected in the coming years [17] Question: Electric margins and initiatives - Management noted that while electric margins have remained steady, there are opportunities for improvement through vertical integration and resource sharing, although no major large projects are anticipated in 2026 [20][22] Question: Gas power generation projects - Management confirmed ongoing interest in gas power generation projects and indicated that there is a strong pipeline of opportunities, with plans to expand beyond current joint ventures [37] Question: Pricing dynamics and supply chain - Management highlighted a collaborative approach to pricing, focusing on long-term programmatic spending rather than short-term bids, which enhances return on invested capital [35] Question: AI initiatives and operational efficiency - Management acknowledged the potential of AI to improve operational efficiency and reduce operating expenses, emphasizing a focus on integrating AI into engineering and field operations [91]

Summary of Jacobs Conference Call Company Overview - **Company**: Jacobs - **Industry**: Engineering and Construction Core Points and Arguments 1. **Progress in Redefining Asset Life Cycle**: Jacobs has made significant progress in redefining the asset life cycle, focusing on higher value services and early involvement in client decision-making processes. This shift has positively impacted financial results, marking one of the best quarters in recent history [6][7][8]. 2. **Backlog and Book-to-Bill Ratio**: The backlog is at record levels, with a Book-to-Bill ratio of 2.0 in the last quarter, rising from 1.2 to 1.4 over the trailing twelve months. The backlog is well-diversified, with 50% in critical infrastructure, 25% in life sciences and advanced manufacturing, and 25% in water and environmental sectors [12][13][14]. 3. **Revenue Guidance and Market Dynamics**: Jacobs raised its revenue guidance, with expectations for mid-single-digit growth. The pace of tech manufacturing jobs and a ramp-up in Q2 will influence whether they meet the higher end of guidance [15][16]. 4. **Data Center Business Growth**: The data center segment currently accounts for approximately 3-3.5% of revenues, growing rapidly. The scope of engagement has increased significantly, moving from design to comprehensive solutions including site selection and utility needs [26][30]. 5. **Sustainability of Growth in Key Markets**: The growth in life sciences and advanced manufacturing is deemed sustainable, with a 24-month visibility on pipeline compared to the previous 6-12 months. AI and drug discovery advancements are accelerating the market [23][24]. 6. **AI Integration and Digital Tools**: Jacobs has integrated AI into its operations, enhancing efficiency and client engagement. The use of AI-enabled platforms is driving growth and improving margins, particularly in water and life sciences sectors [40][41][42]. 7. **International Growth**: International business has outpaced domestic growth, particularly in Australia, New Zealand, and the Middle East. The UK market has also shown strength following political stabilization [76][77]. 8. **Capital Allocation Strategy**: Jacobs prioritizes organic growth and share repurchases, with a commitment to return at least 65% of free cash flow. The company has also increased its dividend by 12.5% year-on-year [86][87]. 9. **Industry Consolidation Outlook**: While sector-based consolidation is likely, Jacobs remains focused on organic growth opportunities. The company is not currently prioritizing large-scale M&A [81][82][86]. 10. **Long-term Margin Goals**: Jacobs aims to achieve adjusted EBITDA margins of 16%+ by fiscal 2029, driven by operating leverage, gross margin expansion, and an improved commercial mix [94][95]. Other Important Insights - **Client Relationships**: Jacobs emphasizes long-term client relationships and early involvement in projects, which has been beneficial in securing contracts [8]. - **Digital Transformation**: The company has invested in digital capabilities, enhancing its competitive position in the consulting space [57][60]. - **Market Positioning**: Jacobs is well-positioned in the energy and power sector, experiencing double-digit organic growth [89][91]. This summary encapsulates the key insights from the Jacobs conference call, highlighting the company's strategic direction, market performance, and future outlook.

Group 1 - Fluor Corporation (NYSE:FLR) is considered one of the best stocks under $50 to invest in, with a price target raised to $47.50 from $43 by Bank of America analyst Michael Feniger, maintaining a Neutral rating [1] - The company reported a revenue reversal of $653 million and a segment loss of $533 million in Energy Solutions due to an adverse court ruling regarding the Santos project, yet raised its 2025 adjusted EBITDA guidance to $510 to $540 million and adjusted EPS guidance to $2.10 to $2.25, supported by $3.3 billion in new awards and a $28 billion backlog [3] - Fluor operates in engineering, procurement, construction, fabrication, modularization, and project management services across three segments: Urban Solutions, Energy Solutions, and Mission Solutions [4] Group 2 - Future outperformance for Fluor depends on transitioning from multiple expansion to actual earnings growth, with not all companies expected to successfully make this transition [2]