Infrastructure construction company Primoris (NYSE: PRIM) will be reporting results this Tuesday afternoon. Here’s what to look for.
Primoris missed analysts’ revenue expectations last quarter, reporting revenues of $1.69 billion, down 10.7% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and full-year EBITDA guidance exceeding analysts’ expectations.
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 decline 6.9% year on year, a reversal from the 32.1% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Primoris has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Primoris’s peers in the construction and maintenance services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. MYR Group delivered year-on-year revenue growth of 32.5%, beating analysts’ expectations by 8.9%, and APi reported revenues up 22.5%, topping estimates by 6.3%. MYR Group traded up 1.1% following the results while APi was also up 7.1%.
Read our full analysis of MYR Group’s results here and APi’s results here.
In the last year or so, investors have shifted their focus from one macro dynamic to the next (AI disintermediation and AI investment to geopolitical conflict, interest rates, and the health of the wider economy). While some of the construction and maintenance services stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3% on average over the last month. Primoris is down 9.5% during the same time and is heading into earnings with an average analyst price target of $115.13 (compared to the current share price of $72.95).
ONE MORE THING: 3 Hidden Platforms Growing 3X Faster than Amazon, Google, and PayPal. Amazon, Google, and Meta all followed the same playbook: Dominate an ignored market. Build an unbeatable moat. Scale until you’re unstoppable.
These three platforms are running that exact playbook right now. The early investors in Amazon made fortunes. The early investors in these could do the same. Get All 3 Stocks Here for FREE.
