Primoris Q1 2020 Earnings Report
Key Takeaways
Primoris Services Corporation reported a revenue increase of 12.3% to $743.2 million for Q1 2020 compared to $661.6 million in Q1 2019. However, the company reported a 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 Q1 2019. The company withdrew its earnings guidance for the year due to uncertainty around the timing of work and the potential long-term impacts of the oil crisis and COVID-19.
Q1 2020 revenue increased to $743.2 million from $661.6 million in Q1 2019.
Net loss attributable to Primoris was ($3.7 million), or ($0.08) per fully diluted share.
Total Backlog reached a record $3.2 billion at March 31, 2020.
The company withdrew its earnings guidance for the year due to the uncertainty.
Primoris
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Primoris Revenue by Segment
Forward Guidance
Due to the uncertainty surrounding the timing of the COVID-19 pandemic, Primoris is suspending its fiscal year 2020 guidance for net income attributable to Primoris.
Revenue & Expenses
Visualization of income flow from segment revenue to net income