Primoris Services (PRIM) Tops Q2 EPS by 9c, Beats on Revenues

Primoris Services (NASDAQ: PRIM) reported Q2 EPS of $0.42, $0.09 better than the analyst estimate of $0.33. Revenue for the quarter came in at $631.2 million versus the consensus estimate of $579.76 million.

OUTLOOK

Based on an expected second quarter 2018 start date for a major pipeline project in backlog, anticipated levels of customer maintenance, MSA spending, and new project awards, and given the continued uncertainty caused by the energy markets, the Company estimates that for the four quarters ending June 30, 2018, net income attributable to Primoris will be between $1.05 and $1.25 per fully diluted share.

Financial Highlights

• 2017 Q2 revenues of $631.2 million, a 38% increase over 2016 Q2
• 2017 Q2 gross profit of $84.5 million, a 95% increase over 2016 Q2
• 2017 Q2 net income attributable to Primoris of $21.5 million, a 326% increase over 2016 Q2. Earnings per share of $0.42 increased by $0.32 from 2016 Q2.
• 2017 Q2 cash flow from operations of $67.2 million, a 63% increase over 2016 Q2
• Total backlog of $2.8 billion at June 30, 2017, a 44% increase over backlog at June 30, 2016

For earnings history and earnings-related data on Primoris Services (PRIM) click here.

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