Primoris Services Reports Strong Q4 and Full-Year 2024 Results, Declares $0.08 Cash Dividend

Primoris Services Corporation today reported robust financial results for both the fourth quarter and full year ended December 31, 2024, according to an SEC Form 8-K filing. The company’s press release, issued February 24, 2025, highlighted significant revenue and profit gains, driven primarily by strong performance in its Energy and Utilities segments.

For the full year 2024, Primoris generated nearly $6.4 billion in revenue—an increase of 11.4 percent over 2023—and posted net income of $180.9 million, or $3.31 per diluted share, marking a rise of 43.4 percent compared to the previous year. Record operating cash flow of $508.3 million and a total backlog of $11.9 billion were also reported. Adjusted net income and adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) saw significant improvements, bolstering confidence in the company’s operational performance.

In the fourth quarter, revenue reached $1.7 billion, a 14.9 percent increase over the same period in 2023, with net income climbing to $54.0 million, or $0.99 per diluted share—up 43.3 percent. The quarter also produced record net cash from operating activities of $298.3 million, supported by favorable changes in working capital and improved productivity.

Looking ahead, Primoris provided guidance for the full year 2025. The company expects net income to fall between $203.3 million and $214.3 million, with EPS estimated between $3.70 and $3.90 and Adjusted EPS in the range of $4.20 to $4.40. Adjusted EBITDA for 2025 is forecast to range from $440 million to $460 million, while capital expenditures are anticipated to be between $90 million and $110 million.

In addition to the financial performance announcement, the Board of Directors declared a cash dividend of $0.08 per share for stockholders of record as of March 31, 2025, with payment scheduled to be made on or about April 15, 2025.

The company also scheduled a conference call and webcast for February 25, 2025, to review these results and discuss the business outlook for 2025. Executives provided insights into the company’s strategy to focus on high-return projects and enhance cash flow generation, which they believe will underpin future growth in the infrastructure sector.

Overall, the filing reflects a year of substantial revenue growth, improved profitability, and a solid backlog, positioning Primoris well as it enters 2025 amid a dynamic market environment.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Primoris Services’s 8K filing here.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.