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.
|Figures in USD
|-- from Energy/Renewables segment
|Net profit (loss)
|Adjusted net profit (loss)
|Fully diluted earnings per share (EPS)
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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