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- **Q3 Record Performance**: $2.2 billion revenue (+32% YoY), with Renewables driving $3 billion full-year forecast. Energy bookings delayed but Q4 >$1.2 billion expected.
- **Backlog & Growth**: Utility backlog $6.6 billion (10% YoY). Pipeline projects >$1 billion pipeline, Gas generation 2026 revenue target $100-150 million.
- **Margin & Cash Flow**: Gross profit $235.7 million (+18.7% YoY). Cash flow $180 million Q3, debt reduced $100 million.
- **2026 Outlook**: Energy segment moderate growth, Pipeline and Industrial segments to drive 2026 revenue. Utility segment 10-12% growth sustained.

**【CEO Summary Section】**
- **Record Q3 Performance**: Revenue of $2.2 billion (+32% YoY), driven by Energy (+47%) and Utility (+10.7%) segments. Renewables revenue exceeded expectations by $400 million Q3, pushing full-year forecast to $3 billion.
- **Backlog Dynamics**: Energy segment bookings delayed 3-6 months due to tariff and supply chain uncertainties, but Q4 bookings expected to exceed $1.2 billion. Utility segment backlog hits $6.6 billion, up 10% YoY.
- **Strategic Growth Areas**: Gas generation projects (e.g., Stargate, FERMI) poised for $100-150 million revenue in 2026. Pipeline business sees $1 billion+ project pipeline, with Q4 awards expected to drive 2026 revenue growth.
- **Cash Flow & Debt**: Q3 operating cash flow $180 million, total cash $431 million. Debt reduced by $100 million Q3, trailing 12-month net debt/EBITDA ratio 0.1x.

**【CFO Financial Commentary】**
- **Revenue & Margins**: Gross profit $235.7 million (+18.7% YoY). Energy segment gross margin 10.1% (vs. 11% YoY), impacted by project closeouts. Utility margins 11.7% (vs. 13.1% YoY) due to lower storm work.
- **Cost Control**: SG&A as % of revenue 4.5% (down 140bps YoY). Interest expense guidance lowered to $30-32 million for 2025.
- **Earnings Guidance**: EPS raised to $4.75-4.90, adjusted EPS $5.35-5.55. Adjusted EBITDA guidance $510-530 million, with upside for good Q4 weather.

**【Q&A Highlights】**
- **Energy Segment Outlook**: Q4 Energy revenue expected $1.2 billion, with bookings >$1.2 billion. 2026 Renewables growth moderate, but Pipeline and Industrial segments to drive 2026 revenue growth.
- **Pipeline Recovery**: $300-350 million 2025 revenue; 1-2 large projects could add $100-150 million 2026 revenue. Margins improving as projects scale.
- **Gas Generation Expansion**: 4 projects in pipeline, including behind-the-meter work for data centers. 2026 revenue target $100-150 million.
- **Utility Segment Sustainability**: Double-digit growth in Gas and Communications driven by broadband expansion and data center EPC projects. 2026 growth expected to continue at 10-12% pace.

Primoris Services Corporation (PRIM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PRIM

PRIM fundamentals

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