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Globe and Mail
19 hours ago
- Business
- Globe and Mail
Switchgear Monitoring System Market Projected to Reach $3.22 Billion by 2030
The global Switchgear Monitoring System Market is projected to grow from estimated USD 2.17 billion in 2025 to USD 3.22 billion by 2030, at a CAGR of 8.2% during the forecast period. The global Switchgear Monitoring System Market is projected to grow from estimated USD 2.17 billion in 2025 to USD 3.22 billion by 2030, at a CAGR of 8.2% during the forecast period. The Switchgear Monitoring System Market is experiencing steady expansion, driven by the growing emphasis on power quality and reliability in response to rising demand for continuous and uninterrupted power supply. This growth is further supported by heightened concerns surrounding the safety and efficient operation of electrical equipment. The need for advanced monitoring systems has become critical as global power grids face increasing strain from expanding urban infrastructure, industrial automation, and the integration of renewable energy sources. These systems can detect fault conditions, including overheating, insulation degradation, and partial discharges, thereby preventing unexpected outages, reducing maintenance costs, and extending the lifespan of switchgear assets. In developed countries, aging electrical infrastructure necessitates upgrades, while in emerging economies, rapid grid expansion is prompting utilities and industries to adopt intelligent, IoT-enabled monitoring technologies. Additionally, the implementation of stricter government electrical safety regulations and the global shift toward smart grid adoption are further propelling market growth. Download PDF Brochure: Gas-insulated switchgear to record higher CAGR during forecast period. Gas-insulated segment will be the fastest-growing segment within the Switchgear Monitoring System Market during the forecast period, owing to its compact design, high reliability, and high voltage applications in space-bound areas. Due to the fast growth of urbanization and smart cities, compact and efficient power distribution has seen an orchestration of demand, particularly where space is a constraint, i.e., highly populated regions. The gas-insulated switchgear is also safer, has less maintenance, and better survivability when exposed to extreme environmental conditions than air-insulated switchgear, and is preferable to use in critical infrastructure environments, such as substations, underground structures, and offshore platforms. Furthermore, the rising importance of integrating renewable energy sources and the need for advanced monitoring capabilities in high-voltage operations significantly shape the preferences of utilities and industries. This shift is driving a growing inclination toward gas-insulated systems over traditional alternatives. As a result, these factors are expected to fuel the rapid expansion of the gas-insulated segment in the coming years. Asia Pacific to hold largest market share during forecast period During the forecast period, Asia Pacific is expected to be the largest region for the Switchgear Monitoring System Market, driven by rapid industrialization, urbanization, and a significant increase in electricity demand across China, India, Japan, South Korea, and several other countries. Massive investments in power infrastructure development, grid modernization, and renewable energy integration are prompting utilities and industries in the region to adopt advanced switchgear monitoring systems for improved reliability and operational efficiency. Additionally, several large-scale manufacturing facilities and expanding metro and rail projects are boosting the need for continuous power monitoring and fault detection solutions. Government initiatives to modernize aging infrastructure and improve energy efficiency, coupled with favorable policies supporting smart grid deployment, further propel market growth. Additionally, the region's cost-sensitive yet high-volume demand landscape is attracting global players to strengthen their footprint, positioning Asia-Pacific as the leading market throughout the forecast period. Key Market Players ABB, Siemens, Eaton, GE Vernova, and Schneider Electric are major players in the Switchgear Monitoring System Market. Their major strategies include acquisitions, product launches, agreements, partnerships, and expansions. Request Sample Pages: ABB (Switzerland) ABB (Switzerland) is a global leader offering various products, systems, and services in the utilities, infrastructure, and transportation industries. The company operates through four major divisions: Electrification, Industrial Automation, Motion, Robotics & Discrete Automation. ABB offers a complete portfolio of switchgear monitoring systems in the Electrification segment. This segment is strategically essential, representing a significant portion of ABB's overall revenue. It encompasses automation and service solutions and a broad portfolio of low- and medium-voltage control and protection products, including building automation systems, wiring accessories, and installation materials. The segment is primarily focused on enabling safer and more intelligent electrical distribution. ABB maintains a robust global footprint, operating in more than 100 countries through approximately 300 consolidated operating and holding subsidiaries. The company has a well-established presence across key regions, including North America, Europe, Asia Pacific, the Middle East, and Africa. Siemens (Germany) Siemens (Germany) is a technology company focused on electrification, automation, and digitalization, and it works in numerous sectors. The company produces generators, motors, transformers, control apparatus, general-purpose machinery, and advanced signaling and control equipment for road and rail traffic. Siemens operates through various business units: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, which together make Industrial Business and Siemens Financial Services, delivering integrated offerings focused on discrete and process automation, smart energy distribution, intelligent transportation, and healthcare technology. The Digital Industries segment represents Siemens' primary growth engine, offering various industrial automation products, software, and system solutions that facilitate end-to-end digital transformation across the manufacturing and process industries. Siemens remains dedicated to innovation and sustainability, with a global footprint spanning over 190 countries and a localized presence through regional offices, manufacturing sites, R&D centers, and service operations. Its strong market position is reinforced by an expansive network of production facilities, research institutions, and service hubs strategically located across Europe, the Americas, Asia Pacific, and the Middle East. About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA: +1-888-600-6441 Email: newsletter@ Media Contact Company Name: MarketsandMarkets™ Research Private Ltd. Contact Person: Mr. Rohan Salgarkar Email: Send Email Phone: 18886006441 Address: 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 City: Florida State: Florida Country: United States Website:
Yahoo
2 days ago
- Business
- Yahoo
Switchgear Monitoring System Market worth $3.22 billion by 2030
DELRAY BEACH, Fla., Aug 6, 2025 /PRNewswire/ -- The global Switchgear Monitoring System Market is anticipated to grow from estimated USD 2.17 billion in 2025 to USD 3.22 billion by 2030, at a CAGR of 8.2% during the forecast period. The Switchgear Monitoring System Market is experiencing steady expansion, driven by the growing emphasis on power quality and reliability in response to rising demand for continuous and uninterrupted power supply. This growth is further supported by heightened concerns surrounding the safety and efficient operation of electrical equipment. The need for advanced monitoring systems has become critical as global power grids face increasing strain from expanding urban infrastructure, industrial automation, and the integration of renewable energy sources. These systems can detect fault conditions, including overheating, insulation degradation, and partial discharges, thereby preventing unexpected outages, reducing maintenance costs, and extending the lifespan of switchgear assets. In developed countries, aging electrical infrastructure necessitates upgrades, while in emerging economies, rapid grid expansion is prompting utilities and industries to adopt intelligent, IoT-enabled monitoring technologies. Additionally, the implementation of stricter government electrical safety regulations and the global shift toward smart grid adoption are further propelling market growth. Browse in-depth TOC on "Switchgear Monitoring System Market" 150 - Tables50 - Figures250 - Pages Download PDF Brochure: Gas-insulated switchgear to record higher CAGR during forecast period. Gas-insulated segment will be the fastest-growing segment within the Switchgear Monitoring System Market during the forecast period, owing to its compact design, high reliability, and high voltage applications in space-bound areas. Due to the fast growth of urbanization and smart cities, compact and efficient power distribution has seen an orchestration of demand, particularly where space is a constraint, i.e., highly populated regions. The gas-insulated switchgear is also safer, has less maintenance, and better survivability when exposed to extreme environmental conditions than air-insulated switchgear, and is preferable to use in critical infrastructure environments, such as substations, underground structures, and offshore platforms. Furthermore, the rising importance of integrating renewable energy sources and the need for advanced monitoring capabilities in high-voltage operations significantly shape the preferences of utilities and industries. This shift is driving a growing inclination toward gas-insulated systems over traditional alternatives. As a result, these factors are expected to fuel the rapid expansion of the gas-insulated segment in the coming years. Asia Pacific to hold largest market share during forecast period During the forecast period, Asia Pacific is expected to be the largest region for the Switchgear Monitoring System Market, driven by rapid industrialization, urbanization, and a significant increase in electricity demand across China, India, Japan, South Korea, and several other countries. Massive investments in power infrastructure development, grid modernization, and renewable energy integration are prompting utilities and industries in the region to adopt advanced switchgear monitoring systems for improved reliability and operational efficiency. Additionally, several large-scale manufacturing facilities and expanding metro and rail projects are boosting the need for continuous power monitoring and fault detection solutions. Government initiatives to modernize aging infrastructure and improve energy efficiency, coupled with favorable policies supporting smart grid deployment, further propel market growth. Additionally, the region's cost-sensitive yet high-volume demand landscape is attracting global players to strengthen their footprint, positioning Asia-Pacific as the leading market throughout the forecast period. Key Market Players ABB, Siemens, Eaton, GE Vernova, and Schneider Electric are major players in the Switchgear Monitoring System Market. Their major strategies include acquisitions, product launches, agreements, partnerships, and expansions. Request Sample Pages: ABB (Switzerland) ABB (Switzerland) is a global leader offering various products, systems, and services in the utilities, infrastructure, and transportation industries. The company operates through four major divisions: Electrification, Industrial Automation, Motion, Robotics & Discrete Automation. ABB offers a complete portfolio of switchgear monitoring systems in the Electrification segment. This segment is strategically essential, representing a significant portion of ABB's overall revenue. It encompasses automation and service solutions and a broad portfolio of low- and medium-voltage control and protection products, including building automation systems, wiring accessories, and installation materials. The segment is primarily focused on enabling safer and more intelligent electrical distribution. ABB maintains a robust global footprint, operating in more than 100 countries through approximately 300 consolidated operating and holding subsidiaries. The company has a well-established presence across key regions, including North America, Europe, Asia Pacific, the Middle East, and Africa. Siemens (Germany) Siemens (Germany) is a technology company focused on electrification, automation, and digitalization, and it works in numerous sectors. The company produces generators, motors, transformers, control apparatus, general-purpose machinery, and advanced signaling and control equipment for road and rail traffic. Siemens operates through various business units: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, which together make Industrial Business and Siemens Financial Services, delivering integrated offerings focused on discrete and process automation, smart energy distribution, intelligent transportation, and healthcare technology. The Digital Industries segment represents Siemens' primary growth engine, offering various industrial automation products, software, and system solutions that facilitate end-to-end digital transformation across the manufacturing and process industries. Siemens remains dedicated to innovation and sustainability, with a global footprint spanning over 190 countries and a localized presence through regional offices, manufacturing sites, R&D centers, and service operations. Its strong market position is reinforced by an expansive network of production facilities, research institutions, and service hubs strategically located across Europe, the Americas, Asia Pacific, and the Middle East. For more information, Inquire Now! Related Reports: Switchgear Market Ring Main Unit Market Get access to the latest updates on Switchgear Monitoring System Companies and Switchgear Monitoring System Industry About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter, LinkedIn and Facebook. Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC.1615 South Congress 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: sales@ Our Website: Logo: View original content: SOURCE MarketsandMarkets
Yahoo
3 days ago
- Business
- Yahoo
Utilities ETF (IDU) Hits New 52-Week High
For investors seeking momentum, iShares U.S. Utilities ETF IDU is probably on the radar. The fund just hit a 52-week high and is up 21% from its 52-week low price of $91.91/share. But are more gains in store for this ETF? Let's take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed: IDU in Focus iShares U.S. Utilities ETF offers exposure to U.S. companies that supply electricity, gas and water. It has key holdings in the electric utilities and multi-utilities sectors. The product charges 39 bps in annual fees (see: all the Utilities ETFs here). Why the Move? The utility sector has been an area to watch lately, given the strong appreciation in the stocks of this sector. The utility sector enjoyed its strongest winning streak in more than 15 years last month, emerging as the standout performer, despite broader market attention being focused on AI and mega-cap tech stocks. The stocks in the sector logged a consecutive seventh-month gain, reflecting a rare period of sustained sector confidence, underpinned by both short-term demand and structural tailwinds. More Gains Ahead? Currently, IDU has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. However, many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report iShares U.S. Utilities ETF (IDU): ETF Research Reports This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
4 Utility Stocks Poised to Outperform in the Upcoming Earnings Cycle
The Zacks Utilities sector's second-quarter 2025 earnings are expected to have continued to benefit from new electric, natural gas and water rates, cost-saving initiatives and customer growth. The bottom line is also likely to have gained from growing demand from data centers. Per the latest Earnings Preview, the sector's quarterly earnings are expected to rise 0.7% on 7.5% higher revenues. With the assistance of the Zacks Stock Screener, we have identified four utilities, namely MDU Resources Group MDU, ONE Gas OGS, Sempra Energy SRE and Spire SR, which are poised to beat on earnings this reporting cycle. These stocks have the ideal combination of two ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) — to surpass expectations. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. Factors That Might Impact Utility Stocks' Q2 Results Utility service providers continue to benefit from certain factors, including higher electricity rates, accretive acquisitions, cost reductions and the implementation of energy-efficiency programs. Utilities also gain from continuous efforts to make existing infrastructure more resilient to adverse weather conditions and the ongoing switch to affordable, renewable energy sources for electricity production. Utilities have been focusing on installations of smart meters, which help enhance data collection, improve operational efficiency and encourage better customer engagement. These advancements lead to reduced costs, increased revenue and improved grid in economic conditions in the service territories has created fresh demand for utility services and boosted the companies' revenues and performance. Utilities are also set to take advantage of the growing demand from data centers. The rise of data centers, particularly those supporting artificial intelligence, has led to a significant increase in electricity consumption. This should have directly benefited utilities and generated higher revenues in the yet-to-be-reported quarter. Reshoring of industries due to geo-political uncertainties is also creating fresh demand for utility these factors are expected to have had a positive impact on the utilities' second-quarter overall performance. Potential Utility Outperformers for This Earnings Season MDU Resources is now a pure-play regulated energy delivery business after the successful spinoff of Everus Construction Group. The company is likely to have benefited from electric and natural gas customer growth, which would have increased demand and boosted earnings. The bottom line is also expected to have gained from the continued availability of necessary equipment and materials and increased demand from data centers. The Zacks Consensus Estimate for second-quarter earnings is pegged at 13 cents per share, indicating a decrease of 59.4% from the year-ago reported figure. MDU currently has an Earnings ESP of +20% and a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here. MDU Resources Group, Inc. Price and EPS Surprise MDU Resources Group, Inc. price-eps-surprise | MDU Resources Group, Inc. Quote ONE Gas is a 100% regulated natural gas distribution utility. Its quarterly earnings are expected to have benefited from new rates effective in the second and previous quarters. ONE Gas is also likely to have gained from its investments in infrastructure improvements. Continuous customer growth and installations of new meter sets are expected to have had a positive impact on the company's quarterly Zacks Consensus Estimate for second-quarter earnings is pegged at $1.75 per share, indicating an increase of 37.8% from the year-ago reported figure. OGS currently has an Earnings ESP of +3.22% and a Zacks Rank #2. ONE Gas, Inc. Price and EPS Surprise ONE Gas, Inc. price-eps-surprise | ONE Gas, Inc. Quote Sempra Energy is involved in the sale, distribution, storage and transportation of electricity and natural gas. The company is expected to have continued to benefit from its investments and operations in renewable energy generation facilities that have long-term purchase power agreements to sell the electricity they generate to their customers. Sempra Energy is also expected to have gained from rising demand from data centers. The Zacks Consensus Estimate for second-quarter earnings is pegged at 83 cents per share, indicating a decrease of 6.7% from the year-ago reported figure. SRE currently has an Earnings ESP of +0.60% and a Zacks Rank #2. Sempra Energy Price and EPS Surprise Sempra Energy price-eps-surprise | Sempra Energy Quote Spire continues to expand business organically via making systematic investments to expand infrastructure and advance through innovation. Its fiscal third-quarter earnings are likely to have benefited from advanced meter installations and customer growth. The bottom line is also expected to have benefited from its Midstream operations, which are likely to have improved due to increased storage capacity and higher contract Zacks Consensus Estimate for fiscal third-quarter earnings is pegged at a loss of 9 cents per share, indicating an improvement of 35.7% from the year-ago quarter's reported loss. SR currently has an Earnings ESP of +14.81% and a Zacks Rank #3. Spire Inc. Price and EPS Surprise Spire Inc. price-eps-surprise | Spire Inc. Quote Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sempra Energy (SRE) : Free Stock Analysis Report MDU Resources Group, Inc. (MDU) : Free Stock Analysis Report Spire Inc. (SR) : Free Stock Analysis Report ONE Gas, Inc. (OGS) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Primoris Services Corporation Reports Second Quarter 2025 Results
DALLAS, August 04, 2025--(BUSINESS WIRE)--Primoris Services Corporation (NYSE: PRIM) ("Primoris" or the "Company") today announced financial results for its second quarter ended June 30, 2025 and provided comments on the Company's operational performance and outlook for the remainder of 2025. For the second quarter of 2025, Primoris reported the following highlights (1): Revenue of $1,890.7 million, up $327.0 million, or 20.9 percent, compared to the second quarter of 2024 driven by strong growth in the Energy and Utilities segments; Net income of $84.3 million, or $1.54 per diluted share, an increase of $34.8 million, or $0.63 per diluted share, from the second quarter of 2024; Adjusted net income of $92.2 million, or $1.68 per diluted share, an increase of $35.2 million, or $0.64 per diluted share, from the second quarter of 2024; Adjusted earnings before interest, income taxes, depreciation, and amortization ("Adjusted EBITDA") of $154.8 million, up $37.7 million, or 32.2 percent, from the second quarter of 2024; Raising EPS and Adjusted EPS guidance ranges to $4.40 to $4.60 and $4.90 to $5.10 per diluted share, respectively, for the full year 2025. (1) Please refer to "Non-GAAP Measures" and Schedules 1, 2, 3 and 4 for the definitions and reconciliations of our Non-GAAP financial measures, including "Adjusted Net Income," "Adjusted EPS" and "Adjusted EBITDA." "Our second quarter results are indicative of the strength of our end markets and our ability to execute on our strategic initiatives to drive improved profitability and cash flow," said David King, Chairman and Interim President and Chief Executive Officer of Primoris. "Our teams continue to safely provide critical infrastructure solutions to our customers with an emphasis on performance, quality and productivity, giving us confidence to increase our earnings guidance for the full year of 2025." "Primoris has a track record of successfully constructing utility-scale solar and natural gas power generation resources, and the infrastructure to support the transmission and distribution of power. These along with other infrastructure solutions remain in high demand to support economic growth in North America and provide us the opportunity to further expand our earnings potential in the years ahead," he added. "We are pleased with our performance in the first half of the year and believe that we are on the path for a solid finish to 2025. We are well-positioned to meet or exceed our longer-term strategic objectives." Second Quarter 2025 Results Overview Revenue was $1,890.7 million for the three months ended June 30, 2025, an increase of $327.0 million, or 20.9 percent, compared to the same period in 2024. The increase was primarily due to growth in the renewables business and in the Utilities segment, partially offset by lower pipeline activity. Operating income was $126.6 million for the three months ended June 30, 2025, an increase of $40.6 million, or 47.1 percent, compared to the same period in 2024. The increase was primarily due to higher revenue in the Energy and Utilities segments and improved margins in the Utilities segment. Gross profit as a percentage of revenue increased to 12.3 percent for the three months ended June 30, 2025, compared to 11.9 percent for the same period in 2024. The increase was primarily a result of improved margins in the Utilities segment. During the second quarter of 2025, net income was $84.3 million compared to net income of $49.5 million in the prior year. Diluted earnings per share ("EPS") was $1.54 for the second quarter of 2025 compared to $0.91 for the same period in 2024. The increase in net income and diluted earnings can be largely attributed to higher operating income from higher revenue, improved margins in the Utilities segment and lower interest expense. Adjusted Net Income was $92.2 million for the second quarter of 2025, compared to $57.1 million for the same period in 2024. Adjusted diluted EPS was $1.68 for the second quarter of 2025, compared to $1.04 for the second quarter of 2024. Adjusted EBITDA was $154.8 million for the second quarter of 2025, compared to $117.1 million for the same period in 2024. Operating performance by segment for the three and six months ended June 30, 2025, and 2024 were as follows: Segment Results (in thousands, except %) (unaudited) For the three months ended June 30, 2025 Utilities % of Segment Revenue Energy % of Segment Revenue Corporate and non-allocated costs Consolidated % of Consolidated Revenue Revenue $ 693,021 — $ 1,236,807 — $ (39,083 ) (1) $ 1,890,745 — Cost of Revenue 595,476 85.9 % 1,102,616 89.2 % (39,083 ) (1) 1,659,009 87.7 % Gross Profit 97,545 14.1 % 134,191 10.8 % — 231,736 12.3 % Selling, general and administrative expenses 31,968 4.6 % 41,617 3.4 % 30,964 104,549 5.5 % Transaction and related costs — — 543 543 Operating Income $ 65,577 9.5 % $ 92,574 7.5 % $ (31,507 ) $ 126,644 6.7 % (1) Represents intersegment revenue and cost of revenue of $39.1 million in the Utilities segment eliminated in our Condensed Consolidated Statements of Income For the three months ended June 30, 2024 Utilities % of Segment Revenue Energy % of Segment Revenue Corporate and non-allocated costs Consolidated % of Consolidated Revenue Revenue $ 620,798 — $ 973,492 — $ (30,575 ) (1) $ 1,563,715 — Cost of Revenue 556,732 89.7 % 850,848 87.4 % (30,575 ) (1) 1,377,005 88.1 % Gross Profit 64,066 10.3 % 122,644 12.6 % — 186,710 11.9 % Selling, general and administrative expenses 29,419 4.7 % 37,863 3.9 % 32,836 100,118 6.4 % Transaction and related costs — — 522 522 Operating Income $ 34,647 5.6 % $ 84,781 8.7 % $ (33,358 ) $ 86,070 5.5 % (1) Represents intersegment revenue and cost of revenue of $30.6 million in the Utilities segment eliminated in our Condensed Consolidated Statements of Income For the six months ended June 30, 2025 Utilities % of Segment Revenue Energy % of Segment Revenue Corporate and non-allocated costs Consolidated % of Consolidated Revenue Revenue $ 1,256,428 — $ 2,345,149 — $ (62,719 ) (1) $ 3,538,858 — Cost of Revenue 1,107,305 88.1 % 2,091,879 89.2 % (62,719 ) (1) 3,136,465 88.6 % Gross Profit 149,123 11.9 % 253,270 10.8 % — 402,393 11.4 % Selling, general and administrative expenses 65,486 5.2 % 81,835 3.5 % 56,730 204,051 5.8 % Transaction and related costs — — 1,334 1,334 Operating Income $ 83,637 6.7 % $ 171,435 7.3 % $ (58,064 ) $ 197,008 5.6 % (1) Represents intersegment revenue and cost of revenue of $62.7 million in the Utilities segment eliminated in our Condensed Consolidated Statements of Income For the six months ended June 30, 2024 Utilities % of Segment Revenue Energy % of Segment Revenue Corporate and non-allocated costs Consolidated % of Consolidated Revenue Revenue $ 1,108,722 — $ 1,921,070 — $ (53,370 ) (1) $ 2,976,422 — Cost of Revenue 1,015,177 91.6 % 1,694,529 88.2 % (53,370 ) (1) 2,656,336 89.2 % Gross Profit 93,545 8.4 % 226,541 11.8 % — 320,086 10.8 % Selling, general and administrative expenses 58,697 5.3 % 75,178 3.9 % 54,831 188,706 6.3 % Transaction and related costs — — 1,072 1,072 Operating Income $ 34,848 3.1 % $ 151,363 7.9 % $ (55,903 ) $ 130,308 4.4 % (1) Represents intersegment revenue and cost of revenue of $53.4 million in the Utilities segment eliminated in our Condensed Consolidated Statements of Income Utilities Segment ("Utilities"): Revenue increased by $72.2 million, or 11.6 percent, for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to increased activity in our gas operations, power delivery and communications markets. Operating income for the three months ended June 30, 2025, increased by $30.9 million, or 89.3 percent compared to the same period in 2024 driven by strong performance across all markets in 2025, including improved power delivery profitability and the favorable impact of project closeouts in gas operations. Gross profit as a percentage of revenue was 14.1 percent for the three months ended June 30, 2025, up from 10.3 percent for the same period in 2024. Energy Segment ("Energy"): Revenue increased by $263.3 million, or 27.0 percent, for the three months ended June 30, 2025, compared to the same period in 2024. The increase was primarily due to growth in renewable energy activity, partially offset by lower pipeline activity. Operating income for the three months ended June 30, 2025, increased by $7.8 million, or 9.2 percent, compared to the same period in 2024, primarily due to higher revenue, partially offset by lower gross margins. Gross profit as a percentage of revenue decreased to 10.8 percent during the three months ended June 30, 2025, compared to 12.6 percent in the same period in 2024. The decrease in gross margin was primarily due to a more favorable impact from the closeout of renewables projects in 2024 and increased costs for certain renewables projects in 2025 due in part to unfavorable weather conditions. Other Income Statement Information Selling, general and administrative ("SG&A") expenses were $104.5 million during the quarter ended June 30, 2025, an increase of $4.4 million compared to 2024. The increase was primarily due to an increase in personnel costs to support revenue growth. SG&A expense as a percentage of revenue decreased to 5.5 percent in the second quarter of 2025, compared to 6.4 percent in the second quarter of 2024 driven by higher revenue. Interest expense, net for the quarter ended June 30, 2025, was $7.6 million compared to $17.1 million for the quarter ended June 30, 2024. The decrease of $9.6 million was primarily due to lower average debt balances and lower average interest rates. Interest expense for the full year 2025 is expected to be between $33 million and $37 million. The effective tax rate on income for the six months ended June 30, 2025, of 29.0 percent differs from the U.S. federal statutory rate of 21.0% primarily due to state income taxes and nondeductible components of per diem expenses. We recorded income tax expense for the six months ended June 30, 2025, of $52.5 million compared to $28.0 million for the six months ended June 30, 2024. The $24.5 million increase in income tax expense is primarily driven by higher pre-tax income. Outlook The Company is raising its estimates for the year ending December 31, 2025. Net income is expected to be between $241.0 million and $252.0 million, or $4.40 and $4.60 per fully diluted share. Adjusted EPS is estimated in the range of $4.90 to $5.10 per fully diluted share. Adjusted EBITDA for the full year 2025 is expected to range from $490 million to $510 million. The Company is targeting SG&A expense as a percentage of revenue in the high five percent range for the full year 2025. The Company's targeted gross margins by segment are 10 to 12 percent for both the Utilities and Energy segments for the full year 2025. The Company expects its effective tax rate for 2025 to be approximately 29 percent, but it may vary depending on the mix of states in which the Company operates. Adjusted EPS and Adjusted EBITDA are non-GAAP financial measures. Please refer to "Non-GAAP Measures" and Schedules 1, 2, 3, and 4 below for the definitions and reconciliations. The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting or unusual items. Supplemental information relating to the Company's financial outlook is posted in the Investor Relations section of the Company's website at Backlog (in millions) June 30, 2025 December 31, 2024 Next 12 Months Total Next 12 Months Total Utilities Fixed Backlog $ 101.8 $ 101.8 $ 71.1 $ 71.1 MSA Backlog 1,730.3 5,928.8 1,822.6 5,449.8 Backlog $ 1,832.1 $ 6,030.6 $ 1,893.7 $ 5,520.9 Energy Fixed Backlog $ 3,140.4 $ 4,923.1 $ 3,160.6 $ 6,023.7 MSA Backlog 164.4 539.8 142.7 320.7 Backlog $ 3,304.8 $ 5,462.9 $ 3,303.3 $ 6,344.4 Total Fixed Backlog $ 3,242.2 $ 5,024.9 $ 3,231.7 $ 6,094.8 MSA Backlog 1,894.7 6,468.6 1,965.3 5,770.5 Backlog $ 5,136.9 $ 11,493.5 $ 5,197.0 $ 11,865.3 Total Backlog as of June 30, 2025, was $11.5 billion, including Utilities backlog of approximately $6.0 billion and Energy backlog of $5.5 billion. The decrease in Total Backlog of $0.4 million from year end 2024 is primarily due to the timing of fixed backlog awards in the Energy segment, partially offset by an increase in Utilities MSA backlog. The increase in total backlog sequentially from March 31, 2025, was driven by an increase in Utilities MSA backlog, partially offset by a decrease in Fixed backlog. Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue. Revenue from certain projects where scope, and therefore contract value, is not adequately defined, is not included in Fixed Backlog. At any time, any project may be cancelled at the convenience of the Company's customers. Balance Sheet and Capital Allocation At June 30, 2025, the Company had $390.3 million of unrestricted cash and cash equivalents. In the second quarter of 2025, capital expenditures were $33.1 million, including $18.8 million in construction equipment purchases. Capital expenditures for the six months ended June 30, 2025, were $73.7 million, including $40.5 million in construction equipment purchases. For the remaining six months of 2025, capital expenditures are expected to total between $25.0 million and $45.0 million, which includes $20.0 million to $40.0 million for equipment. The Company also announced that on July 30, 2025, its Board of Directors declared a $0.08 per share cash dividend to stockholders of record on September 30, 2025, payable on approximately October 15, 2025. During the three months ended June 30, 2025 the Company did not purchase any shares of common stock under its share purchase program. As of June 30, 2025, the Company had $150.0 million available for purchase under the share purchase program. The share purchase plan expires on April 30, 2028. Conference Call and Webcast As previously announced, management will host a conference call and webcast on Tuesday, August 5, 2025, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time). David King, Chairman and Interim President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will discuss the Company's results and business outlook. Investors and analysts are invited to participate in the call by phone at 1-800-715-9871, or internationally at 1-646-307-1963 (access code: 1324356) or via the Internet at A replay of the call will be available on the Company's website or by phone at 1-800-770-2030, or internationally at 1-609-800-9909 (access code: 1324356), for a seven-day period following the call. Presentation slides to accompany the conference call are available for download under "Events & Presentations" in the "Investors" section of the Company's website at Non-GAAP Measures This press release contains certain financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"). Primoris uses earnings before interest, income taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as important supplemental measures of the Company's operating performance. The Company believes these measures enable investors, analysts, and management to evaluate Primoris' performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company's operating results with those of its competitors. The non-GAAP measures presented in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, Primoris' method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similarly titled measures as calculated by other companies that do not use the same methodology as Primoris. Please see the accompanying tables to this press release for reconciliations of the following non‐GAAP financial measures for Primoris' current and historical results: EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS. About Primoris Primoris Services Corporation is a leading provider of critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. We deliver a range of engineering, construction, and maintenance capabilities that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, power generation, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit and follow us on social media at @PrimorisServicesCorporation. Forward Looking Statements This press release contains certain forward-looking statements, including the Company's outlook, that reflect, when made, the Company's expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company's future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipates", "believes", "could", "estimates", "expects", "intends", "may", "plans", "potential", "predicts", "projects", "should", "targets", "will", "would" or similar expressions. Forward-looking statements include information concerning the possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, effects of regulation and the economy, generally. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, customer timing, project duration, weather, and general economic conditions; changes in the mix of customers, projects, contracts and business; regional or national and/or general economic conditions and demand for the Company's services; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; inflation, tariffs and other increases in construction costs that the Company may be unable to pass through to customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; increases in interest rates and slowing economic growth or recession; the instability in the banking system; costs incurred to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in the Company's operations; the results of the review of prior period accounting on certain projects and the impact of adjustments to accounting estimates; developments in governmental investigations and/or inquiries; intense competition in the industries in which the Company operates; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; failure to maintain safe worksites; risks or uncertainties associated with events outside of the Company's control, including conflicts in the Middle East, war between Russia and Ukraine, and tension between China and Taiwan, severe weather conditions, public health crises and pandemics, political crises or other catastrophic events; client delays or defaults in making payments; the cost and availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; possible information technology interruptions, cybersecurity threats or inability to protect intellectual property; disruptions related to artificial intelligence; the Company's failure, or the failure of the Company's agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing political conditions and legal and regulatory requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company's revenues; asset impairments; and risks arising from the inability to successfully integrate acquired businesses. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and the Company's other filings with the U.S. Securities and Exchange Commission ("SEC"). Such filings are available on the SEC's website at Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. PRIMORIS SERVICES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenue $ 1,890,745 $ 1,563,715 $ 3,538,858 $ 2,976,422 Cost of revenue 1,659,009 1,377,005 3,136,465 2,656,336 Gross profit 231,736 186,710 402,393 320,086 Selling, general and administrative expenses 104,549 100,118 204,051 188,706 Transaction and related costs 543 522 1,334 1,072 Operating income 126,644 86,070 197,008 130,308 Other income (expense): Foreign exchange (loss) gain, net (365 ) 761 (647 ) 1,321 Other income (expense), net 32 81 49 (45 ) Interest expense, net (7,552 ) (17,133 ) (15,342 ) (35,125 ) Income before provision for income taxes 118,759 69,779 181,068 96,459 Provision for income taxes (34,440 ) (20,236 ) (52,510 ) (27,973 ) Net income $ 84,319 $ 49,543 $ 128,558 $ 68,486 Dividends per common share $ 0.08 $ 0.06 $ 0.16 $ 0.12 Earnings per share: Basic $ 1.56 $ 0.92 $ 2.38 $ 1.28 Diluted $ 1.54 $ 0.91 $ 2.35 $ 1.26 Weighted average common shares outstanding: Basic 54,003 53,640 53,909 53,565 Diluted 54,805 54,653 54,756 54,522 PRIMORIS SERVICES CORPORATION CONSOLIDATED BALANCE SHEETS (In Thousands) (Unaudited) June 30, December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 390,254 $ 455,825 Accounts receivable, net 1,020,461 834,386 Contract assets 920,672 773,736 Prepaid expenses and other current assets 127,644 95,525 Total current assets 2,459,031 2,159,472 Property and equipment, net 526,392 488,241 Operating lease assets 474,676 461,049 Intangible assets, net 198,663 207,896 Goodwill 856,869 856,869 Other long-term assets 20,411 22,341 Total assets $ 4,536,042 $ 4,195,868 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 826,296 $ 624,254 Contract liabilities 674,247 617,424 Accrued liabilities 436,820 350,077 Dividends payable 4,321 4,298 Current portion of long-term debt 78,076 74,633 Total current liabilities 2,019,760 1,670,686 Long-term debt, net of current portion 524,983 660,193 Noncurrent operating lease liabilities, net of current portion 330,834 333,370 Deferred tax liabilities 64,764 64,035 Other long-term liabilities 61,142 58,051 Total liabilities 3,001,483 2,786,335 Commitments and contingencies Stockholders' equity Common stock 6 6 Additional paid-in capital 287,425 285,811 Retained earnings 1,247,867 1,127,953 Accumulated other comprehensive income (739 ) (4,237 ) Total stockholders' equity 1,534,559 1,409,533 Total liabilities and stockholders' equity $ 4,536,042 $ 4,195,868 PRIMORIS SERVICES CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 128,558 $ 68,486 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 43,899 50,274 Stock-based compensation expense 10,455 6,360 Gain on sale of property and equipment (9,861 ) (26,237 ) Unrealized gain on interest rate swap — (231 ) Other non-cash items 1,098 2,749 Changes in assets and liabilities: Accounts receivable (185,777 ) (208,407 ) Contract assets (145,933 ) (27,953 ) Other current assets (31,665 ) (5,183 ) Other long-term assets 1,339 (2,240 ) Accounts payable 204,269 (44,520 ) Contract liabilities 56,770 117,410 Operating lease assets and liabilities, net (589 ) (4,788 ) Accrued liabilities 67,490 52,521 Other long-term liabilities 4,572 9,362 Net cash provided by (used in) operating activities 144,625 (12,397 ) Cash flows from investing activities: Purchase of property and equipment (73,703 ) (34,637 ) Proceeds from sale of assets 14,592 73,930 Net cash (used in) provided by investing activities (59,111 ) 39,293 Cash flows from financing activities: Payments on long-term debt (182,671 ) (26,148 ) Proceeds from pledge of accounts receivable under securitization facility 50,000 — Payments related to tax withholding for stock-based compensation (10,204 ) (4,772 ) Dividends paid (8,621 ) (6,424 ) Other (240 ) (1,760 ) Net cash used in financing activities (151,736 ) (39,104 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 987 1,654 Net change in cash, cash equivalents and restricted cash (65,235 ) (10,554 ) Cash, cash equivalents and restricted cash at beginning of the period 461,429 223,542 Cash, cash equivalents and restricted cash at end of the period $ 396,194 $ 212,988 Non-GAAP Measures Schedule 1 Primoris Services Corporation Reconciliation of Non-GAAP Financial Measures Adjusted Net Income and Adjusted EPS (In Thousands, Except Per Share Amounts) (Unaudited) Adjusted Net Income and Adjusted EPS Primoris defines Adjusted Net Income as net income (loss) adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and related costs; (iii) asset impairment charges; (iv) changes in fair value of the Company's interest rate swap; (v) change in fair value of contingent consideration liabilities; (vi) amortization of intangible assets; (vii) amortization of debt discounts and debt issuance costs; (viii) losses on extinguishment of debt; (ix) severance and restructuring changes; (x) selected (gains) charges that are unusual or non-recurring; and (xi) impact of changes in statutory tax rates. The Company defines Adjusted EPS as Adjusted Net Income divided by the diluted weighted average shares outstanding. Management believes these adjustments are helpful for comparing the Company's operating performance with prior periods. Because Adjusted Net Income and Adjusted EPS, as defined, exclude some, but not all, items that affect net income and diluted earnings per share, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measures, net income and diluted earnings per share, and information reconciling the GAAP and non‐GAAP financial measures, are included in the table below. Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Net income as reported (GAAP) $ 84,319 $ 49,543 $ 128,558 $ 68,486 Non-cash stock-based compensation 5,428 3,954 10,455 6,360 Transaction/integration and related costs 543 522 1,334 1,072 Amortization of intangible assets 4,596 5,086 9,233 10,278 Amortization of debt issuance costs 558 600 1,098 1,200 Unrealized loss (gain) on interest rate swap — 431 — (231 ) CEO severance costs — — 2,098 — Impairment of fixed assets — — — 1,549 Income tax impact of adjustments (1) (3,226 ) (3,072 ) (7,023 ) (5,866 ) Adjusted net income $ 92,218 $ 57,064 $ 145,753 $ 82,848 Weighted average shares (diluted) 54,805 54,653 54,756 54,522 Diluted earnings per share $ 1.54 $ 0.91 $ 2.35 $ 1.26 Adjusted diluted earnings per share $ 1.68 $ 1.04 $ 2.66 $ 1.52 (1) Adjustments above are reported on a pre-tax basis before the income tax impact of adjustments. The income tax impact for each adjustment is determined by calculating the tax impact of the adjustment on the Company's quarterly and annual effective tax rate, as applicable, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.. Schedule 2 Primoris Services Corporation Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA (In Thousands) (Unaudited) EBITDA and Adjusted EBITDA Primoris defines EBITDA as net income (loss) before interest, income taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and related costs; (iii) asset impairment charges; (iv) severance and restructuring changes; (v) change in fair value of contingent consideration liabilities; and (vi) selected (gains) charges that are unusual or non-recurring. The Company believes the EBITDA and Adjusted EBITDA financial measures assist in providing a more complete understanding of the Company's underlying operational measures to manage its business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. EBITDA and Adjusted EBITDA are non‐GAAP financial measures and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non‐GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The most comparable GAAP financial measure, net income, and information reconciling the GAAP and non‐GAAP financial measures are included in the table below. Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Net income as reported (GAAP) $ 84,319 $ 49,543 $ 128,558 $ 68,486 Interest expense, net 7,552 17,133 15,342 35,125 Provision for income taxes 34,440 20,236 52,510 27,973 Depreciation and amortization 22,502 25,693 43,899 50,274 EBITDA 148,813 112,605 240,309 181,858 Non-cash stock-based compensation 5,428 3,954 10,455 6,360 Transaction/integration and related costs 543 522 1,334 1,072 CEO severance costs — — 2,098 — Impairment of fixed assets — — — 1,549 Adjusted EBITDA $ 154,784 $ 117,081 $ 254,196 $ 190,839 Schedule 3 Primoris Services Corporation Reconciliation of Non-GAAP Financial Measures Forecasted Adjusted Net Income and Adjusted Diluted Earnings Per Share for Full Year 2025 (In Thousands, Except Per Share Amounts) (Unaudited) The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Net Income and EPS to Adjusted EPS for the year ending December 31, 2025. Estimated Range Full Year Ending December 31, 2025 Net income as defined (GAAP) $ 241,000 $ 252,000 Non-cash stock-based compensation 16,400 16,400 Amortization of intangible assets 17,500 17,500 Amortization of debt issuance costs 2,000 2,000 Transaction/integration and related costs 1,500 1,500 CEO severance costs 2,100 2,100 Income tax impact of adjustments (1) (11,750 ) (11,750 ) Adjusted net income $ 268,750 $ 279,750 Weighted average shares (diluted) 54,800 54,800 Diluted earnings per share $ 4.40 $ 4.60 Adjusted diluted earnings per share $ 4.90 $ 5.10 (1) Adjustments above are reported on a pre-tax basis before the income tax impact of adjustments. The income tax impact for each adjustment is determined by calculating the tax impact of the adjustment on the Company's quarterly and annual effective tax rate, as applicable, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. Schedule 4 Primoris Services Corporation Reconciliation of Non-GAAP Financial Measures Forecasted EBITDA and Adjusted EBITDA for Full Year 2025 (In Thousands, Except Per Share Amounts) (Unaudited) The following table sets forth a reconciliation of the forecasted GAAP net income to EBITDA and Adjusted EBITDA for the year ending December 31, 2025. Estimated Range Full Year Ending December 31, 2025 Net income as defined (GAAP) $ 241,000 $ 252,000 Interest expense, net 33,000 37,000 Provision for income taxes 101,000 106,000 Depreciation and amortization 95,000 95,000 EBITDA 470,000 490,000 Non-cash stock-based compensation 16,400 16,400 Transaction/integration and related costs 1,500 1,500 CEO severance costs 2,100 2,100 Adjusted EBITDA $ 490,000 $ 510,000 View source version on Contacts Company Contacts Ken DodgenExecutive Vice President, Chief Financial Officer(214) 740-5608kdodgen@ Blake HolcombVice President, Investor Relations(214) 545-6773bholcomb@ Error in retrieving data Sign in to access your portfolio Error in retrieving data
