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Primoris Services Corporation Announces 2012 Second Quarter Financial Results

Stocks in this article: PRIM

Primoris Services Corporation (NASDAQ GS: PRIM):

Q2 2012 Financial Highlights

  • Revenues increased by 15.7% to $337.4 million from the first quarter of 2012
  • Revenues declined 4.1% compared to Q2 2011
  • Net income of $11.7 million, or $0.23 per diluted share, compared to Q2 2011 net income of $14.5 million, or $0.28 per diluted share
  • Net cash provided by operating activities of $0.6 million for the quarter
  • At June 30, 2012:
    • $119.3 million in cash, cash equivalents, and short-term investments
    • Total backlog of $1.09 billion

Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today announced financial results for its second quarter ended June 30, 2012.

Brian Pratt, Chairman, President and Chief Executive Officer of Primoris, commented, “Primoris’ second quarter benefited from strong performances by our ARB Industrial and Underground groups in the West segment and James Construction Group in the East segment. Our revenues increased by 15.7% from the first quarter of 2012 and by 28.6% compared to the 2011 second quarter excluding the impact of the completed Ruby project. While most of this revenue growth was organic, the Sprint acquisition added a $12.8 million benefit in the current quarter. Compared to the first quarter of 2012, we increased our operating margin and our net income improved by 11.9%.”

Mr. Pratt continued, “Based on our prospect flow and project opportunities, we believe that we will experience good backlog growth both for the remainder of this year and into next year. Last month we announced new contract awards valued at over $370 million, much of which will be completed in 2012. As expected for our diverse group of specialized construction and infrastructure companies, the awards were spread across our subsidiaries and end markets. For the longer term, we remain excited about the opportunities in the large diameter pipeline, the pipeline integrity and the power generation markets. Against a backdrop of increasing macroeconomic and political uncertainty, we are proud of the people who have helped us grow this far and encouraged by the continued growth opportunities in our markets in the coming quarters."

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