Primoris Services (PRIM) Q4 FY2023 earnings: revenue $1.5 billion, up 14.0% on the year

Primoris Services Corp. (PRIM) reported revenue of $1.5 billion for Q4 FY2023, the quarter ended 31 December 2023, up 14.0% on the same quarter a year earlier. Net income was $38 million, down 9.3% on the year, and diluted earnings per share $0.69. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$1.5 billionup 14.0%

Net income$38 milliondown 9.3%

Diluted EPS$0.69

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,516	1,529	n/a	n/a
Cost of revenue	1,359	1,356	n/a	n/a
Gross profit	157	174	n/a	n/a
Gross margin	10.3%	11.4%	n/a
Selling, general and administrative	80.7	84.4	n/a	n/a
Operating income	74.8	88.4	n/a	n/a
Operating margin	4.9%	5.8%	n/a
Pre-tax income	53.0	67.8	n/a	n/a
Income tax	15.4	19.7	n/a	n/a
Effective tax rate	29.0%	29.0%	n/a
Net income	37.7	48.1	n/a	n/a
Net margin	2.5%	3.1%	n/a
Diluted EPS	$0.69	$0.89	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	206	73.7	n/a	n/a
Capital expenditure	20.5	40.1	n/a	n/a
Free cash flow	185	33.6	n/a	n/a
Free cash flow margin	12.2%	2.2%	n/a
Cash from investing	-4.4	-16.0	n/a	n/a
Cash from financing	-145	-18.9	n/a	n/a
Depreciation and amortisation	25.6	26.7	n/a	n/a
Share-based compensation	2.9	3.6	n/a	n/a
Dividends paid	3.2	3.2	n/a	n/a
Dividend per share	$0.06	$0.06	n/a	n/a
Diluted shares, weighted	54m	54m	n/a	n/a
Shares outstanding at period end	53m	53m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,236	1,197	n/a	n/a
Debt	958	1,099	n/a	n/a
Operating lease liabilities	263	223	n/a	n/a
Other liabilities	1,370	1,285	n/a	n/a
Total liabilities and equity	3,827	3,803	n/a	n/a
Fixed assets	476	489	n/a	n/a
Goodwill	858	858	n/a	n/a
Intangible assets	228	233	n/a	n/a
Cash and equivalents	218	161	n/a	n/a
Receivables	112	852	n/a	n/a
Other assets	1,936	1,211	n/a	n/a
Total assets	3,827	3,803	n/a	n/a

Questions

What was Primoris Services' revenue in Q4 FY2023?

Primoris Services (PRIM) reported revenue of $1.5 billion for Q4 FY2023, the quarter ended 31 December 2023, up 14.0% on the same quarter a year earlier.

How much did Primoris Services earn in Q4 FY2023?

Net income for Q4 FY2023 was $38 million, down 9.3% on the year, and diluted earnings per share $0.69.

When did Primoris Services report Q4 FY2023 results?

Primoris Services filed its 10-K for the quarter ended 31 December 2023 with the SEC on 27 February 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	1,529	1,516	1,413	1,564	1,649	1,741	1,648	1,891	2,178	1,858	1,560	1,688
Cost of revenue	1,356	1,359	1,279	1,377	1,451	1,557	1,477	1,659	1,943	1,683	1,425	1,606
Gross profit	174	157	133	187	199	185	171	232	236	175	135	82.4
Gross margin	11%	10%	9%	12%	12%	11%	10%	12%	11%	9%	9%	5%
SG&A	84.4	80.7	88.6	100	98.1	96.5	99.5	105	97.7	97.5	106	106
Operating income	88.4	74.8	44.2	86.1	99.5	87.6	70.4	127	137	77.5	24.4	-26.8
Operating margin	6%	5%	3%	6%	6%	5%	4%	7%	6%	4%	2%	-2%
Pre-tax income	67.8	53.0	26.7	69.8	82.3	76.2	62.3	119	131	71.9	19.9	-36.6
Tax rate	29%	29%	29%	29%	29%	29%	29%	29%	28%	28%	13%	n/a
Net income	48.1	37.7	18.9	49.5	58.4	54.0	44.2	84.3	94.6	51.8	17.4	-24.2
Net margin	3%	2%	1%	3%	4%	3%	3%	4%	4%	3%	1%	-1%
Diluted EPS	$0.89	$0.69	$0.35	$0.91	$1.07	$0.99	$0.81	$1.54	$1.73	$0.95	$0.32	-$0.45
Operating cash flow	73.7	206	-28.5	16.1	222	298	66.2	78.5	183	143	-123	-8.7
Capital expenditure	40.1	20.5	10.4	24.2	63.7	28.2	40.6	33.1	34.5	21.7	27.8	22.5
Free cash flow	33.6	185	-38.9	-8.1	159	270	25.6	45.3	148	121	-150	-31.2
Dividends paid	3.2	3.2	3.2	3.2	3.2	3.2	4.3	4.3	4.3	4.4	4.3	4.4
Shares outstanding	53m	53m	54m	54m	54m	54m	54m	54m	54m	54m	54m	54m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2024, accession 0001558370-24-001719: the filing on EDGAR. All of Primoris Services Corp.'s filings: EDGAR company page.

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