Q2 2024 Primoris Services Corp Earnings Call Transcript
Key Points
- Primoris Services Corp (PRIM) delivered double-digit growth in both revenue and profitability from the previous year.
- The company has been awarded or is in the process of constructing close to $400 million of work related to data centers.
- Primoris Services Corp (PRIM) booked roughly $600 million of new projects in the quarter and added another $500 million earlier in the third quarter.
- The renewables business is on track to exceed new business goals for the year, with total backlog in renewables expected to approach $3 billion by the end of the year.
- Primoris Services Corp (PRIM) raised its full-year EPS guidance to $2.70 to $2.90 per share, adjusted EPS guidance to $3.25 to $3.45 per share, and adjusted EBITDA guidance to $400 million to $420 million for the full-year 2024.
- Revenues in the utility segment were lower compared to last year, driven primarily by lower activity in gas operations.
- Some customers on the West Coast have had to modify their programs on lower costs, leading to a decline in revenue.
- SG&A expenses in the second quarter were $100.1 million, an increase of $14.5 million compared to the prior year.
- Net interest expense in the quarter was $17.1 million, up slightly from the prior year.
- Total backlog at the end of Q2 is just under $10.5 billion, down around $440 million from the end of 2023.
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primoris Services Corporation second-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to turn the conference over to Blake Holcomb, Vice President, Investor Relations. Please go ahead.
Good morning, and welcome to the Primoris second-quarter 2024 earnings conference call. Joining me today with prepared comments are Tom McCormick, President and Chief Executive Officer; and Ken Dodgen, Chief Financial Officer.
Before we begin, I'd like to make everyone aware of the certain language contained in our Safe Harbor statement. The company cautions that certain statements made during this call are forward looking and are subject to various risks and uncertainties. Actual results may differ materially from our projections and expectations. These risks and uncertainties are discussed in our reports filed with the SEC.
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