Primoris' revenue from Energy/Renewables rises in Q1

The energy and renewables segment of US speciality contracting services provider Primoris Services Corporation (NASDAQ:PRIM) generated 2% higher revenue in the first quarter of 2022 compared to a year earlier, but that was not enough to offset a loss in the company’s pipeline services division.

Primoris reported a net loss of USD 1.7 million (EUR 1.6m) in January-March 2022 versus a net income of USD 5.8 million in the same period of 2021. On an adjusted basis, the company booked a net profit of 0.4 million compared to an income of USD 18.7 million a year back.

“Compared to last year’s record first quarter, this period was much more in-line with our historic first quarter results. Positive performance in our growth markets – utilities and energy/renewables – was largely offset by a loss we recognized from a pipeline project in the mid-Atlantic and lower overall revenue from that segment,” explained Tom McCormick, president and CEO of Primoris.

The table below gives more information about the company’s Q1 performance.

McCormick noted that the utilities and energy/renewables businesses of the company contributed more than 90% of its first-quarter revenue.

At the end of March, the company’s total backlog amounted to USD 4.025 billion, including USD 2.43 billion in the Energy/Renewables segment. After the first quarter, it won two solar plant construction contracts with a combined value of USD 250 million.

Primoris increased its projections for the full year and now expects EPS of USD 2.20 to USD 2.40 and adjusted EPS of USD 2.49-2.69.

(USD 1.0 = EUR 0.948)

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