PRIM - Earnings call 4 2023 | Primoris Services Corporation

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Operator

Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primoris Services Corporation Fourth Quarter and Full Year 2023 Earnings Conference Call and Webcast. [Operator Instructions] I would now like to turn the conference over to Blake Holcomb, Vice President of Investor Relations. Please go ahead.

Blake Holcomb

to Conference Fourth Call. welcome Year and and Earnings XXXX morning, the Quarter Primoris Full Good

Dodgen, Joining Tom Chief Ken McCormick, today President Financial me with and Executive prepared Officer; comments are Chief Officer. and

contained and statements Actual like to I'd projections various and from These The everyone certain harbor begin, we results this and materially uncertainties in that call our to safe certain Before our cautions subject uncertainties. may during risks aware differ risks make discussed filed expectations. of and language made our in company with forward-looking statement. are SEC. the are reports

forward-looking We outlook disclaim Our statements, as XXXX. to obligation February law. update these XX, be our represent any may except of statements as today, by required

call, non-GAAP release earnings we to our and Tom these to now like conference reference fourth the to available of reconciliation website and this financial XXXX issued McCormick. A financial section full make certain the press measures over non-GAAP are call in which turn would quarter Investors was on will during yesterday. I addition, our measures. of In year

Thomas McCormick

business revenue Thank a discuss fourth XXXX. power was XX% The up for in market, from a growth and you, to for year growth thank year. increased and This the is Utility from The to and our Revenue delivery initial pipeline consecutive lows. solar delivered year business Energy full scale expansion up our results backlog growth, segment, good was segment and our consecutive year third XXXX from and which and communications robust largely our in growth of due was our primarily driven by XXXX. eighth for revenue we also improvement XX%, for acquisitions XXXX. the in our industrial for $X.X quarter year. as as made today businesses our by set a as us XXXX XXXX Blake. the outlook for utility up organic well strong record previous saw morning, driven from XX% billion, joining Good to you Primoris

backlog, our billion Looking during book-to-bill in awards increase Energy year work booked the with ending resulted ratio was $X.X from year total a increase the X.Xx. of project of of backlog, or our This new XXXX. $XX.X at of for XX% of approximately Much in segment. an this we billion

reindustrialization. the Our macro renewables, required the driven businesses the industrial demand and heavy civil meet towards and this emitting trends energy These demand higher carbon and lower part come and from the leading secured construction infrastructure trends sources. key ongoing in power legislation all are of transition to generation awards energy that by desire

year respect million our America. This more take and North commitment offices pride in and in is of employees which our rate accomplishment in recordable also in the we to X.XX, We set a had record with record of performance a our with approximately an across the field incident total that XXXX one despite XXXX all working diligence work requires in a safety surpassed XX we hours. and

in markets performance, safe success to other execution and opportunities ability end the strong and quality Our both in and these due our these within tailwinds demonstrate customer metrics markets our capitalize on to relationships. our

enable expansion. will remain areas path earnings these of a in success profitable and Continued growth us to on

these additional with our the talent how customers substation contracts. on previous a transmission during Utility included organized, organizational and initiatives by number We strengthen with at segment, We as and better placing of service our and of align expanding line benefits are look non-MSA goals the year. in to we organizational work segments operational of commercial achieved which project the in goal performance. teams, growing leadership our particularly scope MSA structure improving We increased the with to power of several from our by along modified our of XX% more projects. operational than delivery our an year, let's Now our our emphasis saw our revenue mix operating In detail. the hired

MSA hard worked also to teams line continue be to market. to our rates Our secure of billing update more and contracts new in the current with contracts the

renewals Although fully to half back should in negotiations we updated realize on continue often lengthy began these and from in MSAs is as an XXXX more the process, ongoing and of we benefit rates contract XXXX.

impacted segment. In a were had some the execution to accomplishments highlight number we we areas, the solid these challenges of also performance. our that in have we gas there in operations, Although margins during year that faced

However, revenues legacy costs PLH the higher from were in prior projects business margins impacted the to Power than was impacted decline experienced compared anticipated. adversely were by year. that a delivery slight

We that much MSAs of under on for also market our with the excess equipment weighed on year operated during some of rates below and the year. several margins

to Lastly, lower-than-anticipated margins compared XXXX. we had led a to that cost experienced project communications overruns

to deliver margins X% midpoint been we and we that issues many able range. XX% segment of XXXX closer back improved remedy we've to that However, able this confident of to in be that the faced our will are in we believe the to

Turning to segment. the Energy

Our successfully business pipeline This negative pipeline turnaround Mid-Atlantic on our projects through the significant performance executed solid acquired in accomplished in from PLH was and project by business that union going delivered gross digits. to acquisition. XXXX, was margins the award the strong a from a high-single

up for XXXX. business and of with the by growth securing Our growth the of Renewables revenue to record businesses of also revenue that Industrial continued well of heavy respective expansion, civil expertise. The projects an a billion in margin There gross key business than of year line XXXX $X.X better and in while even several impressive back year its continues while a more has Construction businesses track construction backlog. solid positioning the delivered substantial their profit have and XXXX with to opportunities early industrial closing number be also half

chain approximate met or our rates, with we including billion of challenges our business, many XXXX entered tax supply that X.Xx recall representing for We over or backlog goals face despite of may uncertainty industry, the around book-to-bill. $X.X higher incentives. exceeded challenges that You an interest renewables

of Our able results or during obstacles and mitigate were around faced year. to relationships the number are client the collaborative work industry model of resilience the of business our a as evidence we

We we to is $X.X record about the as do the existing their as we potential portion are of of they portfolio of projects future A optimistic of know competitively projects. sales phases renewables is our various significant our bring and the value bid, work in for customers not appreciate our cycle track current our billion.

are projects XXXX and for our our and in to backlog expect teams now We building utilized be fully beyond. on XXXX

on current management is and XX growing demand, focused to leadership of year. project teams teams to teams plan the Our from our this to deliberately meet building expand by end the XX level we project project diligently in of order and

great well will meaningful building our in solar of contribution in the battery headway to have have business begin that a continue in are XXXX, work. XXXX. year a believe these to in We to other and in out growth in solar In we more we had the growth we business, year including to XXXX. Overall, strong and areas believe another make positioned construction, Primoris to addition operational adjacencies storage, O&M high-voltage

backlog teams and healthy growth place our of execute a to the in plans. on projects have We

from our that Our long-term ongoing end we markets infrastructure benefit services. in are continue expectation to and investments is positioned will growth for

with us right cash taking terms, with contract on partners, markets, allow generate which is focus the the the positive our right improve margins right However, projects, flow. and the right in will to additional

that market grow and or certain grow ourselves to below ensure may flow. rates we businesses, and market to to to choose focus instances cash opt In better maintain earnings specific we and our exit a in order position even

results. our Now more I'll hand to for it over Ken on financial

Ken Dodgen

everyone. Thanks, good morning, and Tom,

our quarter up from improved renewables increase an compared approximately the $X.X the million an Gross prior XX.X% quarter higher from Energy was prior to by million or to for substantial of declined on increase driven driven was to by year. Utility margins fourth growth The revenue year revenue billion, prior segment, which was in Gross XX% $X the segment. Our primarily a million, million. $XXX the revenue. $XXX primarily to $XXX year, increase the lower the increase slightly of margins XX% due in in fourth profit

States. the margins from renewables gross of growth industrial lower-margin and the compared which down in XX.X% our by to compared compared to profit our the during compared The to segment generally certain to increased margins. the $XXX the the quarter, the work million, Utility earlier strength benefited continued to gross onset the during year. was on down revenue segment of our flat to year project in year from United prior as activity profit an and and quarter, winter of MSA decrease the segments. for profit to compared has revenue Gross Western essentially gross now quarter, and XX% in work year. Energy business and XX.X% XX% mix was decrease renewable on less Gross higher were industrial work increased profit year. was The a XX% margins, prior and margin the increased and million in prior margins. to gross markets X.X% over to approximately margins increased Turning the lower the year. in margins prior driven $XXX Gross $XX million, of in higher-margin in improved Gross Canada prior prior

from revenue up XXXX, billion due billion $X.X energy over XX% Comm and or increased primarily strength acquisitions. in a and year For $X.X and our contributions approximately by the to and was gross continued million $XXX full B little profit segment PLH the to

gross higher year. higher for profit margins the on should and by believe noted been QX, XXXX. gross Margins lower We QX. have offset gross to with gross in largely by partially and profit that year. Looking legacy lower full slightly to addressed the have segment some the lower driven a the and the impact for issues margins growth. The declined X.X% back Utilities at significant PLH productivity margins due the were Utilities cost not revenue profit decreased on along in in projects margins cost

improved the over increased the XX% industrial due quarter to XXXX compared $XXX the was pipeline is business decrease our by prior in higher areas down $XX XX.X% across to to gross to Energy the profit year and growth the higher from mainly of renewables, all compared $XX and This in the million margins. SG&A and and year. to XX.X% Gross increased PLH in This year. million revenue compared was or to in primarily pipeline. expense in performance year. almost primarily acquisition. million to the expense driven renewables margins $XX prior The industrial prior prior was better G&A segment: due million in

savings synergy X.X% in XXXX, from integrating SG&A year from the in our revenue, growth. Net of trend year, as will to the in was and full by down we X.X% prior SG&A continue driven our the expense in the interest In increase expect PLH. low range For quarter fourth were almost we average in million revenue to to to interest support the $XX $XX prior million just higher the in $XX interest debt prior $XX increases million. year. These balances was up from Full the million and XXXX over from was compared our year rates. expense year the higher net due acquisitions X%

to We interest XXXX for million. and be between $XX expect $XX million expense

per Our expired offset rate of was the the prior the in end losses for for higher of temporary the to change XX% allowing capital XXXX. in the prior year. use to that and by of gains XXXX diem The driven effective compared XX.X% year at tax full was deductibility expenses capital rate

the at were effective XX% which capital capital depending along We driven in up rate likely work. Operating efforts year, initiatives. approximately to our in as in This we're million to during year, our are offset to toward are on may $XXX shows increase mix representing year, flows the will for with to in progress operating growth. prioritize were $XXX initiatives $XXX XXXX, partially cash cash early versus but early remain but full beginning vary customer of our flows the year. quarter will end million, These under operating conversion with improve success we and our remain be we The flows this just states cash and approximately efforts of working some of revenue prior the seeing. the million, fourth likely were cash expect ongoing ramp and an tax pleased make team's the increase by the we we seasonally working the needed capital working payments prior by

our Similar $XXX in Turning to XXXX. we $XX.X be gross XXXX. to was in We capital the to $XX CapEx. full quarter million $XX million the year. invested million up expenditures fourth from million million year, and expect last This $XXX in during to

revolver in year almost down balance $XXX and $XXX at liquidity and liquidity, at $XXX cash. of roughly the our million our Borrowing revolver $XXX paid we ended QX of million available on total providing million capacity was sheet Looking the with under million, year-end.

was debt million, us $XXX leverage XX-month lowering just net and of the goal million our puts of X.Xx net compared last ahead Xx trailing over end to Xx long-term of our debt-to-EBITDA debt of XXXX. Total This by was ratio $XXX at year. the to end

We of year. Overall, see this to execute objectives of this capital QX areas working are these objectives to pursue acquisitions debt down low growth operational will us grow flow. up business, our to with and seasonal on pay to opportunistically the expect meet during to growth cash allow should the allocation back support end that with increase X.Xx cycle capital to in success around Xs ratio strategy. earnings organic our with but the consistency, the and delivering by align down continued and our peak increase QX, we our Further

much the Moving and our reporting gives the through over XX%. increased our and increase year-end for continued by up Total is backlog drivers a to The year MSA or approximately prior XX civil of of was end higher total of to our more backlog solar current million the of were or industrial primarily wins. I will primary year, accurate on $XXX backlog. total in billion, contracts, an was next $XX.X fixed million XX%. backlog backlog the next how our our renewals. our backlog prior which backlog backlog our backlog heavy $X.X This $XXX fixed earnings to strengthen wrap XX-month billion bookings, picture in complete is or EPC project excluding to and total fixed XXXX. energy with MSA This driven Comparing than and roughly backlog months. expected show and guidance updated our XX%. to the burn increase We

earnings at $X.XX per the expect We representing growth the range in be double-digit to be diluted in fully EPS to $X.XX from per the to adjusted midpoint. $X.XX our share, XXXX percent $X.XX our to both share and

the steady growth $XXX primarily Our adjusted will over representing in the EBITDA driven by XXXX, guidance for to is $XXX increase a at midpoint. million prior the be million year with these these X% Industrial growth resource This year exceed solid our through the businesses. We opportunity guidance execution. and show Utilities Renewables, believe disciplined targets to ranges allocation earnings from consistent growth prior and organic

quarter both reminder, typically our due lowest a year which net and segment. the As first seasonality, utility is impacts our for revenue our primarily quarter income of to

to back As for in turn QX range for margins gross X% Tom. in X% year. And the range a that, XX% X% XX% result, segment I'll the we to with segment, utility over with Energy for And the XX% our it expect range. to the in full our year be to full to we margins expect the

Thomas McCormick

want you, of strategic in you quarters. reiterate areas highlight progress with that our the making to a previous Ken. we Thank and shared number In we closing, are focus in I

allocate top capital and markets The see First, of year-over-year target we for represented favorable than these revenue our the businesses to and total tailwinds to growth and are renewables, growing delivery line markets plan more increased growth. We communications. growth. in than power company's of more their XX% multiyear these XX% combined

areas need or more resilience deliver are critical and addresses country. that over data broadband We of the high-speed ongoing low-speed grid to infrastructure building for remote infrastructure maintenance the to initiatives and upgrades, more capacity, generation

that the toward Second, our lines can to customers towards we shift collaborative we provide. value the continue solutions and business mix higher-margin service

the as with delivery. and key noted mutual and rate are and or the markets and we more to and new succeeding time opportunity clients we project where see toward in communications resources bearing XXXX. And work power in and customers projects These are our in winning earlier, for efforts We increases are market success. renewables gas expand partners allocating fruit greatest we financial as

serve increase trends of significant and in at quality of relationships work secular the more cross-selling customer we resulting in experiencing moment, markets our some are services. the growth are Although the of

these We solar have a clearing the high-voltage another, project's in construction combined offering completed businesses a access clients working more our the include one is number of projects gives collaboration had solution to with transmission site self-perform control which that for us construction the their the with of complete better more allowing work. It success battery storage, construction, is projects us of and roads scopes outcome. with and and substation under of work, of and

has start delivery work and already trend. power renewables team high-voltage believe the be business our will planned in projects our the we and fact, for In substation a nearly year, this million that $XX major of continuing at

his flow ratio. hard our to order leverage to are Ken a of as and our drive lot cash operating Lastly, ourselves comments, flow. in alluded put in in We've improving we position increasing work cash to

We flow great has these another believe financial in toward successful for performed and debt. XXXX. year our cash objectives projects, and XXXX in it goals, position teams We process payment us and on not to terms improve the will portfolio am the our see company, and of highest a business healthy when capital pleased to for balance us ensure believe the to the to work employees set returns safe, be but execution have take comes strong with even flow to Primoris our allocating customers is negotiate in were continuously closing, and provide accurate services. In this with have a take in conversion invest our I to in flexibility Cash for of payment where established initiative. consistent improve most to opted We nimble put and acceptable. the on billing, it timely pay accomplished improving not terms cash sheet down towards our out ownership

performing strategic these way best with I'll of the to ensure the that, success now well of the employees, our and customers Primoris to continue for Our up questions. and in areas shareholders. And ability to long-term it other is benefit open

Operator

[Operator Instructions] Thielman Davidson. Your is line question from with D.A. of Brent the

Brent Thielman

question utilities. first guess on I

contracts? see you the there the contract it wanted about Can this mentioned in and You to better the of rate accomplish effectively does these in talk from increasing negotiations address still you these Or see as to kind what's you can in of some left of what 'XX? on business? rates benefit terms you

Thomas McCormick

of new in we're got We've couple adjustments couple on doing the larger close right Yes. rate our now. close a of MSAs some a out now to on getting that of negotiations midst in we're that that

So we that rate are last the go starting to changes that benefits negotiate out that the we of were quarter realize some able into right to that Those front we've of the said ones expected been us previously now. in and of MSA XXXX. are to

Brent Thielman

good about or then power the And more to the have delivery see on sort on build that continue talk business. that piece for in of what Could progress to 'XX? of this? you kind of it kind the of Is you project-based of objectives targets business

Thomas McCormick

that XX% for been about basis I think XX%. to XX% Primoris, a want that to We to is XX%, probably past total on revenue percentage grow in the the -- of revenue. their

contracts in $XX We with pending probably in backlog $XX million collaboration renewables have another working have right million on $XX million now, about to on. our that group we're that's

million larger the is in So a number $XXX million a range, independently from million, fitting niche which of with some necessarily that other there's we're not projects, that's kind And -- opportunities, $XX in. just of clients, but group. $XXX then to

the performance plenty of looking good and really the moment. at of seen there we're there, seeing we've some So opportunities

Operator

Davis. with question next is Adam the of Your Thalhimer line from Thompson,

Adam Thalhimer

help I you outlook with kind guidance didn't us both see line your revenue se. Can of any for segments? top per

Ken Dodgen

But about know full first a our you that And effect maybe be all billion sorry, going the I of be -- the substantial be around let's little be billion, year. Utilities I'm little help checking don't can we're going because bit. to going to $X.X is have of We out see, XX, will revenue billion going with we top is growth line, and $X billion It that's near $X and layering acquisitions split, or 'XX. that's in a split, Yes. that to north $X.X right just expecting into Energy. about of be for Look, wasn't about that. don't year to

Thomas McCormick

no And in that's organic. at M&A remember, There's now that all. all

Adam Thalhimer

the perform how in you Utilities Okay. margin then Super and QX, this of dragged units And Communications, PLH the helpful. to couple expect that T&D those spots do year? down

Thomas McCormick

a to it's Communications, one I forecast. expect think costs and although get to power the they continues. them to it's and get we've captured as back I it's group, performance got own, The expect specific holding the the all their their year to in margins we XXXX, and not to historic delivery reach to later I and project, in more behind where and see the well was but perform expect into and do not should numbers. should -- improve improve, its year That get

Operator

Your next question the CJS Lee line is Jagoda of with Securities. from

Lee Jagoda

terms one, top Ken, Utility of just you billion in threw based first on on just, $X.X out. guess the particularly gave, line the you I segment, guidance the just

looking percentage would segment that MSA you're be driven work by in in flat up in is to revenue Why of your XXXX? and projects down that year-over-year? increase segment If backlog your to

Ken Dodgen

go growth to contracts particular a them is honest, previously revenue be customers revenue forward if this we to. improvement, Utility I renegotiate the year about. the be conservative in our with as we this not a as for we we're look Utilities, because for some about really that think, outlook little really segment. about the Yes, on we being And there Lee, year may we can't year. want It's firing are Because talked way margin

Lee Jagoda

of terms of that's if the amount And you fire away? go at revenue you can percentage all they customers risk the or projects could that like in quantify of

Ken Dodgen

as on smaller We're right We're that about making talking on percentage to. relatively be a good we're about talking about customers margin. not We're I not as Look, we'd to large suspect the I -- going like a just talking large though. now. margins small are real not can't basis, it's customers.

Lee Jagoda

-- Utility just focusing Is just guidance? growing clear, be and flat as to the terms be the we I in segment on to down should versus of Okay. that correct?

Thomas McCormick

you'll line, of top it's and doing Bottom yes, dividends year, the that's improve. thing right us on paid and out That's what right. doing we a goal year, margins now From been see this for has same That kind started focusing line, last utilities. our we're right.

Lee Jagoda

And progress been Okay. capital of the behind a just I change trying we then expect And would you more and changes and one capital working update on getting the And position. any you've to over And now, make year that? had that us for capital structurally structurally working know kind give in your working I cash we've some know Can drags flows. seasonality? should issues. of working on the scenes changes on what for terms

Ken Dodgen

are focus as continuing shortening days -- on the well. those going main the now. areas terms practices continuing days Look, I on we're in our focusing that better mean, structurally, billing on. But that to of collection right be focus I don't of we're cycle have AR me and to we're front in to

Our forecast for $XXX are flows cash for take. million, around operating or right be give going to XXXX

Operator

question is Goldman Jerry Your next of the from with Revich Sachs. line

Adam Bubes

Adam is for Jerry. This

we and us how on of the projects year? move of for cadence decisions the business, customer wondering business through you're rates about as the terms if you could if I revenue For impact of any seeing just that timing was you're of line solar thinking expected higher update the investment in

Thomas McCormick

to actually let The we your we're speak second answer not I and any -- answer is XXXX. have booked for slowdown. Ken first one. I'll Well, the question We've seen will

do any I a that but really depending replace our as issues, booked -- going another projects our election, any of of for we I we're of seeing in portfolio that they who XXXX clients to specific have projects clients on the not portfolio have either. Looking now wouldn't at of that expect expect have number any don't this And with to wins year. impact projects would if but we're maybe have into we looking XXXX

Ken Dodgen

this in, XXXX, we've revenue cadence the revenue of the the and projects we've to a see lot couple million. between timing $XXX projects very big in per revenue expect unlike year had over respect should with shouldn't And year. when past $XXX QX, that of of QX of We ramp-up. range quarter kicking be the The near cadence had effect the million steady. and new to years a Yes. in I

Adam Bubes

Got Can a you leverage Are that next it. helpful. see get And you to trends. us M&A just meaningful your on pipeline? XX months? business augment to XX to That's you'll over opportunity nice update optimistic the the the

Thomas McCormick

If opportunities. There's we being yes. seeing yet the We're right look of a prospect just call unicorn. seen I number But presents we're we about very haven't what at. a -- careful anything that would itself,

to we'll how change market depending that we're changes. ones a and looking, it. if on again, that after more what the itself, probably -- right could definitely So opportunity going go it's But presents But be definitely of large. tuck-in smaller than anything

Operator

Sidoti. is from the question line Romero Julio next Your of with

Julio Romero

And on of hear non-MSA Maybe want target? XX% XX% to a piggybacking correctly to overall? the segment you grow be to Tom, XXXX utilities earlier that that would on question I revenue. Brent's did revenue

Thomas McCormick

the segment, power entire that And delivery. for delivery, the opportunity much, that as seeing power not we're would specifically be there in across grow segment Yes, revenue. but to

Julio Romero

it a is and me, delivery XX% for target Excuse power or...

Thomas McCormick

Yes.

Julio Romero

margins and we should business, then growing of from think kind steps And Okay. side kind Utilities overall, in it about delivery power walking rightsizing away year maybe of as the initiative? the longer you you're term margin segment? -- pardon for speak much see runway me much for over that how so, if of how of year kind -- this the taking kind some Utility to one the of And

Thomas McCormick

X-year XXXX levels of to by -- up traditional the a about going us process. to by it's end expect margin be I at X- expect the XXXX. would that I to really to segment be in --

wanted -- is either. going So what improvement and then see and It And do rightsize strength we from this appropriately to grow across business business we'll we're all the improve it's lines something year. the the to extend get profitability. again, doesn't

we'll this and to 'XX but Specifically, more power through by towards occurred within the -- of we're is now, end exactly where of want that, lot end get expect we that we a to They won't delivery, XXXX. see improvements the of year. see that in expect them, it seeing

Operator

question Your line Judah with of Aronovitz the from UBS. is next

Judah Aronovitz

This Judah Fisher. is Aronovitz for calling in Steve

You end said the range. of margin at be the Utilities business should the last quarter that upper

you think to the year. closer I this you'll midpoint said do

wondering margin? the at changed is anything that early end? too that quarter drag a new year just So the if since creates in the set just higher last on bar the it has Or

Ken Dodgen

In little margins expecting stronger year. up It's really We're and in in and a in QX, could we'll kicked down. too watching in our in closely and here bit in or just were that the that vein QX, but impact little that a the QX, early margins be XXXX. same early, winter watching impacted that we

Judah Aronovitz

helpful. end, And well quarter. guess that first we're I the now That's into to

in of impact? So any maybe weather you maybe are expectations that any can there flow, margin, QX set terms revenue cash

Ken Dodgen

think to with revenue No looking right now. Tom in we're at weather get to statements of right no commented I -- respect -- that now. I'm not can impacts to But I that X%. margins, significant to going QX think prepared X% margins, expecting utilities between I'm into respect for With I utilities my

Thomas McCormick

first you quarter typically in And our to quarter. their mind utilities is to bear with got slowest keep that respect

out, getting with Our back winter plans the weather. the weather after inclement get holidays, clients weather -- limitations getting And released. then have -- business you their coming that you work

Operator

Securities. Lee with question line the next CJS Jagoda from follow-up is Your a of

Lee Jagoda

for it one I I'm quick sure missed more one me. not. not or if Just

year the revenue what full the was the renewables for in -- XXXX? of terms in Just

Ken Dodgen

over little In XXXX, it billion. a $X.X was

Lee Jagoda

in XX% And last I Or in thinking it that had soft like lower, think Is 'XX a guide of about? be something we quarter growth to 'XX. is for should higher? still to you renewables XX% guided

Ken Dodgen

towards that I bottom range. think the end it's of

course were were when couple targeting to we talking XX%, we the of think XX% next I over the years. of

'XX, going we're almost and So earlier. growth, range into change that expecting I XX% billion will us take which about $X.X mentioned to the from that billion $X.X

Operator

turn concludes call today's Tom President portion question-and-answer This for will remarks. the company's and Chief call. McCormick the I back of the now closing Officer, Executive to

Thomas McCormick

being for achievements, those a joined XXXX hope today. in to operational join and both introducing us that will of you as year team We our look Day more objectives and at to I'm many performance. your and women ahead We strategic New congratulate next on you their safety update over XXXX. Thank and in want appreciate operator. Have of to Thank financial we Investor all time proud the what we of forward interest few as us best that day. York a in would believe financial days and looking lay you years. the priorities on I to in Primoris. Wednesday, good of to great our upcoming our made We you you, employees and men our and again of accomplish We XXXX the X. for leadership part I'm April of to of excited a well forward Primoris who Analyst Primoris us. achieve that to aim

Operator

XXXX This Conference webcast. concludes the and Primoris Year Services and Corporation Full you your Quarter participation. Fourth Call Earnings Thank for

now disconnect. You may

Primoris Services (PRIM) 27 Feb 242023 Q4 Earnings call transcript