Primoris reports Q3 EPS 63c, consensus 65c
Reports Q3 revenue $865.1M, consensus $894.97M. Reports total Backlog of $3.2B at September 30 a 16.3% increase over December 31, 2018. The company commented, ""I am pleased to say that Primoris had another great quarter, with strong project execution and continued cost control leading to a record net income. The lack of major storm repair work and project delays created a slight headwind compared to last year, but it was more than offset by benefits from the partial resolution of outstanding claims. Over the past year we have seen our backlog grow 19%, growing both our Fixed and MSA backlog, thanks to the combined efforts of our dedicated sales and operations teams. As expected, we saw a significant positive swing in our operating cash flow in the Q3, allowing us to continue reducing our debt levels while maintaining a robust capital expenditure program, actively evaluating additional acquisition opportunities, and initiating a share repurchase program."