Primoris Services Corp. has announced its financial results for the third quarter of 2015. In particular, David King – the President and CEO of Primoris – expects further revenue growth from the company’s LNG business.
Primoris was contracted by Stabilis Energy and Flint Hill Resources to provide a turnkey scope for the 100 000 gal./d liquefaction and distribution plant in George West, Texas. In addition to this, Primoris provided design and construction services under an engineering, procurement and construction (EPC) contract for the natural gas liquefaction plant in Boron, California.
King, said: “Primoris’ third quarter results demonstrate the strength of our diverse company. We continued our focus on strong execution fundamentals, delivering better margins while also positioning for new project opportunities into 2016 and beyond. In the quarter, we made significant inroads on several of our previously weather-delayed projects. The increased productivity is apparent in our gross profit, which increased as a percentage of revenues both sequentially and y/y.
“As we look at our distribution and midstream pipeline businesses over the next four quarters, their market opportunities look significantly larger than any in Primoris’ history. These are end markets that typically do not have much activity during the winter months, but they should be a material contributor to earnings during the second half of 2016. We also see opportunity for organic revenue growth in our industrial, power, LNG, and heavy civil businesses, and we are actively bidding on jobs that could add profitable growth to our bottom line.
“We are pleased with our third quarter performance after a challenging start to the year. We will continue to deliver value to our shareholders by pursuing judicious opportunities and investing in our businesses. Our diverse business model remains a source of strength as we look to continue our revenue and earnings growth into 2016.”
Edited from various sources by David Rowlands
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06112015/primoris-president-and-ceo-expects-lng-revenue-growth-1588/