Primoris Services (NASDAQ: PRIM) reported Q4 EPS of $0.63, $0.01 better than the analyst estimate of $0.62. Revenue for the quarter came in at $877.67 million versus the consensus estimate of $842.78 million.

David King, President and Chief Executive Office of Primoris, commented, “2018 was another record year for Primoris, as we achieved our strategic goal of growing revenue to nearly $3 billion by 2019 and achieved our largest annual revenue, operating income, and EPS in the Company’s history while growing our MSA revenue to all-time records. As we continue to execute our strategic plan and growth initiatives, we are well positioned to continue delivering value to our shareholders. The Power & Industrial segment was particularly strong, with our teams in the field delivering impressive margins on multiple projects. The Utilities & Distribution segment continued their record of steady growth and geographic expansion, and combined with our new Transmission & Distribution segment, our MSA backlog has reached an all-time high. We have grown our presence in the Southwest small diameter pipeline and field services markets, and our Pipeline & Underground segment performance remains solid in the face of permitting challenges and weather headwinds. The Civil segment has made progress on legacy projects and we have the right team in place for successful execution on new awards.”

Mr. King continued, “We believe we are well positioned to continue to capitalize on the increasing need for infrastructure services that allow for multi-year growth cycles in all of our business segments. As Primoris has grown revenue and backlog, we have also achieved our goal of containing overhead spending, with SG&A as a percentage of revenue now at its lowest level in four years. We controlled spending without sacrificing our focus on safety, or quality, and we are immensely proud of our total recordable incident rate of 0.51 for the year, which is well below the industry average. As we look at the opportunities in 2019, our gas and electric MSA work provides a reliable recurring base of revenue on which we can build continued growth. While the timing of large project work can be uncertain, we believe we have the right balance between recurring and project based opportunities. Our business units are working together to pursue projects across the renewable, petrochemical, utilities, power, and refining industries. We are encouraged by our client’s staunch support for a major pipeline project that has faced considerable legal challenges, and opportunities for small diameter pipeline work remain strong. We have a breadth of opportunity across our end markets to support another robust year for Primoris in 2019.”

GUIDANCE:

Primoris Services sees FY2019 EPS of $1.60-$1.80, versus the consensus of $1.82.

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