Primoris Services (PRIM) FY2020 results: revenue $3.5 billion, up 12.4% on the year
Primoris Services Corp. (PRIM) reported revenue of $3.5 billion for fiscal 2020, the year ended 31 December 2020, up 12.4% on the year before. Net income was $105 million, up 27.5%, and diluted earnings per share $2.16. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$3.5 billion
+12.4% on the year
FY2016FY2020
Operating margin
4.7%
4.5% a year earlier
FY2016FY2020
Net income
$105 million
+27.5% on the year
FY2016FY2020
Diluted EPS
$2.16
+34.2% on the year
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,491
3,106
2,939
+12.4%
Cost of revenue
3,121
2,775
2,614
+12.5%
Gross profit
370
331
326
+11.9%
Gross margin
10.6%
10.7%
11.1%
Selling, general and administrative
203
189
182
+7.2%
Operating income
164
141
130
+16.4%
Operating margin
4.7%
4.5%
4.4%
Interest expense
20.3
20.1
18.7
+1.0%
Pre-tax income
146
118
113
+23.5%
Income tax
40.7
33.8
25.8
+20.2%
Effective tax rate
27.9%
28.7%
22.7%
Net income
105
82.3
77.5
+27.5%
Net margin
3.0%
2.7%
2.6%
Diluted EPS
$2.16
$1.61
$1.50
+34.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
313
119
127
+163.1%
Capital expenditure
64.4
94.5
110
-31.9%
Free cash flow
249
24.5
16.6
+916.9%
Free cash flow margin
7.1%
0.8%
0.6%
Cash from investing
-42.5
-65.9
-209
Cash from financing
-62.8
-83.3
63.9
Depreciation and amortisation
82.5
85.4
79.2
-3.4%
Share-based compensation
2.3
1.6
1.3
+44.0%
Buybacks
11.5
n/a
20.0
Dividends paid
11.6
12.2
12.3
-5.1%
Dividend per share
$0.24
$0.24
$0.24
0.0%
Diluted shares, weighted
49m
51m
52m
-4.8%
Shares outstanding at period end
48m
49m
51m
-1.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
715
630
607
+13.5%
Non-controlling interest
0.0
1.0
n/a
-96.4%
Debt
317
351
368
-9.9%
Operating lease liabilities
138
171
n/a
-19.5%
Other liabilities
800
677
619
+18.1%
Total liabilities and equity
1,970
1,830
1,594
+7.6%
Fixed assets
356
376
376
-5.2%
Goodwill
215
206
206
+4.3%
Intangible assets
61.0
69.8
81.2
-12.6%
Cash and equivalents
327
120
151
+171.6%
Receivables
432
405
373
+6.8%
Other assets
578
653
407
-11.5%
Total assets
1,970
1,830
1,594
+7.6%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.