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Primoris raises full-year forecast after 32% surge in revenue

US-based Primoris posted record quarterly revenue of $2.18bn, driven by strong momentum in its Energy and Utilities segments, and raised its earnings guidance for the full year 2025.

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Primoris Services Corporation reported revenue of $2.18bn for the third quarter of 2025, a 32.1% increase compared to the same period in 2024. This growth was primarily driven by increased activity in the Energy and Utilities segments. Net income reached $94.6mn, up $36.2mn year-on-year, bringing diluted earnings per share to $1.73 compared to $1.07 in the previous year.

Energy and Utilities segments drive growth

The Energy segment saw revenue rise 47% to $1.49bn for the quarter, supported by progress in renewable energy and industrial projects. Pipeline activity was slightly down. Segment operating income reached $108.6mn, a 46.2% increase, despite a decline in gross margin to 10.1% from 11% a year earlier.

The Utilities segment reported revenue of $737.5mn, a 10.7% increase, driven by demand in power delivery, gas operations, and communications services. However, operating income fell slightly to $55.2mn, mainly due to lower storm response activity compared to the previous year.

Full-year 2025 guidance revised upward

Based on these results, Primoris raised its full-year guidance. The company now targets net income between $260.5mn and $271.5mn and adjusted earnings before interest, taxes, depreciation, and amortisation (Adjusted EBITDA) between $510mn and $530mn. Earnings per share are expected between $4.75 and $4.95, up from earlier projections.

Adjusted EBITDA for the quarter reached $168.7mn, a 32.1% increase year-on-year. Adjusted net income stood at $103.1mn, with adjusted diluted earnings per share of $1.88, up $0.66 from the previous year.

Stronger outlook in solar and natural gas

The company’s backlog remains robust, and management anticipates continued momentum in solar and natural gas generation projects heading into 2026. Interim Chairman and Chief Executive Officer David King stated the results reflect the company’s ability to “generate value while maintaining a strong safety and quality culture.”

Cumulative revenue for the first nine months of 2025 reached $5.72bn, compared to $4.63bn for the same period in 2024, with operating income up 45.3% to $334mn.

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