Latest news with #PRIM
Yahoo
3 days ago
- Business
- Yahoo
Are You Looking for a Top Momentum Pick? Why Primoris Services (PRIM) is a Great Choice
Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us. Below, we take a look at Primoris Services (PRIM), a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score. It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Primoris Services currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period. You can see the current list of Zacks #1 Rank Stocks here >>> Set to Beat the Market? In order to see if PRIM is a promising momentum pick, let's examine some Momentum Style elements to see if this construction contractor holds up. A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area. For PRIM, shares are up 21.99% over the past week while the Zacks Building Products - Heavy Construction industry is up 5.23% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 32.64% compares favorably with the industry's 6.5% performance as well. While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of Primoris Services have risen 52.23%, and are up 113.7% in the last year. On the other hand, the S&P 500 has only moved 10.18% and 20.38%, respectively. Investors should also pay attention to PRIM's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. PRIM is currently averaging 1,062,453 shares for the last 20 days. Earnings Outlook The Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with PRIM. Over the past two months, 2 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost PRIM's consensus estimate, increasing from $4.44 to $4.67 in the past 60 days. Looking at the next fiscal year, 2 estimates have moved upwards while there have been no downward revisions in the same time period. Bottom Line Given these factors, it shouldn't be surprising that PRIM is a #1 (Strong Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Primoris Services on your short list. 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 Primoris Services Corporation (PRIM) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Boston Globe
6 days ago
- Business
- Boston Globe
Liberty Mutual Foundation's first president prepares to step down after 25 years
MacDonnell built the foundation from the ground up, launching it in 2003 under the direction of then-chief executive Ted Kelly from a donor-advised fund that the insurer had been using for its charitable efforts. The foundation's primary focus, with its $50 million in annual distributions, is on grants that help with resilience, in a broad sense of the word, including addressing hunger, homelessness, workforce development, and preparing for climate change. Aside from her side gig teaching spin classes with her sister at the Waverley Oaks Athletic Club , MacDonnell's not quite sure of her next steps. She knows she'll still be involved in helping nonprofits in some way, including by serving on a few boards. Advertisement During her tenure, the foundation launched an employee match program that has since directed $250 million to charities and a program known as 'Serve with Liberty' that encourages employees to volunteer at local nonprofits. (The program currently runs for three weeks in the spring each year.) Advertisement For MacDonnell, some of her most poignant memories came from watching the beneficiaries of foundation-sponsored projects, including shelters for young adults, overseen by Bridge Over Troubled Waters and the Home for Little Wanderers , and the city's first universally accessible playground, which opened in the Charlestown Navy Yard in 2013. 'There are just so many moments I'll take with me forever,' MacDonnell said. Buffett's advice guides state pension fund In the investment world, few if any sages are more respected than the Oracle of Omaha himself, Berkshire Hathaway chairman Warren Buffett . So when facing market turbulence, Michael Trotsky , the executive director of the state Pension Reserves Investment Management board, hews closely to the advice Buffett offered in his 1987 letter to shareholders: 'Insulate ... thoughts and behavior from the super-contagious emotions that swirl about the marketplace.' Keeping calm, per Buffett's advice, apparently has paid off for Trotsky and his nearly 70-person team at the PRIM board. The Pension Reserves Investment Trust fund hit a new record balance of $115.4 billion at the end of June, reflecting a 9.6 percent net return for the fund, above the 7 percent goal established by state actuaries. They plan to report on the success to the full board on Thursday. The greater the annual return, the less money from the state's general fund is needed to pay for state employees' pensions over time. (PRIM also manages money for about 100 local and quasi-public government funds within the fund.) In comparison, the Standard & Poor's 500 stock index rose 14 percent over the same time, but not without considerable volatility, particularly during the first several months of the current Trump administration, as investors suffered whiplash from various tariff announcements. (Stocks represent about 40 percent of the PRIT fund.) Advertisement During that turmoil, Trotsky said he again turned to the Buffett quote for inspiration. 'We just had to keep our heads down and focus on what we can control,' Trotsky said. 'Obviously this year is full of a lot of emotions. We just try to tune it out and look at the opportunities that present themselves.' Boston's climate efforts get a new leader Lindsey Butler got an early start in the environmental field: While going to preschool on the South Shore, her mom would discover she had smuggled home papers, bottles, and juice boxes in her backpack that she had retrieved from the trash so they could be recycled. The environmental epidemiologist faces a much bigger challenge now that she has to worry about rising sea levels and decarbonizing skyscrapers: Butler has been tapped to take over for Amy Longsworth next month as executive director of the Boston Green Ribbon Commission , a nonprofit that advises City Hall and Boston's employers on climate issues. Longsworth had previously announced she would step down after 10 years in the job and helped guide a search committee consisting of city chief climate officer Brian Swett , Ceres chief executive Mindy Lubber , Gwill York at Lighthouse Capital Partners , Beacon Capital Partners boss Alan Levanthal , and BXP executive Bryan Koop . Butler received her doctorate in environmental health from Boston University and has worked for real estate firm Cref and Blue Cross Blue Shield of Massachusetts , as well as a stint in City Hall as an adviser to acting mayor Kim Janey . At the Green Ribbon Commission, Butler's priorities will include coastal resilience, modernizing the electric grid, and decarbonizing big buildings. The group's roughly $1.4 million budget is funded by its members, and its largest contributor is the Barr Foundation , whose founder Amos Hostetter is also the commission's co-chair. (The mayor serves as the other co-chair.) Advertisement The Green Ribbon Commission was launched in 2010 by then-mayor Tom Menino and Hostetter. They thought the city of Boston should become more proactive on climate issues — something Butler said is getting tougher with President Trump in office. Butler's success will hinge on how successful she can be in bringing the city's government and business leaders together to use their acumen and resources to address climate change — a little more complicated than pulling plastic out of the garbage. 'I'm not going to sugarcoat it, this is a really difficult time to do climate work,' Butler said. 'I'm not going to let Donald Trump distract me. We're doing this work in Boston. ... We have to lead at the local level.' SharkNinja's sequel to Hollywood debut SharkNinja chief executive Mark Barrocas is looking to capitalize on his company's Hollywood debut. Barrocas announced Thursday during the company's quarterly earnings call that it will launch a corporate website in the coming weeks that joins together the Shark vacuum and mop brand with the Ninja kitchen brand, after marketing them separately for years. SharkNinja is working with Salesforce to develop the site's e-commerce functions. The ramp-up of marketing the parent company builds off the exposure the Needham-based business received this summer in Brad Pitt 's character races. (The SharkNinja logo is emblazoned on helmets, uniforms, and racecars.) Advertisement 'It was the first time that we've come out in a big way and marketed 'SharkNinja,'' Barrocas said in an interview. 'It's going to be a great lead in for us as we relaunch our website.' Barrocas declined to say how much the company paid to sponsor the fictional team, but the return, he said, has been equal to at least six times that investment. With the website, he hopes to encourage repeat buyers to try other SharkNinja products, and to tell the 'SharkNinja story.' 'Now that the SharkNinja company has gained so much awareness, we really want consumers to understand that this company is the maker of these two great brands,' Barrocas said. Not just consumers but also potential employees. Building awareness around the publicly traded corporate parent could help with recruiting: A spokesperson says there are around 100 open positions at the Needham headquarters, where about 1,000 people work today. On the earnings call, analyst Randal Konik at investment bank Jefferies & Co. asked Barrocas about where the chief executive takes the SharkNinja brand from here. Barrocas responded by saying every Formula One team has approached SharkNinja about sponsorship opportunities, indicating real life may end up imitating art in this case. Jon Chesto can be reached at
Yahoo
06-08-2025
- Business
- Yahoo
Primoris Services Corp (PRIM) Q2 2025 Earnings Call Highlights: Record Revenue and Strategic ...
Revenue: $1.9 billion, up 20.9% from the prior year. Gross Profit: $231.7 million, an increase of 24.1% from the prior year. Gross Margin: 12.3%, up from 11.9% in the prior year. Net Income: $84.3 million, up around 70% from the prior year. Adjusted EPS: $1.68 per fully diluted share, up over 60% from the prior year. Adjusted EBITDA: $154.8 million, up over 30% from the prior year. Cash from Operations: Over $78 million for Q2, with year-to-date operating cash flow nearly $145 million. Utilities Segment Gross Profit: $97.5 million, up 52.3% from the prior year. Utilities Segment Gross Margin: 14.1%, up from 10.3% in the prior year. Energy Segment Gross Profit: $134.2 million, up 9.4% from the prior year. Energy Segment Gross Margin: 10.8%, down from 12.6% in the prior year. SG&A Expenses: $104.5 million, representing 5.5% of revenue. Net Interest Expense: $7.6 million, down $9.6 million from the prior year. Total Backlog: Just under $11.5 billion, an increase of approximately $100 million sequentially from Q1. EPS Guidance: Increased to $4.40 to $4.60 per fully diluted share. Adjusted EPS Guidance: Increased to $4.90 to $5.10 per fully diluted share. Adjusted EBITDA Guidance: $490 million to $510 million for the full year 2025. Warning! GuruFocus has detected 7 Warning Sign with PRIM. Release Date: August 05, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Primoris Services Corp (NYSE:PRIM) achieved record highs in revenue, operating income, and earnings for the second quarter of 2025. The company is seeing significant opportunities in the data center market, with nearly $1.7 billion of work related to data centers being evaluated. The Utility segment experienced double-digit revenue growth, with improved margins due to increased activity and productivity. The Renewables business is on track to generate close to $2.5 billion, exceeding initial expectations due to high demand for power. Primoris Services Corp (NYSE:PRIM) reported a strong cash flow from operations, with a record $78 million in Q2, contributing to a year-to-date total of nearly $145 million. Negative Points The Energy segment experienced a decrease in gross margins, primarily due to fewer project closeouts and increased costs on certain renewables projects. The pipeline business saw a decline from the prior year, although the near-term outlook is improving. There is uncertainty in the battery storage market due to limitations on the domestic supply of materials and near-term market prospects. The company faces an unpredictable tariff and regulatory environment, which could impact future operations. Despite strong performance, there is a potential for seasonal decline in Q4, which could affect margins and revenue. Q & A Highlights Q: Is the expectation for a back-end loaded order book in terms of new awards still valid for the energy side of the business? A: David King, Chairman and Interim President and CEO, confirmed that the expectation remains for a back-end loaded order book. The company has started well, with bookings already in the first month of Q3, and anticipates heavier bookings in Q4, particularly in renewables. Q: How much of the overall demand in the Utilities segment stems from MSA customers versus the timing of spend? A: David King explained that a significant portion of the demand is driven by MSA work, particularly in gas and electric utilities. The company has initiatives to improve margins and sees improvement in crew productivity. Q: The Utilities segment's gross margin target for 2025 was increased. Is this a structural shift? A: Kenneth Dodgen, CFO, confirmed that the increase to a 10% to 12% margin target is due to structural improvements from various initiatives. The company expects to sustain these margins going forward. Q: How much of the $2.5 billion solar revenue target was realized in the first half of the year? A: Kenneth Dodgen stated that approximately $1.4 billion of the $2.5 billion target was realized in the first half. The company has increased its growth expectation for the year to $300 million to $400 million, up from the original $200 million to $250 million. Q: Can you quantify the impact of closeout payments in the Utilities segment on margins for the quarter? A: Kenneth Dodgen noted that closeouts, particularly in gas utility projects, contributed about $6 million of incremental gross profit during the quarter. Q: What were the main drivers for the strong bookings in the Utilities segment? A: Kenneth Dodgen explained that the growth was MSA-driven, spread across power delivery, gas, and communications. The company is seeing mid-single-digit growth in gas and communications, which is better than previously expected. Q: Are you planning to stick with the 380 kVa and below market for power delivery? A: David King confirmed that the company plans to focus on lower voltage ranges, despite some customer requests for work on 765 kVa lines. Q: Is the data center work incremental to your base plan, or is it repurposing existing teams? A: Kenneth Dodgen stated that most of the data center work is incremental to the original plan. The opportunities span transmission, substation, fiber, and generation. Q: What are the latest capital allocation priorities given the strong cash flow? A: Kenneth Dodgen mentioned that the focus remains on working capital improvement, debt reduction, and positioning for M&A opportunities, with no significant changes in priorities. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. 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Yahoo
04-08-2025
- Business
- Yahoo
Primoris (NYSE:PRIM) Delivers Impressive Q2, Stock Jumps 14.9%
Infrastructure construction company Primoris (NYSE:PRIM) reported Q2 CY2025 results topping the market's revenue expectations , with sales up 20.9% year on year to $1.89 billion. Its non-GAAP profit of $1.68 per share was 55.4% above analysts' consensus estimates. Is now the time to buy Primoris? Find out in our full research report. Primoris (PRIM) Q2 CY2025 Highlights: Revenue: $1.89 billion vs analyst estimates of $1.69 billion (20.9% year-on-year growth, 12.1% beat) Adjusted EPS: $1.68 vs analyst estimates of $1.08 (55.4% beat) Adjusted EBITDA: $154.8 million vs analyst estimates of $112.1 million (8.2% margin, 38.1% beat) Management raised its full-year Adjusted EPS guidance to $5 at the midpoint, a 16.3% increase EBITDA guidance for the full year is $500 million at the midpoint, above analyst estimates of $453 million Operating Margin: 6.7%, up from 5.5% in the same quarter last year Free Cash Flow was $33,100, up from -$8.14 million in the same quarter last year Backlog: $11.5 billion at quarter end, up 170% year on year Market Capitalization: $4.92 billion Company Overview Listed on the NASDAQ in 2008, Primoris (NYSE:PRIM) builds, maintains, and upgrades infrastructure in the utility, energy, and civil construction industries. Revenue Growth A company's long-term sales performance is one signal of its overall quality. Any business can have short-term success, but a top-tier one grows for years. Luckily, Primoris's sales grew at an incredible 15.9% compounded annual growth rate over the last five years. Its growth beat the average industrials company and shows its offerings resonate with customers, a helpful starting point for our analysis. Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. Primoris's annualized revenue growth of 14.5% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. We can dig further into the company's revenue dynamics by analyzing its backlog, or the value of its outstanding orders that have not yet been executed or delivered. Primoris's backlog reached $11.5 billion in the latest quarter and averaged 159% year-on-year growth over the last two years. Because this number is better than its revenue growth, we can see the company accumulated more orders than it could fulfill and deferred revenue to the future. This could imply elevated demand for Primoris's products and services but raises concerns about capacity constraints. This quarter, Primoris reported robust year-on-year revenue growth of 20.9%, and its $1.89 billion of revenue topped Wall Street estimates by 12.1%. Looking ahead, sell-side analysts expect revenue to remain flat over the next 12 months, a deceleration versus the last two years. This projection is underwhelming and implies its products and services will face some demand challenges. At least the company is tracking well in other measures of financial health. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) stock benefiting from the rise of AI. Click here to access our free report one of our favorites growth stories. Operating Margin Primoris's operating margin might fluctuated slightly over the last 12 months but has generally stayed the same, averaging 4.9% over the last five years. This profitability was paltry for an industrials business and caused by its suboptimal cost structureand low gross margin. Analyzing the trend in its profitability, Primoris's operating margin might fluctuated slightly but has generally stayed the same over the last five years. This raises questions about the company's expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. In Q2, Primoris generated an operating margin profit margin of 6.7%, up 1.2 percentage points year on year. The increase was encouraging, and because its operating margin rose more than its gross margin, we can infer it was more efficient with expenses such as marketing, R&D, and administrative overhead. Earnings Per Share Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions. Primoris's EPS grew at an astounding 22.3% compounded annual growth rate over the last five years, higher than its 15.9% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded. Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business. For Primoris, its two-year annual EPS growth of 28.6% was higher than its five-year trend. We love it when earnings growth accelerates, especially when it accelerates off an already high base. In Q2, Primoris reported adjusted EPS at $1.68, up from $1.04 in the same quarter last year. This print easily cleared analysts' estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Primoris's full-year EPS of $5.01 to shrink by 8.1%. Key Takeaways from Primoris's Q2 Results We were impressed by how significantly Primoris blew past analysts' EBITDA and EPS expectations this quarter. Looking ahead, full-year guidance was raised and ahead of Wall Street's estimates. Zooming out, we think this was a solid print with very little to pick on. The stock traded up 14.9% to $107 immediately after reporting. Primoris may have had a good quarter, but does that mean you should invest right now? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here, it's free. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-08-2025
- 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
