Primoris Services Corporation Delivers Record-Breaking Performance in 2024, Poised for Continued Growth
Primoris Services Corporation, a leading provider of large-scale general contracting and construction management services, has announced its record-breaking performance in 2024. The company's fourth-quarter and full-year results demonstrate its continued commitment to delivering exceptional value to customers while driving growth and profitability.
In a recent conference call, Tom McCormick, President and Chief Executive Officer, highlighted the company's achievements, stating that Primoris had "driven our best year in the company's history for revenue, earnings, backlog, and cash flow from operations." This outstanding performance is attributed to the company's strategic acquisitions, which have expanded its service portfolio into the solar power delivery and communications markets.
Primoris' strong financial results are a testament to the hard work and dedication of its employees. The company generated more than $1.2 billion in revenue, exceeding its goal by 18%. This achievement is a direct result of the commitment to safe and high-quality project execution demonstrated by Primoris' business development teams and project teams.
The company's record cash flow from operations, totaling over $500 million, is a significant milestone that reflects Primoris' focus on improving the consistency of its cash flow. This achievement is a direct result of employees taking ownership of this important area of emphasis, leading to improved upfront payments, timely and accurate billings, and collections.
Primoris' President and CEO, Tom McCormick, emphasized the company's position as a premier solutions provider with a broad geographic footprint and technical expertise. The growing demand for power generation in North America is driven by emerging technologies, increased electrification of industry, and a growing interest in onshoring critical aspects of the supply chain.
The company's safety performance has also been outstanding, with a total recordable incident rate well below the average in its industry and the company target. This achievement reflects Primoris' commitment to maintaining strong customer relationships and attracting top talent to join its team.
With its impressive track record of growth and profitability, Primoris is poised for continued success in 2025 and beyond. The company's leadership is committed to delivering exceptional value to customers while driving growth and profitability, positioning Primoris as a leading player in the construction services industry."
