Primoris Services Corp. (PRIM) reported that its first-quarter net income attributable to company decreased to $9.77 million or $0.19 per share, from $10.49 million or $0.20 per share last year.
Revenues increased to $410.0 million from $291.6 million last year. Organic growth accounted for 18.6% of the increase, and the remaining 22.0% increase was from the acquisitions of Sprint, Saxon, Q3C, and FSSI.
On average, seven analysts polled by Thomson Reuters expected the company to report profit of $0.18 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $352.60 million for the quarter.
The company also declared a 16.7% increase in the quarterly cash dividend to $0.035 per share from $0.03 per share. The dividend is payable to stockholders of record as of June 28, 2013, payable on or about July 15, 2013.
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