Q3 Contracting, a unit of the West Construction Services
Primoris Services Corporation
) has secured a new three year contract from Xcel Energy. The
contract covers gas distribution work in the Denver area. The
work, under the contract, will begin immediately.
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The contract will result in a net revenue increase of over $80
million over the next three year period and includes an option
for an additional two years. The contract will significantly
raise the level of the work.
Primoris, which belongs to the building and heavy construction
industry along with
Chicago Bridge & Iron Company N.V.
Orion Marine Group, Inc
Dycom Industries Inc.
), reported revenues of $410 million in first-quarter 2013, up
around 41% year over year. The results were ahead of the Zacks
Consensus Estimate of $351 million. Roughly 19% of the rise was
attributable to organic growth with the remaining 22% coming from
the acquisitions of Sprint, Saxon, Q3C, and FSSI.
Primoris' West Construction Services segment recorded sales of
$207.7 million, up 31% from the year-ago quarter, led by
increased revenues at Rockford, partly offset by a revenue
decline in the ARB Industrial division.
For full-year 2013, Primoris expects substantial contributions
from the recent acquisitions. The company remains optimistic
about its business lines for the near term as well as the long
Dallas, Tex.-based Primoris is a specialty contractor and
infrastructure company which serves diverse end markets. The
company also provides a wide range of construction, fabrication,
maintenance, replacement, water and wastewater, and engineering
services to major public utilities, petrochemical companies,
energy companies, municipalities, and other customers.
Primoris currently retains a short-term Zacks Rank #1 (Strong