Profit at Primoris shoots up 52% in Q2 on revenue surge

ConDig (06-Aug-19).  Profit at Dallas, Texas-based construction and infrastructure company Primoris Services Corp roared up 52% in the second quarter of this year on higher revenues 

Net income at Primoris was $17.8 million for the quarter ended June 30 compared with $11.7 million in the year-ago period.  

It comes as revenue rose to $789.9 million from $648.8 million in the same period last year.

The company said the increase was primarily fueled by incremental revenue from its Willbros acquisition and organic growth in its pipeline division.

Primoris also reported a record total project backlog of $3.2 billion as of June 30, a 15.9% increase over December 31 last year.

“We are extremely proud of Primoris’ second quarter results, with both revenue and net income exceeding expectations and setting a new record backlog that surpassed $3 billion for the first time in Primoris’ history,” said David King, executive chairman and chief executive officer of Primoris.

“While the wet weather presented some headwinds for our pipeline and utility businesses, we benefited from the diversity of our business model and the overall strength of our end markets.”

Looking forward, the company reaffirmed its estimate that for the fiscal year ending December 31 this year net income is expected to be between $1.60 and $1.80 per fully diluted share.

In June, Primoris announced that it had secured civil engineering and mechanical and electrical contracts worth a total of $69 million. 

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