Infrastructure contractor Primoris Q3 profit beats estimates on growth in renewable energy and industrial activity
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Primoris reported a Q3 revenue growth of 32.1%, surpassing analyst expectations, with adjusted EPS also beating consensus. The company raised its full-year guidance for net income to $260.5-$271.5 million and expects EPS of $4.75-$4.95. Growth was driven by a 47% increase in the energy segment and a 10.7% rise in utilities. However, gross profit margins faced pressure due to increased costs in renewable projects. Analysts maintain a "buy" rating, with a median 12-month price target of $154.00, reflecting a positive outlook for the company.
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