Primoris Q2 2021 Earnings Report
Key Takeaways
Primoris Services Corporation reported a decrease in revenue but an increase in gross profit for the second quarter of 2021. The company's Utility and Energy/Renewables segments showed strong revenue growth, while the Pipeline Services segment experienced a decline. Overall, the company's strategic focus on master service agreements is yielding positive results.
Revenue was $881.6 million, with Utility and Energy/Renewables segments showing growth.
Net income attributable to Primoris was $36.3 million.
Fully diluted earnings per share were $0.67.
Backlog was $2.9 billion as of June 30, 2021.
Primoris
Primoris
Primoris Revenue by Segment
Forward Guidance
Primoris estimates that for the year ending December 31, 2021, net income attributable to Primoris will be between $2.30 and $2.50 per fully diluted share. The Company is targeting SG&A expense as a percentage of revenue in the low-to-mid six percent range for full year 2021. The Company estimates capital expenditures for the remainder of 2021 in the range of $20 to $40 million. The Company’s targeted gross margins by segment are as follows: Utilities in the range of 12 to 14 percent; Energy/Renewables in the range of 9 to 12 percent; and Pipeline Services in the range of 9 to 13 percent.