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Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today announced financial results for its third quarter ended September 30, 2012.
The Company also announced that on November 1, 2012 its Board of Directors declared a $0.03 per share cash dividend to stockholders of record as of December 18, 2012, payable on or about December 26, 2012.
Brian Pratt, Chairman, President and Chief Executive Officer of Primoris, commented, “Primoris’ third quarter benefited from strong performances by our ARB Industrial and Underground groups in the West segment and James Construction Group and Sprint in the East segment. Our revenues increased by 15.0% from the third quarter of 2011 and sequentially increased by 28.0% compared to the 2012 second quarter. While most of this revenue growth was organic, we continue to be pleased with the March acquisition of Sprint, which added $33.5 million in revenues in the current quarter. Compared to the second quarter of 2012, we increased our operating margin and our net income improved by 49.2%.”
Mr. Pratt continued, “Based on new business awards and diverse project opportunities, we believe that we will continue to experience backlog growth both for the remainder of this year and into next. Over the past two months, we announced new contract signings valued at over $251 million, much of which will be completed in 2012 and the first half of 2013. The benefit of our strategy to grow the company as a diverse group of specialized construction and infrastructure companies is apparent in the breadth of the new awards, spread across our subsidiaries and end markets. While we continue to have concerns about the macroeconomic environment, we are fortunate that strong tailwinds persist in our core markets, and we are pleased by the improving trends in our ancillary markets. As I have said many times, it is our exceptional team that makes what we do possible, and I am proud of their continued hard work.”