Overview

* Primoris Q2 revenue up 20.9% yr/yr to $1.89 bln, beating analyst expectations, per LSEG data

* Adjusted EPS for Q2 beats consensus, with adjusted net income also exceeding estimates

* Company raises full-year EPS and adjusted EPS guidance, reflecting confidence in performance

Outlook

* Primoris raises full-year EPS guidance to $4.40-$4.60

* Company expects adjusted EPS to be $4.90-$5.10 for 2025

* Primoris forecasts adjusted EBITDA between $490 mln and $510 mln

* Company targets gross margins of 10-12% for Utilities and Energy segments

Result Drivers

* ENERGY SEGMENT - Revenue increased by 27% due to growth in renewable energy activity, despite lower pipeline activity

* UTILITIES SEGMENT - Revenue rose 11.6% driven by increased activity in gas operations, power delivery, and communications markets

* MARGIN IMPROVEMENT - Improved margins in the Utilities segment contributed to higher operating income

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $1.89 $1.69

Revenue bln bln (8

Analysts

)

Q2 Beat $1.68 $1.08 (8

Adjusted Analysts

EPS )

Q2 EPS $1.54

Q2 Beat $92.20 $59 mln

Adjusted mln (7

Net Analysts

Income )

Q2 Net $84.30

Income mln

Q2 Beat $154.80 $112.10

Adjusted mln mln (9

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "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 ( PRIM ) is $99.00, about 7.9% above its August 1 closing price of $91.14

* The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release:

(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.)