Primoris(US:PRIM)2024-02-27 16:08Financial Performance - The company achieved record revenue for the 8th consecutive year, reaching $5.7 billion[6] - Full year 2023 revenue was $5715309 thousand, compared to $4420599 thousand in 2022[8] - Adjusted EBITDA for 2023 was $379463 thousand, up from $283361 thousand in 2022[8] - Adjusted net income for 2023 was $154677 thousand, compared to $135777 thousand in 2022[8] - Adjusted EPS for 2023 was $2.85, compared to $2.53 in 2022[8] Backlog and Segment Results - Total backlog reached $10.9 billion, an increase of nearly 20 percent from the end of 2022[21] - Renewables backlog increased by 85 percent from the end of 2022, reaching $2.4 billion[21] - Utilities revenue for 2023 was $2380230 thousand, with a gross profit of $206992 thousand and a gross margin of 87%[15] - Energy revenue for 2023 was $3335079 thousand, with a gross profit of $380499 thousand and a gross margin of 114%[15] Guidance for 2024 - Full year 2024 adjusted EPS is projected to be between $3.05 and $3.25 per diluted share[38] - Full year 2024 adjusted EBITDA is projected to be between $395 million and $415 million[38] - Full year 2024 SG&A as a percentage of revenue is targeted in the low 6 percent range[38]