Primoris reports Q4 and FY2022 results: revenue up 26.4% to $4.42B, net income up 14.9% to $133M, record backlog $5.5B

Primoris Services Corp

2022-FY EPS reported $2.47 revenue$4,420,599,000

Full year 2022 revenue $4,420.6M (+26.4% YoY); net income $133.0M ($2.47 diluted EPS) up 14.9%.
Q4 2022 revenue $1.3B (+50.3% YoY); net income $41.5M ($0.77 diluted EPS) up 40.5%.
Record backlog $5.5B (+37% from year-end 2021), including $1.9B MSA backlog.
Adjusted EBITDA $283.4M for FY2022; Q4 adjusted EBITDA $95.6M (7.2% of revenue).
Board declared $0.06 per share cash dividend, payable April 14, 2023 to holders of record March 31, 2023.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Primoris Services Corp reported the year ended December 31, 2022 results: revenue $4,420.6 million, net income $133.0 million, EPS $2.47 per diluted share. Guidance initiated.

Period: the year ended December 31, 2022
Revenue: $4,420.6 million
Net income: $133.0 million
EPS: $2.47 per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

For the full year 2022, Primoris reported the following highlights (1) : ● Revenue of $4,420.6 million, up $923.0 million, or 26.4 percent, compared to the full year of 2021 driven by strong growth in the Utilities and Energy/Renewables segments, including $516.8 million, or 14.8 percent, revenue growth excluding acquisitions ● Net income of $133.0 million, or $2.47 per diluted share, up 14.9 percent from the full year of 2021

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Primoris Services Corp reported the fourth quarter ended December 31, 2022 results: revenue $1.3 billion, net income $41.5 million, EPS $0.77 per diluted share. Guidance initiated.

Period: the fourth quarter ended December 31, 2022
Revenue: $1.3 billion
Net income: $41.5 million
EPS: $0.77 per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

For the fourth quarter 2022, Primoris reported the following highlights (1) : ● Revenue of $1.3 billion, up $444.7 million, or up 50.3 percent, compared to the fourth quarter of 2021 driven by strong renewables growth, primarily design and construction of utility scale solar facilities, and $227.8 million from acquisitions ● Net income of $41.5 million, or $0.77 per diluted share, up 40.5 percent from the fourth quarter of 2021

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Source: SEC EDGAR

accession 0001361538-23-000005

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