Stock Monitor: Layne Christensen Post Earnings Reporting

LONDON, UK / ACCESSWIRE / December 18, 2017 / Active-Investors free earnings report on Primoris Services Corp. (NASDAQ: PRIM) ("Primoris") has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=PRIM. The Company posted its third quarter fiscal 2018 financial results on November 01, 2017. The leading construction services provider's revenue and earnings surpassed expectations. The Company also raised its dividend by 9%. Register today and get free access to our complimentary member's area where many more reports are available:

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Active-Investors.com is currently working on the research report for Layne Christensen Company (NASDAQ: LAYN), which also belongs to the Industrial Goods sector as the Company Primoris Services. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Primoris Services most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:

www.active-investors.com/registration-sg/?symbol=PRIM

Earnings Highlights and Summary

During the third quarter of the fiscal year 2017, Primoris' revenues increased 19.79% to $608.31 million compared to $507.83 million in Q3 FY16, due to gains from its power projects, Gulf Coast-based pipeline work, and Utilities and Distribution segment. The Company's revenue numbers beat analysts' estimates of $585.90 million.

Primoris' gross profit surged 40.48% to $70.42 million in the reported quarter compared to $50.13 million in Q3 FY16. The Company's selling, general, and administrative expenses (SG&A) were $42.56 million in Q3 FY17 compared to $36.00 million in Q3 FY16, advancing 18.24% on a y-o-y basis, due to costs incurred resulting from acquisitions in Q3 FY16. Primoris' operating income advanced 144.00% to $27.86 million in Q3 FY17 compared to $11.42 million in Q3 FY16.

The Company's net income surged 365.39% to $22.13 million in Q3 FY17 compared to $4.76 million in Q3 FY16. Primoris posted diluted earnings per share (EPS) of $0.40 in the reported quarter compared to $0.09 per share in the same period of last year, reflecting a growth of 344.44% on a y-o-y basis. The dividends per common share were $0.055 in Q3 FY17, same as that of Q3 FY16. Primoris' adjusted earnings were $0.32 per share in Q3 FY17, which exceeded analysts' estimates of $0.31 per share.

Segment Results

Primoris' Power segment's revenues were $154.18 million in Q3 FY17 compared to $101.81 million in Q3 FY16, up 51.43% on a y-o-y basis due to a $27.10 million increase from joint venture power plant projects in Southern California, and a $13.30 million increase from a power plant construction project in the Mid-Atlantic region, along with $6.80 million increase due to acquisitions made in Q3 FY16. The segment's profit surged 72.97% to $18.84 million from $10.89 million in Q3 FY16.

The Company's Pipeline segment's revenues were $84.36 million in the reported quarter compared to $106.04 million in Q3 FY16, declining by 20.45%. The segment's profit was $12.08 million in Q3 FY17 compared to $32.40 million in Q3 FY16, declining 62.29% on a y-o-y basis.

Primoris' Utilities segment's revenues surged 31.84% to $246.52 million in Q3 FY17 compared to $187.00 million in Q3 FY16. The segment's profit was $36.08 million in Q3 FY17 versus $33.93 million in the comparable quarter of last year, increasing 6.35% on a y-o-y basis.

The Company's Civil segment's revenues were $123.25 million in Q3 FY17 compared to $113.00 million in Q3 FY16, reflecting a growth of 9.08%. The segment's profit was $3.41 million in Q3 FY17 compared to a gross loss of $27.09 million in Q3 FY16.

Cash Matters

Primoris had a cash and cash equivalents balance of $143.34 million as on September 30, 2017, compared to $148.67 million as on September 30, 2016. The Company's net cash from operating activities was $161.43 million in Q3 FY17 compared to $50.62 million in Q3 FY16. On November 02, 2017, Primoris declared a cash dividend of $0.06 per share for shareholders of record as of December 29, 2017, and payable on or about January 15, 2018.

On November 02, 2017, Primoris' Board of Directors authorized a 9% increase in the quarterly cash dividend to $0.06 per share from $0.055 per share. The cash dividend will be paid to stockholders of record on December 29, 2017, on or about January 15, 2018.

Outlook

For the fiscal year 2018, Primoris expects EPS to be in the range of $1.05 - $1.25 per share.

Stock Performance Snapshot

December 15, 2017 - At Friday's closing bell, Primoris Services' stock marginally fell 0.77%, ending the trading session at $26.99.

Volume traded for the day: 603.19 thousand shares, which was above the 3-month average volume of 301.55 thousand shares.

Stock performance in the last month ? up 4.37%; previous six-month period ? up 9.45%; past twelve-month period ? up 12.65%; and year-to-date ? up 18.48%

After last Friday's close, Primoris Services' market cap was at $1.41 billion.

Price to Earnings (P/E) ratio was at 21.73.

The stock has a dividend yield of 0.89%.

The stock is part of the Industrial Goods sector, categorized under the Heavy Construction industry. This sector was up 0.9% at the end of the session.

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