Infrastructure construction company Primoris (NYSE: PRIM) will be announcing earnings results this Monday after market close. Here’s what you need to know.
Primoris beat analysts’ revenue expectations by 12.1% last quarter, reporting revenues of $1.89 billion, up 20.9% year on year. It was an incredible quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.
Is Primoris a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Primoris’s revenue to grow 12.2% year on year to $1.85 billion, improving from the 7.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.35 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Primoris has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 5.4% on average.
Looking at Primoris’s peers in the construction and maintenance services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Comfort Systems delivered year-on-year revenue growth of 35.2%, beating analysts’ expectations by 13.2%, and APi reported revenues up 14.2%, topping estimates by 3.9%. Comfort Systems traded up 18.9% following the results while APi was also up 6.9%.
Read our full analysis of Comfort Systems’s results here and APi’s results here.
Investors in the construction and maintenance services segment have had steady hands going into earnings, with share prices flat over the last month. Primoris is up 3.4% during the same time and is heading into earnings with an average analyst price target of $147.30 (compared to the current share price of $141.50).
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