Primoris Services Sees FY24 EPS $3.05-$3.25 Vs $2.76 Est.; Adjusted EBITDA Expected To Range From $395M-$415MA

5/8/24 7:05:12 PM ET

Water Sewer Pipeline Comm & Power Line Construction

Industrials

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Outlook

The Company is maintaining 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.

The Company is targeting SG&A expense as a percentage of revenue in the low six percent range for full year 2024. The Company's targeted gross margins by segment are as follows: Utilities in the range of 9 to 11 percent; Energy in the range of 10 to 12 percent. The Company expects its effective tax rate for 2024 to be similar to 2023 at approximately 29 percent but it may vary depending on the mix of states in which the Company operates.

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Date	Price Target	Rating	Analyst
10/7/2024	$71.00	Overweight	JP Morgan
4/3/2023	$22.50 → $27.00	Sell → Neutral	Goldman
11/11/2021	$27.00 → $24.00	Neutral → Sell	Goldman Sachs
8/6/2021	$35.00 → $31.00	Neutral	Goldman Sachs
7/16/2021	$38.00	Buy	UBS
7/16/2021	$37.00	Overweight	Morgan Stanley

Primoris Services Sees FY24 EPS $3.05-$3.25 Vs $2.76 Est.; Adjusted EBITDA Expected To Range From $395M-$415MA

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$PRIM

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Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

Director Cook Stephen C. sold $315,548 worth of shares (4,018 units at $78.53), decreasing direct ownership by 34% to 7,908 units (SEC Form 4)

CEO & PRESIDENT Mccormick Thomas Edward sold $1,219,156 worth of shares (15,000 units at $81.28), decreasing direct ownership by 20% to 61,390 units (SEC Form 4)

Director Schauerman John P. sold $1,597,376 worth of shares (20,000 units at $79.87) (SEC Form 4)

$PRIM
Market Insights

Live Market Insights

Primoris Services Secures $1.2B In Awards For Energy Segment; $700M Contracted In Q2 2024 And Over $500M In Early Q3 2024; Projects Include $1.1B For Utility-Scale Solar Engineering, Procurement, And Construction, Plus $100M For Expansion Of Combustion Gas Turbine Generators

Primoris Services shares are trading higher following a Q1 earnings beat and strong FY24 guidance.