Project News / Industry News
Dallas-Based Primoris Posts Record $14.1 Billion Backlog as Renewables Slowdown Cuts Revenue
Third-quarter revenue fell 10.4% to about $1.95 billion. The specialty contractor's backlog reached a record, and executives pointed to strong Texas power delivery work, rising gas generation and a new $250 million buyback.
Primoris Services Corp., the Dallas-based specialty contractor, ended the third quarter with a record backlog of $14.1 billion, according to its quarterly results release filed with the Securities and Exchange Commission. That total includes $8.5 billion of master service agreement backlog. Revenue for the quarter ended Sept. 30 was about $1.95 billion, down 10.4% from a year earlier.
Net income was $51.3 million, or 95 cents a diluted share, compared with $1.73 a share a year earlier. Adjusted net income was $64.9 million, or $1.20 a share. Adjusted EBITDA fell 20.3% to $134.4 million. Gross profit was $204.7 million, a margin of 10.5% compared with 10.8% a year earlier.
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