Primoris Services misses 4Q net income and revenue expectations

MarketsAssociated Press

Primoris Services Corp. (PRIM) on Tuesday reported fourth-quarter net income of $8.9 million.

On a per-share basis, the Dallas-based company said it had net income of 17 cents.

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The results fell short of Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The construction contractor posted revenue of $487.6 million in the period, which also missed Street forecasts. Analysts expected $618.1 million, according to Zacks.

For the year, the company reported profit of $63.2 million, or $1.22 per share. Revenue was reported as $2.09 billion.

Primoris Services shares have declined slightly more than 9 percent since the beginning of the year. The stock has decreased 33 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PRIM at http://www.zacks.com/ap/PRIM

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Keywords: Primoris Services, Earnings Report