Infrastructure contractor Primoris Q3 profit beats estimates on growth in renewable energy and industrial activity

Primoris Services

03/11/2025 21:34

Overview

Primoris Q3 revenue grows 32.1%, beating analyst expectations

Adjusted EPS for Q3 beats consensus, reflecting effective operational performance

Company raises full-year guidance for net income, adjusted EBITDA, and EPS

Outlook

Company raises full-year net income guidance to $260.5 mln - $271.5 mln

Primoris expects full-year EPS of $4.75 to $4.95 per diluted share

Adjusted EBITDA for 2025 expected to range from $510 mln to $530 mln

Result Drivers

ENERGY SEGMENT GROWTH - Revenue increased by 47% due to growth in renewable energy and industrial activity, partially offset by lower pipeline activity

UTILITIES SEGMENT GROWTH - Revenue rose 10.7% driven by increased activity in power delivery, gas operations, and communications markets

MARGIN PRESSURE - Gross profit margins decreased due to lower storm response activity and increased costs in renewables projects

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$2.17 bln
$1.84 bln (11 Analysts)
Q3 Adjusted EPS
Beat
$1.88
$1.38 (10 Analysts)
Q3 EPS
$1.73
Q3 Adjusted Net Income
Beat
$103.10 mln
$73.35 mln (9 Analysts)
Q3 Net Income
$94.60 mln
Q3 Adjusted EBITDA
Beat
$168.70 mln
$135.89 mln (12 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the construction & engineering peer group is "buy"

Wall Street's median 12-month price target for Primoris Services Corp is $154.00, about 8.1% above its October 31 closing price of $141.52

The stock recently traded at 25 times the next 12-month earnings vs. a P/E of 20 three months ago

Press Release: ID:nBw1dsHXva

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)