Primoris Services (PRIM) Misses Q1 EPS by 1c, Beats on Revenues

Primoris Services (NASDAQ: PRIM) reported Q1 EPS of $0.01, $0.01 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $504.1 million versus the consensus estimate of $481.17 million.

Mr. King continued, “We are seeing robust markets for services from most of our business units, and during the quarter we added sufficient new work to maintain our backlog at $2.6 billion. We remain on pace to have another record year of revenue. We expect our major pipeline project to kick off at the end of the second quarter; the power job in California to continue into the second half of the year; and we have started construction of a large solar installation in Texas. Our planned acquisition of Willbros, which we anticipate closing in the second quarter, will appreciably bolster our utility MSA revenue and provide an entry into the growing transmission and distribution market. We have successfully integrated many acquisitions during the past few years, and we expect that Willbros will provide additional opportunities for the strategic growth of Primoris.”

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

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