Primoris Services posts Q2 revenue of $1.7 billion, down 10.7% year over year, as gross profit falls 64.4% to $82.4 million.
Operating results swing to a $26.8 million loss from income of $126.6 million, driven by an Energy segment operating loss of $56.4 million.
Acquisition and cash position
Completed the $404.7 million cash acquisition of PayneCrest Electric on May 1, adding data center services exposure; cash ends at $218.2 million.
Segment performance and backlog
Energy revenue drops 19.2% to $999.9 million as renewable work starts and project financial closes run slower than expected; Utilities revenue rises 2.8% to $712.6 million.
Backlog climbs to $13.86 billion from at Dec. 31, with slated for the next 12 months.
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