Shares of specialty construction and infrastructure company, Primoris Services Corporation (PRIM) are climbing more than 9% after reporting better-than-expected second-quarter results. The company also provided full-year earnings outlook, better than view.
The company’s second-quarter earnings were a positive surprise at $0.68 per share, beating the average estimate of analysts polled by Thomson Reuters of $0.35 per share.
Revenue for the quarter increased to $908.2 million from $789.9 million last year, primarily due to the growth in the pipeline segment. The consensus estimate was at $799.14 million.
For the full year, the company sees earnings per share to be in the range of $1.60 – $1.80. Analysts have a consensus estimate of $1.25 per share
Primoris stock is currently trading at $18.21. It has been trading in the range of $9.42- $23.73 in the past 52 weeks.
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