Primoris Services ( (PRIM) ) has released its Q1 earnings. Here is a breakdown of the information Primoris Services presented to its investors.
Primoris Services Corporation is a leading provider of critical infrastructure services in the utility, energy, and renewables sectors across the United States and Canada, known for its engineering, construction, and maintenance services that support societal advancement.
Primoris Services Corporation reported a strong start to 2025 with significant growth in revenue and net income for the first quarter. The company’s revenue increased by 16.7% to $1,648.1 million, driven by robust performance in the Energy and Utilities segments. Net income rose to $44.2 million, marking a substantial increase from the previous year.
Key financial metrics highlighted in the report include an increase in adjusted net income to $53.5 million and an adjusted EBITDA of $99.4 million, reflecting a 34.8% rise from the previous year. Despite a slight decrease in total backlog to $11.4 billion, the company announced a share purchase authorization of up to $150 million, indicating confidence in its financial stability and future growth prospects.
Looking forward, Primoris remains optimistic about its ability to meet its full-year 2025 goals, citing strong demand in infrastructure services and opportunities in electrification and emerging technologies. The company continues to focus on expanding margins and increasing cash flow generation while navigating regulatory and economic uncertainties.