Primoris Services Q4 Earnings Rise, Top Estimates; To Buy Back Shares

(RTTNews) - Primoris Services Corp. (PRIM), a specialty contractor and infrastructure company, Friday reported a rise in earnings for the fourth quarter, as revenues increased by 12 percent, benefiting from increased underground work in the West Construction Services segment, including contributions from the acquired company Q3C. Earnings also surpassed analysts' estimates.

Further, the Board has authorized a share repurchase plan of up to $23 million, which will expire on December 31.

For the 3-month period, earnings advanced to $22.48 million or $0.44 per share, from $17.02 million or $0.33 per share a year earlier.On average, six analysts polled by Thomson-Reuters estimated the company's earnings to be $0.39 for the quarter. Analysts' estimates typically exclude one-time items.

Fourth-quarter revenues rose to $537.9 million from $480.9 million a year earlier. Analysts had expected revenues of $541.1 million for the quarter. Q3C contributed an additional $37.1 million to the revenues increase.

For the full-year 2013, earnings grew to $69.66 million or $1.35 per share, from $56.76 million or $1.10 per share last year. Annual revenues rose to $1.994 billion from $1.542 billion in 2012.