Primoris Services Corporation Reports Third Quarter 2024 Results

PrimorisServices Corporation(NYSE: PRIM) (Primoris) today announced financial results for its third quarter ended September 30, 2024and provided comments on the Company's operational performance and outlook for 2024.

For the third quarter of 2024, Primorisreported the following highlights (1):

• Revenue of $1,649.1 million, up $119.6 million, or 7.8 percent, compared to the third quarter of 2023 driven by strong growthin both the Energy and Utilities segments;

• Net income of $58.4 million, or $1.07 per diluted share, an increase of $10.3 million, or $0.18 per diluted share, from the third quarter of 2023;

• Record backlog of $11.3 billiondriven by strong renewables and industrial bookings in the Energy segment;

• Adjusted net income of $66.7 million, or $1.22 per diluted share, an increase of $11.4 million, or $0.20 per diluted share, from the third quarter of 2023;

• Adjusted earnings before interest, income taxes, depreciation, and amortization ("Adjusted EBITDA") of $127.7 million, up $7.7 million, or 6.4 percent, from the third quarter of 2023;

• Raising EPS and Adjusted EPS guidance ranges to $2.85 to $3.00 and $3.40 to $3.55 per diluted share, respectively;

• Increased quarterly cash dividend to $0.08 per share.

(1) Please refer to "Non-GAAP Measures" and Schedules 1, 2, 3 and 4 for the definitions and reconciliations of our Non-GAAPfinancial measures, including "Adjusted Net Income," "Adjusted EPS" and "Adjusted EBITDA."

"In the third quarter, Primorisachieved record levels of revenue, earnings and backlog while also delivering strong operating cash flow," said Tom McCormick, Presidentand Chief Executive Officer of Primoris. "This is a credit to our hard-working employees and the trust of our customers to execute their projects safely and efficiently.

"We continue to see opportunities to grow revenue in markets experiencing increased investment while improving profitability and cash flow through disciplined capital allocation. Our renewables business continues to see strong demand and we are driving higher productivity and improved execution across our Utilities segment.

"Primorisis committed to providing critical infrastructure services to meet the growing demand for safe, reliable energy. We look forward to finishing 2024 strong and establishingthe foundation for further progress toward margin and cash flow expansion in 2025."

For the full investor release detailing Primoris' second quarter results and outlook, click here: https://ir.prim.com/news-and-events/news-releases/2024/11-04-2024-211633927.

About Primoris
PrimorisServices Corporation is a premier specialty contractor providing critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Built on a foundation of trust, we deliver a range of engineering, construction, and maintenance services that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.comand follow us on social media at @PrimorisServicesCorporation.