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Mar 31, 2021
Primoris Q1 2021 Earnings Report
Primoris reported a strong first quarter with revenue increase and the completion of Future Infrastructure Holdings acquisition.
Key Takeaways
Primoris Services Corporation reported a strong first quarter in 2021, marked by a 10% increase in revenue, a net income of $5.9 million, and the successful acquisition of Future Infrastructure Holdings, LLC. The company's performance was driven by growth in the Energy/Renewables and Utilities segments, with gross margins improving across all segments. Despite facing transaction costs and a winter storm impact, Primoris is optimistic about its financial flexibility and growth prospects.
Revenue increased by 10 percent over the prior year, reaching $818.3 million.
Net income attributable to Primoris was $5.9 million, a significant improvement from the $3.7 million loss in the prior year.
Earnings per share reached $0.12, compared to a loss of $0.08 in the prior year.
The company's backlog totaled $3.1 billion as of March 31, 2021.
Forward Guidance
Primoris estimates net income attributable to Primoris will be between $2.30 and $2.50 per fully diluted share for the year ending December 31, 2021. The Company is targeting SG&A expense as a percentage of revenue in the high-five percent to low-six percent range for 2021. The Company estimates capital expenditures for the remainder of 2021 in the range of $60 to $80 million. The Company’s targeted gross margins by segment are as follows: Utilities in the range of 12 to14 percent; Energy/Renewables in the range of 9 to 12 percent; and Pipeline Services in the range of 9 to 13 percent.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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