Primoris raises FY24 EPS view to $3.40-$3.55 from $3.25-$3.45, consensus $3.33

The Company is raising its estimates for the year ending December 31, 2024. Net income is expected to be between $156.0 million and $164.0 million, or $2.85 and $3.00 per fully diluted share. Adjusted EPS is estimated in the range of $3.40 to $3.55 per fully diluted share. Adjusted EBITDA for full year 2024 is expected to range from $405 million to $420 million. The Company is targeting SG&A expense as a percentage of revenue in the low six percent range for full year 2024. The Company’s targeted gross margins by segment are as follows: Utilities in the range of 9 to 11 percent and Energy in the range of 10 to 12 percent. The Company expects its effective tax rate for 2024 to be approximately 29 percent, but it may vary depending on the mix of states in which the Company operates.