Infrastructure construction company Primoris (NYSE:PRIM) will be reporting results this Tuesday after market close. Here’s what investors should know.
Primoris beat analysts’ revenue expectations last quarter, reporting revenues of $1.86 billion, up 6.7% year on year. It was an exceptional quarter for the company, with an impressive beat of analysts’ adjusted operating income estimates and a solid beat of analysts’ revenue estimates.
Is Primoris a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Primoris’s revenue to grow 5.5% year on year, slowing from the 16.7% increase it recorded in the same quarter last year.
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 a history of exceeding Wall Street’s expectations.
Looking at Primoris’s peers in the construction and maintenance services segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Comfort Systems delivered year-on-year revenue growth of 56.5%, beating analysts’ expectations by 19.5%, and Granite Construction reported revenues up 30.4%, topping estimates by 18%. Comfort Systems traded down 2.7% following the results while Granite Construction was up 13.8%.
Read our full analysis of Comfort Systems’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 9.4% on average over the last month. Primoris is up 22.4% during the same time and is heading into earnings with an average analyst price target of $175.43 (compared to the current share price of $179.50).
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