Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today announced financial results for its third quarter ended September 30, 2011.
The Company also announced that on November 3, 2011, its Board of Directors declared a $0.03 per share cash dividend to stockholders of record as of December 30, 2011, payable on or about January 16, 2012.
Brian Pratt, Chairman, President and Chief Executive Officer of Primoris, commented, “Our revenues and net income in the third quarter of 2011 were the highest-ever in our over 60-year history, and each of our business segments reported improved quarter-over-quarter profitability. In addition, revenues for the first nine months of 2011 exceeded $1 billion. Our West Coast underground and industrial groups benefitted from increased pipeline integrity and maintenance work and continuing power-related construction projects. Our results also benefitted from our strategy of measured and sustainable growth, as both of our recent acquisitions, James Construction Group (“JCG”) and Rockford Corporation (“Rockford”), were strong contributors to third quarter results.
“Although we may see some fluctuations in revenues and earnings over the next several quarters due to the completion of major projects such as Rockford’s Ruby pipeline, we are pleased with both recent contract awards and the pace of our new business development efforts. During the quarter, our recorded backlog rose to $1.09 billion from $1.03 billion at June 30, 2011, driven by the signing of a number of new contracts that reflect the overall diversity of our business. We added contracts for projects in such areas as heavy highway construction, drainage systems, chilled water lines, mining-related activities, pipeline projects associated with work at the Marcellus Shale, carbon dioxide and natural gas transmission, and pipeline construction and relocation.”Mr. Pratt concluded, “Our financial position remains strong. Our balance sheet at September 30, 2011 included $118.7 million in cash and short-term investments. We are proud of our success in the face of uncertain business conditions that persist in many of our end markets. While we remain ever-mindful of the current macro-economic conditions affecting the nation as a whole, we are cautiously optimistic about our future opportunities.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV