Primoris Services Corporation

Good day and thank you for standing by. Welcome to the Primorius Services Corporation second quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone keypad. Please be advised that today's conference is being recorded. and if you require any further assistance, you may press star zero. I would now like to hand the conference over to your speaker for today, Ms. Brooke Wooden, Vice President of Investor Relations. Ma'am, the floor is yours.

Good morning and welcome to Parmoris Earnings Conference Call. Joining me today are Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, our Chief Financial Officer. Before we begin, I would like to make everyone aware of certain language contained in our Safe Harbor Statement. The company cautions that certain statements made during this call are forward-looking and are subject to various risks and uncertainties. Actual results may differ materially from our projections and expectations. These risks and uncertainties are discussed in a report filed with the SEC. Our forward-looking statements represent our outlook only as of today. We disclaim any obligation to update these statements except as may be required by law. I would now like to turn the call over to our CEO, Tom McCormick.

Thanks, Brooke. Good morning and thank you for joining us today to discuss our second quarter results and our financial outlook for the remainder of 2021. Our year-to-date revenue is up more than $48 million compared to where we were last year. We reached a record $1.7 billion of revenue for the first six months of the year despite historical wet weather conditions in Q2 that pushed some of our anticipated revenue for this quarter further out in the year. and you'll recall the impact that the winter storm that hit Texas in the first quarter had on some of our businesses as well. Our strategic focus on master service agreements is also showing results, with 52% of our current backlog being MSA-based work. That's $1.5 billion and a record level for us. For the second quarter, we generated $881.6 million of revenue. Our outstanding revenue performance in the utility and energy renewables markets demonstrates that our investment in these areas over the past several years is paying off. This strong growth mostly offset the lower revenue in our pipeline segment, which was expected, giving us overall a 2.9% decrease as compared to the same quarter last year.