Primoris Services (PRIM) Tops Q1 EPS by 23c; maintains guidance

Primoris Services (NASDAQ: PRIM) reported Q1 EPS of $0.47, $0.23 better than the analyst estimate of $0.24. Revenue for the quarter came in at $1.41 billion versus the consensus estimate of $1.38 billion.

GUIDANCE:

Primoris Services sees FY2024 EPS of $3.05-$3.25, versus the consensus of $3.13.

Adjusted EBITDA for the full year 2024 is expected to range from $395 to $415 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; Energy in the range of 10 to 12 percent. The Company expects its effective tax rate for 2024 to be similar to 2023 at approximately 29 percent but it may vary depending on the mix of states in which the Company operates.

For earnings history and earnings-related data on Primoris Services (PRIM) click here.

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