Primoris Services (PRIM) FY2019 results: revenue $3.1 billion, up 5.7% on the year
Primoris Services Corp. (PRIM) reported revenue of $3.1 billion for fiscal 2019, the year ended 31 December 2019, up 5.7% on the year before. Net income was $82 million, up 6.3%, and diluted earnings per share $1.61. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$3.1 billion
+5.7% on the year
FY2016FY2019
Operating margin
4.5%
4.4% a year earlier
FY2016FY2019
Net income
$82 million
+6.3% on the year
FY2016FY2019
Diluted EPS
$1.61
+7.3% on the year
FY2016FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,106
2,939
2,380
+5.7%
Cost of revenue
2,775
2,614
2,102
+6.2%
Gross profit
331
326
278
+1.6%
Gross margin
10.7%
11.1%
11.7%
Selling, general and administrative
189
182
170
+3.9%
Operating income
141
130
106
+8.0%
Operating margin
4.5%
4.4%
4.5%
Interest expense
20.1
18.7
8.1
+7.2%
Pre-tax income
118
113
105
+4.0%
Income tax
33.8
25.8
28.4
+31.2%
Effective tax rate
28.7%
22.7%
27.0%
Net income
82.3
77.5
72.4
+6.3%
Net margin
2.7%
2.6%
3.0%
Diluted EPS
$1.61
$1.50
$1.40
+7.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
119
127
189
-6.2%
Capital expenditure
94.5
110
79.8
-14.2%
Free cash flow
24.5
16.6
109
+47.1%
Free cash flow margin
0.8%
0.6%
4.6%
Cash from investing
-65.9
-209
-131
Cash from financing
-83.3
63.9
-22.9
Depreciation and amortisation
85.4
79.2
66.3
+7.8%
Share-based compensation
1.6
1.3
1.1
+26.0%
Buybacks
n/a
20.0
5.0
Dividends paid
12.2
12.3
11.3
-1.1%
Dividend per share
$0.24
$0.24
$0.23
0.0%
Diluted shares, weighted
51m
52m
52m
-1.1%
Shares outstanding at period end
49m
51m
51m
-4.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
630
607
562
+3.7%
Non-controlling interest
1.0
n/a
n/a
Debt
351
368
259
-4.6%
Operating lease liabilities
171
n/a
n/a
Other liabilities
677
619
435
+9.4%
Total liabilities and equity
1,830
1,594
1,256
+14.8%
Fixed assets
376
376
312
+0.0%
Goodwill
206
206
153
0.0%
Intangible assets
69.8
81.2
44.8
-14.0%
Cash and equivalents
120
151
170
-20.4%
Receivables
405
373
292
+8.6%
Inventory
n/a
n/a
40.9
Other assets
653
407
243
+60.5%
Total assets
1,830
1,594
1,256
+14.8%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.