Primoris' renewables revenue rises 11% in Q3

US speciality contracting services provider Primoris Services Corporation (NASDAQ:PRIM) on Monday reported improvements in both the revenue and gross profit of its Energy and Renewables segment for the third quarter of 2021.

The division experienced an 11% year-on-year rise in its top line mainly because of increased renewable energy activity. The result was partially offset by the substantial completion of an industrial project in California early in the third quarter.

President and CEO Tom McCormick attributed the improvement to utility-scale solar projects. According to him, “the fourth quarter is shaping up to be even stronger.”

The gross profit of Energy/Renewables jumped by 31% on the year primarily due to higher revenue and margins.

More details are available in the following table, both in relation to the division’s financial performance in July-September 2021 and the first nine months of the year.

While the company’s Utilities segment also achieved growth, Primoris’ total revenue for the quarter was down 3% on the year to USD 913.2 million because the Pipeline division generated lower revenue. Net income attributable to Primoris was USD 44.1 million, or USD 0.81 per fully diluted share, compared to USD 43.9 million, or USD 0.90 apiece, a year back.

For the full year, the company expects earnings of USD 2.10-2.20 per fully diluted share. Energy/Renewables is seen to achieve a gross margin in the range of 9-12%.

(USD 1.0 = EUR 0.863)

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