Primoris Services Corporation reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $6.37 billion, an 11.4% increase from $5.72 billion in 2023. The company's gross profit also rose to $703.2 million, up 19.7% from the previous year, resulting in a gross profit margin of 11.0%, compared to 10.3% in 2023. Net income for the year was $180.9 million, translating to earnings per share of $3.37, a notable increase from $2.37 in 2023.
The company experienced substantial growth in its Energy segment, which saw revenue increase by 20.5% to $4.03 billion, driven by heightened activity in renewable energy and industrial sectors. Conversely, the Utilities segment reported a modest revenue increase of 1.2% to $2.44 billion, attributed to increased project work in power delivery and communications, although this was partially offset by the completion of a major substation project in 2023. Overall, Primoris's total revenue growth was bolstered by strategic acquisitions made in 2022, including PLH Group and B Comm, which contributed to the expanded service offerings and market reach.
Operationally, Primoris maintained a strong backlog of $11.87 billion as of December 31, 2024, up from $10.89 billion in 2023. This backlog includes $6.09 billion in fixed backlog and $5.77 billion in Master Service Agreement (MSA) backlog, indicating a robust pipeline of future work. The company employed a total of 15,716 individuals, comprising 3,074 salaried and 12,642 hourly employees, reflecting a stable workforce to support its operations.
The filing also highlighted the company's strategic focus on controlled expansion and customer retention through long-term MSAs, which accounted for approximately 36.8% of total revenue in 2024. Primoris continues to emphasize growth in higher-margin markets, particularly in renewable energy and communications, while managing operational costs and maintaining a conservative capital structure. The company anticipates continued demand for its services, driven by investments in infrastructure and energy projects, despite potential challenges from economic fluctuations and regulatory changes.
Looking ahead, Primoris Services Corporation remains optimistic about its growth trajectory, with plans to invest between $90 million and $110 million in capital expenditures in 2025, primarily for construction equipment. The company is well-positioned to capitalize on emerging opportunities in the infrastructure sector, particularly in renewable energy and utility services, while navigating the complexities of market conditions and regulatory environments.
About Primoris Services Corp
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