Primoris Services Earnings: Everything You Must Know Now

Primoris Services Corporation (NASDAQ:PRIM) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.

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Primoris Services Corporation Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased 5% to $0.19 in the quarter versus EPS of $0.20 in the year-earlier quarter.

Revenue: Rose 40.62% to $410 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Primoris Services Corporation reported adjusted EPS income of $0.19 per share. By that measure, the company beat the mean analyst estimate of $0.18. It beat the average revenue estimate of $352.6 million.

Quoting Management: Brian Pratt, Chairman, President and Chief Executive Officer of Primoris commented, “Overall we are pleased with our first quarter results as our quarterly revenue grew over 40% from the 2012 first quarter. We are progressing well in assimilation of our 2012 acquisitions and continue to see strength in revenues and profits in our legacy business. Our operating margins were less than we would have liked, but they were still within a very respectable range for our industry. As I have mentioned previously, several of our new companies’ results will exacerbate the seasonality of our overall performance. That was certainly the case for this winter quarter. With the very recent arrival of better weather, we expect strong contributions from our recent acquisitions, as well as our legacy group, for the rest of the year.”

Key Stats (on next page)…

Revenue decreased 14.74% from $480.88 million in the previous quarter. EPS decreased 42.42% from $0.33 in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.30 to a profit $0.28. For the current year, the average estimate is a profit of $1.32, which is the same with that ninety days ago.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)

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