- Primoris Services Corporation (PRIM, Financial) reported a 16.7% increase in revenue for Q1 2025, reaching $1.65 billion.
- Net income soared by $25.3 million to $44.2 million, with an adjusted net income of $53.5 million.
- Company announced a share purchase authorization up to $150 million over three years and declared a $0.08 per share cash dividend.
Primoris Services Corporation (PRIM) has reported robust financial results for the first quarter of 2025. The company's revenue increased by 16.7%, reaching $1.65 billion, compared to the same period in 2024. This growth was primarily driven by strong performances in its Energy and Utilities segments. The company's net income rose to $44.2 million or $0.81 per diluted share, marking an increase of $25.3 million from the previous year.
The company's adjusted net income saw a significant rise to $53.5 million, or $0.98 per diluted share, up from $25.8 million for the same period in 2024. Primoris also reported an adjusted EBITDA of $99.4 million, a 34.8% increase from the first quarter of 2024. Despite a slight decline in backlog to $11.4 billion from the previous quarter, the company remains optimistic about its future prospects.
Primoris has introduced a share purchase program, with authorization to repurchase up to $150 million worth of common shares over the next three years. Additionally, a cash dividend of $0.08 per share was declared, payable on July 15, 2025, to shareholders on record as of June 30, 2025.
The company anticipates continued growth opportunities, driven by infrastructure service demands, particularly in utility and power generation sectors in North America. Primoris maintains its full-year 2025 guidance, expecting net income between $203.3 million and $214.3 million, and adjusted EPS ranging from $4.20 to $4.40.
