Primoris Services Corporation (NASDAQ:PRIM) Q4 2018 Earnings Conference Call - Final Transcript

Feb 28, 2019 • 10:00 am ET


Primoris Services Corporation (NASDAQ:PRIM) Q4 2018 Earnings Conference Call - Final Transcript


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Greetings. Welcome to the Primoris Services Corporation Reports 2018 Fourth Quarter and Full Year Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) Please note this conference is being recorded.

I will now turn the conference over to your host Kate Tholking, Vice President, Investor Relations. Ms. Tholking, you may begin.

Kate A. Tholking

Thank you, Omar. Good morning, everyone. Thank you for joining us today. Our speakers for the day will be David King, our President and Chief Executive Officer; and Ken Dodgen, Executive Vice President and Chief Financial Officer.

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

Before we begin I'd like to remind everyone that statements made during today's call may contain certain forward-looking statements, including with regard to the company's future performance, words such as estimates, believes, expects, projects, may and future, or similar expressions are intended to identify forward-looking statements.

Forward-looking statements inherently involve risks and uncertainties including without limitation those discussed in this morning's press release and those detailed in the Risk Factors section and other portions in our annual report on Form 10-K for the period ending December 31, 2018, which was filed this morning and other filings with the SEC.

Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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

David L. King

Thanks, Kate. Good morning, everyone and thank you for joining us today to discuss our fourth quarter full year results and our future outlook. Primoris continues outstanding performance during the fourth quarter and has laid the groundwork for future growth, evolution and expansion of the company.

Our customer confidence and request for our services continues at a high demand and we are well positioned to generate long-term value for our shareholders. Our most recent report from our contact management system shows our addressable opportunities continuing to grow quarter-over-quarter.

We are pleased to finish the year with solid results across our operating segments. We achieved our goal of nearly $3 billion in revenue by 2019 with contributions from both our legacy business units and our acquired companies.

Of particular note is the 70% growth in our MSA revenue and MSA backlog of $1.3 billion, or nearly half of our total backlog. This is a result of a clear goal we set for ourselves back in 2017, as we believe a strong MSA backlog provides a solid counter balance to the sometimes cyclical nature of the E&C business.