Primoris Services (PRIM) Misses Q2 EPS by 13c

Primoris Services (NASDAQ: PRIM) reported Q2 EPS of $0.07, $0.13 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $483.5 million versus the consensus estimate of $494.81 million.

David King, President and Chief Executive Officer of Primoris, commented, “Our financial results were not at all what we would have liked, as unusually severe weather conditions in the second quarter impacted us and all of our peers. The rainfall on our Texas projects was greater than anything seen in over a century. I am proud of the results we were still able to achieve, which is a continued testament to the strength of the men and women who make up Primoris and the solid foundation on which our company is built.”

Mr. King continued, “The weather impact of the second quarter has not reduced our bidding opportunities for the remainder of this year and next. The drivers for our business remain positive and the size of the opportunities are increasing across our major end markets: industrial, power, distribution, large diameter pipeline, and LNG facilities. We remain encouraged and have confidence that we will continue to increase our backlog in the second half of this year, into 2016 and beyond, and that we will execute both the remainder of this year and in 2016 with the level of excellence our shareholders expect of us. I am honored to follow in Brian Pratt’s footsteps and to continue the work he has done making Primoris a leader in the energy and infrastructure focused construction industry.”

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

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