The following is a summary of the Primoris Services Corporation (PRIM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Primoris Services reported a Q1 revenue of $1.4 billion, a 12.4% increase from the prior year.

• Gross profit stood at approximately $133 million for the quarter, primarily driven by higher revenue and a better revenue mix.

• Adjusted EBITDA rose by 40% from the prior year to reach $73.8 million.

• The company ended the quarter with robust liquidity of $451 million while also improving cash used in operations to $28.5 million.

• Full-year EPS guidance of $2.50 to $2.70 per share remains unchanged.

Business Progress:

• Primoris' business is positively impacted by growing infrastructure investment, primarily in energy transition and grid modernization in North America.

• Even with some seasonal delays, the Utilities segment managed to deliver comparable margins.

• Renewable energy and industrial construction activities primarily drove significant growth and margin expansion in the Energy segment.

• Primoris finished the quarter with a healthy backlog of $2.1 billion and expects booking to pick up in Q2.

• With an objective of achieving a 9% to 12% annual growth rate in gross profit by 2026, the company is keen on investing in renewable power delivery and maintaining performance in its foundational businesses.

• Despite anticipating a deceleration towards year-end, an increase in activity within the Utilities segment is expected in the second and third quarters.

• The company looks forward to expanding in the power for data centers market and is also eyeing larger solar job bids.

• An exploratory approach is being taken towards acquisition opportunities, focusing on alignment rather than just valuation.

More details: Primoris Services IR

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