NYSE$PRIM
Primoris Services Corporation · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Primoris reported mixed results for Q4 2023, with revenue up but net income and adjusted net income down compared to the same period in 2022.
Primoris Services Corporation reported a revenue increase of 14.0% to $1.5 billion for Q4 2023, driven by renewables growth in the Energy segment. However, net income decreased by 9.3% to $37.7 million, and adjusted net income fell by 7.6% to $46.4 million, due to higher income tax and interest expense, partially offset by higher operating income. The company's backlog reached a record $10.9 billion.
- Revenue increased by 14.0% year-over-year to $1.5 billion, driven by renewables growth in the Energy segment.
- Net income decreased by 9.3% year-over-year to $37.7 million, impacted by higher income tax and interest expense.
- Adjusted net income decreased by 7.6% year-over-year to $46.4 million.
- Total backlog reached a record $10.9 billion, up 19.8% from 2022 year end.
Headline financials
Revenue & EPS history
Primoris · Revenue · Quarterly
$1.52B
Revenue by segment
Primoris · $230M total across 1 segment · Q4 2020
- Utilities$230M-2.6%100.0%
Forward guidance
Primoris provided its estimates for the year ending December 31, 2024. Earnings per Share (“EPS”) is expected to be between $2.50 and $2.70 per fully diluted share. Adjusted EPS is estimated in the range of $3.05 to $3.25, and Adjusted EBITDA for the full year 2024 is expected to range from $395 to $415 million.
Tailwinds
- Optimistic about continued success across many end markets.
- Focused on improving margins in the Utilities segment through increasing mix of project work in power delivery.
- Executing at a higher level of productivity on contracts updated to current market rates beginning in 2024.
- Well-positioned to grow revenue and remain a leader in utility-scale solar construction.
- Leveraging strong customer relationships and continuing track record of successful execution.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.1%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+1.2%
Avg return
30 days after
55%
36 / 65 earnings
Positive
+16.1%
Q3 2024
Best reaction
-15.1%
Q4 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +9.4% | -43.5% | -31.4% | |
| Q4 2025 | -6.4% | -9.0% | -15.1% | |
| Q3 2025 | -10.7% | -12.4% | -12.2% | |
| Q1 2025 | -2.5% | +1.8% | +9.9% | |
| Q4 2024 | +9.6% | +11.5% | -10.5% | |
| Q3 2024 | +16.1% | +28.4% | +33.5% | |
| Q2 2024 | +0.8% | +3.4% | +0.9% | |
| Q1 2024 | +5.3% | +3.5% | +9.9% | |
| Q4 2023 | -5.4% | -0.7% | +5.2% | |
| Q3 2023 | +1.5% | +0.4% | +3.6% | |
| Q2 2023 | +5.7% | +7.2% | +7.0% | |
| Q1 2023 | +0.6% | +0.9% | +24.4% | |
| Q4 2022 | +4.9% | +6.2% | -7.0% | |
| Q3 2022 | +3.8% | +4.5% | -0.8% | |
| Q2 2022 | -5.8% | -0.4% | -12.8% | |
| Q1 2022 | -7.2% | -2.6% | +6.7% | |
| Q4 2021 | -10.6% | -4.7% | -5.1% | |
| Q3 2021 | -6.6% | -11.3% | -14.8% | |
| Q2 2021 | -10.2% | -9.1% | -10.7% | |
| Q1 2021 | -1.6% | -2.7% | -2.7% | |
| Q4 2020 | +7.9% | +4.6% | -1.0% | |
| Q3 2020 | +8.2% | +19.7% | +37.0% | |
| Q2 2020 | +9.4% | +7.3% | +15.4% | |
| Q1 2020 | -5.0% | +1.2% | +23.6% | |
| Q4 2019 | -10.5% | -15.9% | -32.4% | |
| Q3 2019 | +12.5% | +4.9% | +3.0% | |
| Q2 2019 | +1.8% | +3.8% | +0.5% | |
| Q1 2019 | -1.4% | -4.8% | -13.0% | |
| Q4 2018 | +6.9% | +5.2% | -5.7% | |
| Q3 2018 | +6.8% | +6.2% | +3.3% | |
| Q2 2018 | -9.8% | -7.5% | -9.8% | |
| Q1 2018 | -2.1% | -4.1% | +5.6% | |
| Q4 2017 | +1.9% | +8.3% | +2.1% | |
| Q3 2017 | -0.2% | -6.9% | +1.0% | |
| Q2 2017 | +4.1% | +4.9% | +12.4% | |
| Q1 2017 | +6.6% | +5.8% | +5.9% | |
| Q4 2016 | +1.2% | -0.7% | -10.1% | |
| Q3 2016 | +14.5% | +18.3% | +22.4% | |
| Q2 2016 | -6.2% | -6.2% | +9.1% | |
| Q1 2016 | -1.5% | — | — | |
| Q4 2015 | +4.9% | — | — | |
| Q3 2015 | +5.6% | — | — | |
| Q2 2015 | +0.5% | — | — | |
| Q1 2015 | +0.2% | — | — | |
| Q4 2014 | -15.1% | — | — | |
| Q3 2014 | -0.5% | — | — | |
| Q2 2014 | +14.6% | — | — | |
| Q1 2014 | +5.9% | — | — | |
| Q4 2013 | -0.3% | — | — | |
| Q3 2013 | +6.8% | — | — | |
| Q2 2013 | +3.7% | — | — | |
| Q1 2013 | -2.4% | — | — | |
| Q4 2012 | +6.3% | — | — | |
| Q3 2012 | -5.9% | — | — | |
| Q4 2011 | +0.8% | — | — | |
| Q2 2012 | +0.8% | — | — | |
| Q1 2011 | -11.2% | — | — | |
| Q1 2012 | -11.2% | — | — | |
| Q4 2009 | -1.3% | — | — | |
| Q3 2011 | +0.7% | — | — | |
| Q3 2010 | +0.7% | — | — | |
| Q2 2011 | -12.8% | — | — | |
| Q2 2010 | -12.8% | — | — | |
| Q4 2010 | -12.8% | — | — | |
| Q1 2010 | +3.6% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro