Primoris Services Corporation (NASDAQ:PRIM) Q1 2020 Earnings Conference Call - Final Transcript

May 05, 2020 • 10:00 am ET

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Primoris Services Corporation (NASDAQ:PRIM) Q1 2020 Earnings Conference Call - Final Transcript

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Operator
Operator

Greetings. Welcome to the Primoris Reports 2020 First Quarter Results Conference Call. [Operator Instructions]

At this time, I'll turn the conference over to Kate Tholking, Vice President of Investor Relations. Ms. Tholking, you may now begin.

Executive
Kate Tholking

Thank you, Rob. Hello. Good morning, everyone, and thank you for joining us today. Our speakers for today will be Tom McCormick, Primoris' President and Chief Executive Officer; and Ken Dodgen, our Executive Vice and Chief Financial Officer. In addition to this morning's press release, we've also posted slides on our website that highlights some key points we plan to discuss on the 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 and Presentations section next to the webcast 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, project, 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, 2019, and other filings with the Securities and Exchange Commission. 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, Tom McCormick.

Executive
Thomas McCormick

Thank you, Kate. Good morning, and thank you for joining us today to discuss our first quarter results. It was a challenging quarter not only for Primoris but for our employees, our customers and our communities. The Coronavirus pandemic and the shocks to the energy market, combined with our usual first quarter slow start, along with inclement weather, resulted in a perfect storm that had a direct impact on our bottom line. Although we were not able to work as efficiently as we would have liked, it's important to note that we are a critical infrastructure contractor, and we are still working. We have crews in the field across the country, and I want to thank all of our employees for how quickly they adapted to this new environment, following new safety guidelines to protect themselves and others and minimizing any potential spread of COVID-19.

We implemented changes in our offices and at our job sites, such as reducing employee density to allow for social distancing, monitoring our employees' health in all office locations to ensure that those who are high risk or perhaps not feeling well are working remotely at home so as not to potentially expose themselves or others as well as performing health checks on our employees before they enter our job sites. The health and safety