Primoris Services Corp.'s (PRIM: Quote) second-quarter net income slipped to $11.7 million, or $0.23 per share, from $14.5 million, or $0.28 per share, in the same period in 2011. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.22 for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter declined 4.1% to $337.4 million from $352.0 million last year. The 2011 second quarter included revenue of $89.5 million for the Ruby pipeline project, substantially completed in 2011. Excluding the Ruby revenue impact, revenues for the 2012 second quarter increased by 28.6%. The increased revenues are mainly as a result of increased project work in the West Construction Services segment for both industrial and underground projects, as well as the impact of the March 2012 acquisition of Sprint, which contributed $12.8MM in revenue for the three months ended June 30, 2012.
Five analysts projected revenue of $327.90 million for the second quarter.
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by RTT Staff Writer
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