Primoris Services (NASDAQ: PRIM) reported Q1 EPS of ($0.08), $0.07 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $743.2 million versus the consensus estimate of $668.76 million.

Financial Highlights

• 2020 Q1 revenue of $743.2 million, compared to $661.6 million in 2019 Q1
• 2020 Q1 net loss attributable to Primoris of ($3.7 million), or ($0.08) per fully diluted share, compared to net income of $1.9 million, or $0.04 per fully diluted share, in 2019 Q1— 2020 Q1 net loss included a pre-tax $5.0 million non-cash, unrealized loss on the change in fair value of the interest rate swap
• 2020 Q1 SG&A 6.0% of revenue, compared to 2019 Q1 of 6.5% of revenue
• Record Total Backlog of $3.2 billion at March 31, 2020
• Purchased $7.4 million of stock at average price of $16.01 per share during 2020 Q1— $17.6 million remains under current repurchase authorization

Tom McCormick, President and Chief Executive Officer of Primoris, commented, “Despite the onset of a pandemic and an oil crisis, as well as the customary seasonal slow start to our year, Primoris performed admirably in the first quarter with a sizable increase in revenue over the same period last year, positive operating income, and a moderate increase in backlog. Our first quarter had our usual challenges for Primoris, as some of our clients are typically slow to release work, combined with inclement winter weather in some of the areas in which we operate. We also faced the impacts associated with the health orders that were issued by the various states due to the coronavirus pandemic (“COVID-19”). The good news is that all of our business units are classified as “Critical Infrastructure Contractors”, and our crews and project teams are busy executing on previously awarded projects and work orders. Our backlog of $3.2 billion remains strong. ”

Mr. McCormick continued, “We are withdrawing our earnings guidance for the year, not because of any underlying concerns with the long-term strength of our end-markets and opportunities, but because of the uncertainty around the timing of work and the potential long-term impacts of both the oil crisis and COVID-19. With our solid balance sheet and ample liquidity, we plan to maintain our regular quarterly dividend of $0.06 per share. Primoris continues to be a very healthy company with viable end markets. Our focus is first and always on the safety of our employees, our clients and the communities in which we live and work.”

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