Primoris Services (PRIM) FY2023 results: revenue $5.7 billion, up 29.3% on the year
Primoris Services Corp. (PRIM) reported revenue of $5.7 billion for fiscal 2023, the year ended 31 December 2023, up 29.3% on the year before. Net income was $126 million, down 5.2%, and diluted earnings per share $2.33. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.
Revenue
$5.7 billion
+29.3% on the year
FY2016FY2023
Operating margin
4.4%
4.4% a year earlier
FY2016FY2023
Net income
$126 million
-5.2% on the year
FY2016FY2023
Diluted EPS
$2.33
-5.7% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree 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
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
199
83.3
79.7
+138.2%
Capital expenditure
103
94.7
134
+8.8%
Free cash flow
95.5
-11.3
-54.1
Free cash flow margin
1.7%
-0.3%
-1.5%
Cash from investing
-30.0
-482
-691
Cash from financing
-205
452
486
Depreciation and amortisation
107
99.2
106
+8.0%
Share-based compensation
11.8
7.4
10.5
+58.6%
Buybacks
n/a
6.0
14.7
Dividends paid
12.8
12.8
12.6
+0.0%
Dividend per share
$0.24
$0.24
$0.24
0.0%
Diluted shares, weighted
54m
54m
53m
+0.9%
Shares outstanding at period end
53m
53m
53m
+0.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
1,236
1,109
990
+11.5%
Debt
958
1,143
661
-16.2%
Operating lease liabilities
263
131
98.1
+101.4%
Other liabilities
1,370
1,161
794
+18.0%
Total liabilities and equity
3,827
3,544
2,543
+8.0%
Fixed assets
476
494
433
-3.6%
Goodwill
858
872
582
-1.6%
Intangible assets
228
249
171
-8.7%
Cash and equivalents
218
249
201
-12.4%
Receivables
112
663
472
-83.1%
Other assets
1,936
1,017
685
+90.4%
Total assets
3,827
3,544
2,543
+8.0%
10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.