Primoris Services Sees FY24 EPS $3.05-$3.25 Vs $2.76 Est.; Adjusted EBITDA Expected To Range From $395M-$415MA
Portfolio Pulse from Benzinga Newsdesk
Primoris Services Corporation (PRIM) projects its FY24 EPS to be between $3.05 and $3.25, surpassing the estimated $2.76. The company anticipates Adjusted EBITDA to range from $395M to $415M, maintaining its previous estimates for the year ending December 31, 2024. PRIM aims for SG&A expenses to be in the low six percent range of revenue and targets gross margins of 9-11% for Utilities and 10-12% for Energy. The effective tax rate for 2024 is expected to be around 29%, consistent with 2023.
May 08, 2024 | 11:05 pm
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Primoris Services Corporation projects a higher FY24 EPS of $3.05-$3.25 compared to the estimated $2.76, with Adjusted EBITDA expected between $395M-$415M.
The positive outlook provided by PRIM, with EPS and Adjusted EBITDA projections exceeding estimates, suggests a strong financial performance for FY24. This is likely to instill confidence in investors, potentially leading to a short-term increase in stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100