Primoris (PRIM) Reports Q2: Everything You Need To Know Ahead Of Earnings

Infrastructure construction company Primoris (NYSE:PRIM) will be reporting results tomorrow afternoon. Here’s what investors should know.

Primoris beat analysts’ revenue expectations by 1.9% last quarter, reporting revenues of $1.41 billion, up 12.4% year on year. It was an ok quarter for the company, with an impressive beat of analysts’ earnings estimates but a miss of analysts’ backlog sales estimates.

Is Primoris a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Primoris’s revenue to grow 8.3% year on year to $1.53 billion, slowing from the 38.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.86 per share.

The majority of analysts covering the company have 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 6% on average.

Looking at Primoris’s peers in the construction and maintenance services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Tutor Perini delivered year-on-year revenue growth of 10.3%, missing analysts’ expectations by 2%, and Granite Construction reported revenues up 20.5%, topping estimates by 7.3%. Tutor Perini traded down 26.7% following the results while Granite Construction was up 1.7%.

Read our full analysis of Tutor Perini’s results here and Granite Construction’s results here.

There has been positive sentiment among investors in the construction and maintenance services segment, with share prices up 2.4% on average over the last month. Primoris is up 4.3% during the same time and is heading into earnings with an average analyst price target of $59 (compared to the current share price of $50.54).

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