Primoris Services Corporation (NASDAQ:PRIM) Q3 2018 Earnings Conference Call - Final Transcript

Nov 06, 2018 • 10:00 am ET

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Primoris Services Corporation (NASDAQ:PRIM) Q3 2018 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Primoris Reports 2018 Third Quarter Financial Results Call. (Operator Instructions)

As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Kate Tholking, Director of IR. Please go ahead.

Executive
Kate Tholking

Thank you, Rob. Good morning, everyone. Thank you for joining us today. Our speakers for the day will be David King, President and CEO; Pete Moerbeek, our EVP and CFO, and Ken Dodgen, EVP and Corporate Controller.

In addition to this morning's press release, we've posted slides on the website that highlight key points we plan to discuss on this call. You can access them by going to our corporate website, www.prim.com, then selecting Investors. Once on the Investors site, you'll find the slides in the Events & Presentations section, next to the webcast link for today's call.

(Forward-Looking Cautionary Statements)

I'd now like to turn the call over to our CEO, David King.

Executive
David King

Good morning, everyone, and thank you for joining us today to discuss our third quarter results. As I begin my remarks, I'd like to first give a special thanks to Pete Moerbeek, our CFO, who has announced his retirement plans. Pete has served this company and its shareholders well since he became our CFO almost 10 years ago. Our words cannot express our gratitude for Pete and his contribution as we have grown from the third quarter 2009 revenues of $111 million to today's record $909 million. Also, on the call with us today is Ken Dodgen, EVP and Corporate Controller.

Before I begin my normal segment comments, I want to share a few recent highlights from some of our projects. While we obviously benefit from a large pipeline and other industrial construction projects, Primoris continues to generate revenue and profits from other end markets. Some of the highlights include: Primoris has begun a pilot program at multiple locations on the West Coast for a major utility. The program is developing electrical vehicle charging stations for both residential and commercial applications.

Primoris also achieved mechanical completion with a 500-megawatt gas-fired peaking plant for all five GE gas turbine generator blocks at Carlsbad. Primoris also used a very creative execution approach to successfully complete a major horizontal drill underneath the Carquinez Strait in California.

Primoris also reached mechanical completion on the largest solar project in the state of Texas. The Midway Solar farm project installed more than 680,000 solar panels on almost 1,500 acres of land in Pecos County. Primoris also completed 40 miles of high-voltage transmission line in West Texas; while in Iowa, also installing over 14 miles of 69 KV and 11 miles of distribution underbuilds.

Primoris was also a part of the hurricane relief efforts for Hurricane Florence and Michael this past quarter. We provided over 400 employees, and we are proud of their efforts in helping restore power in the areas affected by the hurricanes. And finally, Primoris continues to be an industry leader in safety, with 14 business units finishing our