Primoris Services Corp. Files Q3 2024 10-Q
Ticker: PRIM · Form: 10-Q · Filed: 2024-11-05T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
PRIM Q3 2024 10-Q filed. Check financials.
AI Summary
Primoris Services Corp. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for this quarter is detailed in its 10-Q filing. Specific financial figures and operational highlights are available within the document.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Primoris Services Corp., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.
Key Numbers
- 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
- 20241105 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Primoris Services Corp. (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241105 (date) — Filing date
- 20241104 (date) — Date of change
FAQ
What is the primary business of Primoris Services Corp.?
Primoris Services Corp. is primarily involved in Water, Sewer, Pipeline, Comm and Power Line Construction, as indicated by its Standard Industrial Classification code [1623].
What is the fiscal year end for Primoris Services Corp.?
The fiscal year end for Primoris Services Corp. is December 31st.
In which state was Primoris Services Corp. incorporated?
Primoris Services Corp. was incorporated in Delaware (DE).
What is the business address of Primoris Services Corp.?
The business address is 2300 N. Field Street, Suite 1900, Dallas, TX 75201.
What is the SEC file number for Primoris Services Corp.?
The SEC file number for Primoris Services Corp. is 001-34145.
Filing Stats: 4,416 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-11-04 17:48:47
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value PRIM New York Stock Excha
Filing Documents
- prim-20240930x10q.htm (10-Q) — 1849KB
- prim-20240930xex31d1.htm (EX-31.1) — 17KB
- prim-20240930xex31d2.htm (EX-31.2) — 17KB
- prim-20240930xex32d1.htm (EX-32.1) — 8KB
- prim-20240930xex32d2.htm (EX-32.2) — 7KB
- 0001558370-24-014294.txt ( ) — 8059KB
- prim-20240930.xsd (EX-101.SCH) — 46KB
- prim-20240930_cal.xml (EX-101.CAL) — 58KB
- prim-20240930_def.xml (EX-101.DEF) — 183KB
- prim-20240930_lab.xml (EX-101.LAB) — 404KB
- prim-20240930_pre.xml (EX-101.PRE) — 307KB
- prim-20240930x10q_htm.xml (XML) — 1641KB
Financial Information
Part I. Financial Information
Financial Statements
Item 1. Financial Statements : —Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited) 3 —Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 4 —Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 5 —Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 6 —Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited) 8 —Notes to Condensed Consolidated Financial Statements (Unaudited) 10
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 36
Controls and Procedures
Item 4. Controls and Procedures 36
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 38
Other Information
Item 5. Other Information 38
Exhibits
Item 6. Exhibits 38
Signatures
Signatures 39 2 Table of Contents
FINANCIAL INFORMATIO N
PART I. FINANCIAL INFORMATIO N
FINANCIAL STATEMENT S
ITEM 1. FINANCIAL STATEMENT S PRIMORIS SERVICES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share Amounts) (Unaudited) September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 352,657 $ 217,778 Accounts receivable, net 941,011 685,439 Contract assets 805,923 846,176 Prepaid expenses and other current assets 122,961 135,840 Total current assets 2,222,552 1,885,233 Property and equipment, net 484,426 475,929 Operating lease assets 447,589 360,507 Intangible assets, net 212,555 227,561 Goodwill 857,650 857,650 Other long-term assets 15,521 20,547 Total assets $ 4,240,293 $ 3,827,427 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 489,052 $ 628,962 Contract liabilities 657,101 366,476 Accrued liabilities 386,267 263,492 Dividends payable 3,223 3,202 Current portion of long-term debt 76,751 72,903 Total current liabilities 1,612,394 1,335,035 Long-term debt, net of current portion 826,998 885,369 Noncurrent operating lease liabilities, net of current portion 327,297 263,454 Deferred tax liabilities 59,490 59,565 Other long-term liabilities 56,119 47,912 Total liabilities 2,882,298 2,591,335 Commitments and contingencies (See Note 13) Stockholders' equity Common stock—$ 0.0001 par value; 90,000,000 shares authorized; 53,712,733 and 53,366,327 issued and outstanding as of September 30, 2024, and December 31, 2023, respectively 6 6 Additional paid-in capital 281,563 275,846 Retained earnings 1,078,288 961,028 Accumulated other comprehensive income ( 1,862 ) ( 788 ) Total stockholders' equity 1,357,995 1,236,092 Total liabilities and stockholders' equity $ 4,240,293 $ 3,827,427 See Accompanying Notes to Condensed Consolidated Financial Statements 3 Table of Contents PRIMORIS SERVICES CORPORATION C