Primoris Services (PRIM) Tops Q4 EPS by 23c, Revenues Beat; Offers FY21 EPS Guidance Above Consensus
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Primoris Services (NASDAQ: PRIM) reported Q4 EPS of $0.66, $0.23 better than the analyst estimate of $0.43. Revenue for the quarter came in at $897.3 million versus the consensus estimate of $840.34 million.
For the fourth quarter 2020, Primoris reported the following highlights:
- Revenue of $897.3 million, an increase of 14 percent over prior year
- Net income attributable to Primoris of $31.8 million, an increase of 18 percent over prior year
- Fully diluted earnings per share of $0.66, an increase of 25 percent over prior year
“The numbers paint a clear picture of the success of our strategy even in a difficult market,” Tom McCormick, President and Chief Executive Officer of Primoris, said. “Our record revenue of $3.5 billion was up over 12 percent compared to the previous year and our earnings per share were the highest they have ever been. Our January acquisition of Future Infrastructure reinforces our commitment to higher-margin growth and recurring revenue going forward.”
“This has been a record year for us both operationally and financially,” he continued. “I especially want to acknowledge our management teams and employees for their focus on workplace safety during the course of the year. Our Total Recordable Incident Rate for 2020 was one of the best in the Company’s history – 0.53, well below the industry average. Overall, we achieved a successful year for our shareholders, our customers and our employees in 2020. We are off to a strong start for 2021 and are looking forward to what the Primoris family of companies can achieve.”
Summarizing the segment results for the year, McCormick noted: “Our Pipeline segment led the revenue growth with a 77.6 percent increase compared to 2019, primarily due to new pipeline projects in Texas. Solar energy projects and an Industrial project positioned our Power segment to increase revenue by 9.1 percent. In our Utilities segment, growth in revenue and higher margins resulted from increased activity and productivity with customers. Our Transmission segment recorded lower revenue, but higher margins – 9.8 percent – as we continue to be more selective in the types of work we perform and also benefited from an increase in storm work. While our Civil segment’s gross margins, as expected, declined slightly from last year due to the fact that they did not benefit from a large claim settlement in 2020, our project execution remains strong and the segment continues to perform within our target margin range.”
Primoris Services sees FY2021 EPS of $2.40-$2.60, versus the consensus of $2.18.
Balancing the ongoing uncertainty surrounding the COVID-19 pandemic with the expected growth in operations, Primoris estimates that for the fiscal year ending December 31, 2021, net income attributable to Primoris will be between $2.40 and $2.60 per fully diluted share. The Company is targeting SG&A expense as a percentage of revenue in the high-five percent to low six percent range for 2021. The Company estimates capital expenditures for 2021 in the range of $60 to $80 million.
For earnings history and earnings-related data on Primoris Services (PRIM) click here.
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