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Financial report summary
?Competition
Primoris ServicesManagement Discussion
- Revenues—Revenues were $440.4 million for the first quarter of 2024, an increase of $36.8 million, or 9.1%, compared with the first quarter of 2023. The increase was driven by a $37.8 million increase in Transportation Solutions and a $20.3 million increase in Building Solutions, partly offset by a $21.4 million decrease in E-Infrastructure Solutions.
- Gross profit and margin—Gross profit was $76.9 million for the first quarter of 2024, an increase of $15.2 million, or 24.6%, compared to the first quarter of 2023. The Company’s gross margin as a percentage of revenue increased to 17.5% in the first quarter of 2024, as compared to 15.3% in the first quarter of 2023. The increases were driven by the aforementioned higher volume, an improved project margin mix across all segments, and the inclusion of the Texas plumbing business acquired in late 2023.
- Contracts in progress that were not substantially complete totaled approximately 230 and 210 at March 31, 2024 and 2023, respectively. These contracts are of various sizes, of different expected profitability and in various stages of completion. The nearer a contract progresses toward completion, the more visibility the Company has in refining its estimate of total revenues (including incentives, delay penalties and change orders), costs and gross profit. Thus, gross profit as a percentage of revenues can increase or decrease from comparable and subsequent quarters due to variations among contracts and depending upon the stage of completion of contracts.