Primoris Q2 2020 Earnings Report
Key Takeaways
Primoris Services Corporation reported a strong second quarter in 2020, with revenue reaching $908.2 million compared to $789.9 million in Q2 2019. Net income attributable to Primoris was $33.0 million, or $0.68 per fully diluted share, up from $17.8 million, or $0.35 per share, in the same quarter last year. The company's backlog stood at $3.5 billion, including $0.5 billion related to a major pipeline project.
Primoris' Q2 2020 revenue increased to $908.2 million from $789.9 million in Q2 2019.
Net income attributable to Primoris rose to $33.0 million, or $0.68 per share, compared to $17.8 million, or $0.35 per share, in Q2 2019.
The company signed over $1.2 billion in new business, particularly in solar and renewable markets.
Total backlog reached $3.5 billion, although $0.5 billion is related to a pipeline project facing potential cancellation.
Primoris
Primoris
Primoris Revenue by Segment
Forward Guidance
Primoris estimates net income attributable to Primoris will be between $1.60 and $1.80 per fully diluted share for the fiscal year ending December 31, 2020.
Positive Outlook
- Expected continued strength in operations across the Company’s Utilities segment.
- Expected continued strength in operations across the Company's Transmission segment.
- Expected continued strength in operations across the Company's Civil segments.
- Solid backlog positions the company for a strong second half of the year.
- Exceptional cash flows support a stable balance sheet and continued dividend.
Challenges Ahead
- Ongoing uncertainty surrounding the COVID-19 pandemic.
- Potential cancellation of a major pipeline project.
- Customer timing impacting project progress.
- Project duration uncertainties.
- Weather conditions affecting project execution.
Revenue & Expenses
Visualization of income flow from segment revenue to net income