Welcome to our dedicated page for Primoris Services Corporation news (Ticker: PRIM), a resource for investors and traders seeking the latest updates and insights on Primoris Services Corporation stock.
Primoris Services Corporation (NASDAQ: PRIM) is a leading provider of infrastructure services in the United States and Canada. With a diverse portfolio, Primoris specializes in construction, fabrication, maintenance, replacement, water and wastewater, and engineering services. Serving a broad range of clients, including major public utilities, petrochemical companies, energy firms, and municipalities, Primoris contributes significantly to essential sectors.
Since its establishment, Primoris has grown to become one of the largest construction service enterprises in North America. The company has more than doubled in size since December 2009, expanding its national footprint across the continental United States and Canada. The company operates through two main segments: Utilities and Energy.
- Utilities Segment: This segment offers a wide range of services including the installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems, along with communication systems.
- Energy Segment: This segment provides comprehensive services like engineering, procurement, and construction (EPC), retrofits, highway and bridge construction, demolition, site work, outages, pipeline construction and maintenance, and more.
Primoris' recent achievements highlight their commitment to excellence and innovation. The company has successfully secured multiple high-value contracts, enhancing their project portfolio and strengthening their market position. The latest projects include major developments in renewable energy infrastructure and cutting-edge engineering solutions for complex industrial challenges.
In terms of financial health, Primoris has shown robust performance, reflecting steady revenue growth and a solid balance sheet. The company's strategic partnerships and extensive industry experience enable it to deliver high-quality services while maintaining cost-efficiency and reliability.
With a proven track record of success, Primoris continues to focus on expanding its service offerings and geographical reach. Their dedication to operational excellence, customer satisfaction, and sustainable growth positions them as a key player in the infrastructure services industry.
Primoris Services (NYSE: PRIM) reported strong Q3 2024 results with revenue of $1.65 billion, up 7.8% year-over-year. Net income reached $58.4 million ($1.07 per diluted share), increasing from $48.1 million in Q3 2023. The company achieved record backlog of $11.3 billion driven by renewables and industrial bookings. Adjusted EBITDA grew 6.4% to $127.7 million. Based on strong performance, Primoris raised its 2024 EPS guidance to $2.85-$3.00 and Adjusted EPS to $3.40-$3.55 per diluted share. The company also increased its quarterly dividend to $0.08 per share.
Primoris Services (NYSE: PRIM) has announced the schedule for its third quarter 2024 earnings conference call and webcast. The company will release its financial results on Monday, November 4, 2024, after market close. The earnings press release will be available on the Primoris website at www.prim.com.
A conference call and webcast to discuss the Q3 2024 results and business outlook will be held on Tuesday, November 5, 2024, at 9:00 a.m. U.S. Central Time. Interested parties can dial in at 1-800-715-9871 (U.S./Canada) or 1-646-307-1963 (outside U.S.) using access code: 1324356. The webcast link will be accessible from the 'Investors' section of the company's website.
A replay of the conference call will be available from November 5, 2024, at 5:00 p.m. Central Time for seven days. The replay phone numbers are 1-800-770-2030 (U.S./Canada) and 1-609-800-9909 (outside U.S.), using access code: 1324356 followed by the # key. The webcast replay will also be available on the company's website.
Primoris Services (NYSE: PRIM) has announced its participation in two major investor conferences in September 2024. The company's management team will attend:
- D.A. Davidson's 23rd Annual Diversified Industrials & Services Conference in Nashville, TN on September 19
- RBC Capital Markets Global Industrials Conference in Las Vegas, Nevada on September 25
Primoris will make its latest investor presentation available on the company's website (www.prim.com) in the Investor Relations section under 'Events and Presentations' before each conference. This move demonstrates Primoris' commitment to engaging with institutional investors and showcasing its business strategies and performance.
Premier PV, a Primoris Services (NYSE: PRIM) subsidiary, has achieved over $55 million in backlog. The company specializes in electrical balance of systems (eBOS) solutions for solar, battery energy storage, and operations and maintenance markets, focusing on utility-scale applications. Premier PV offers a comprehensive range of eBOS products, including combiner boxes, load break disconnects, and wire harnesses.
Headquartered in Crossett, Arkansas, Premier PV has produced and deployed over ten gigawatts of eBOS products at its ISO9001 certified facility. The company emphasizes environmental stewardship through sustainable packaging practices. As part of Primoris, Premier PV leverages extensive renewable energy expertise and resources to serve a diverse clientele, including contractors, owners, and developers in the renewables sector.
Primoris Services (NYSE: PRIM) announced its Q2 2024 results, showcasing significant growth. Revenue reached $1,563.7 million, a 10.6% increase year-over-year, primarily driven by the Energy segment. Net income was $49.5 million, up by $10.5 million, with diluted EPS rising to $0.91 from $0.72. Adjusted net income grew to $57.1 million, with adjusted EPS at $1.04. Additionally, Adjusted EBITDA improved to $117.1 million, a 14.4% increase. Notably, the company raised its EPS and Adjusted EPS guidance to $2.70-$2.90 and $3.25-$3.45 per diluted share, respectively.
The Energy segment saw a 25% revenue increase, while the Utilities segment faced a 4.4% decline. Gross profit rose by 18.7% to $186.7 million, with gross margins improving to 11.9%. Higher SG&A expenses, driven by personnel and technology costs, were noted. Interest expenses were stable. The company anticipates continued growth, leveraging trends in solar and natural gas power generation.
Primoris Services (NYSE: PRIM) has announced its schedule for the second quarter 2024 earnings conference call and webcast. The company will report its Q2 2024 financial results on Monday, August 5, 2024, after market close. A conference call and webcast will be held on Tuesday, August 6, 2024, at 9:00 a.m. U.S. Central Time to discuss the results and business outlook.
Interested parties can join the call by dialing 1-800-715-9871 (U.S./Canada) or 1-646-307-1963 (outside U.S.) using access code: 1324356. A webcast link will be available in the 'Investors' section of the Primoris website. A replay of the call will be accessible from August 7, 2023, at 5:00 p.m. Central Time for seven days.
Primoris Services (NYSE: PRIM) has secured project awards valued at approximately $1.2 billion for its Energy Segment. The awards include nearly $700 million contracted in Q2 2024 and over $500 million booked early in Q3 2024. The projects comprise:
1. $1.1 billion for engineering, procurement, and construction of utility-scale solar projects, including approximately 800 MWh of battery energy storage systems.
2. $100 million for expanding multiple combustion gas turbine generators.
These projects are set to begin mobilization from the second half of 2024 through Q2 2025, reflecting strong demand in utility-scale solar and natural gas generation solutions.
Primoris Services (NYSE: PRIM) reported strong financial results for the first quarter of 2024, with revenue of $1,412.7 million, net income of $18.9 million, and adjusted net income of $25.8 million. The company's total backlog stands at $10.6 billion, and adjusted EBITDA was $73.8 million, showing growth in key financial metrics. Primoris remains optimistic about achieving its full-year 2024 goals for improved margins and cash flow generation.
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