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 Corporation (NASDAQ: PRIM) has announced a definitive merger agreement to acquire Future Infrastructure Holdings for $620 million in cash. This acquisition targets the growing telecommunication services market, driven by fiber deployments and 5G technology. Future Infrastructure generated $342 million in revenue and $66 million in adjusted EBITDA in the past year. The transaction is expected to enhance Primoris' earnings, delivering at least $10 million in annual cost savings within 30 months. Closing is anticipated in Q1 2021, pending regulatory approvals.
Primoris Services Corporation (NASDAQ: PRIM) announced a three-year utility contract worth approximately $36 million. This contract is for maintenance on a high-pressure gas pipeline in Northern California, set to commence in Q1 2021 and conclude by Q4 2023. Primoris, a major provider of specialty contracting services founded in 1960, operates across the U.S. and Canada, offering a variety of construction and engineering services.
Primoris Services Corporation (NASDAQ: PRIM) will participate in the Credit Suisse 8th Annual Virtual Industrials Conference on December 2, 2020. The Company plans to provide a downloadable presentation on its Investor Relations website prior to the event. Established in 1960, Primoris has become a leading provider of specialty contracting services in the U.S. and Canada, offering a diverse range of construction, fabrication, and engineering services. For further details, visit www.prim.com.
Primoris Services Corporation (NASDAQ GS: PRIM) reported record financial results for Q3 2020, achieving $942.7 million in revenue, a 9% increase year-over-year. Net income rose 23% to $43.9 million, with fully diluted earnings per share hitting $0.90, up 29%. Cash flows from operations surged to $130.8 million, and backlog stood at $3.0 billion. The company declared a $0.06 per share dividend for stockholders of record on December 31, 2020. CEO Tom McCormick highlighted strong performance across segments, particularly in renewables and pipeline projects, despite pandemic challenges.
Primoris Services Corporation (NASDAQ: PRIM) will host a conference call on November 6, 2020, at 10:00 AM ET to discuss its third quarter results. The results will be released before market opening. Interested participants can join via phone at (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will be available for two weeks at (877) 660-6853, conference ID 13711963. The call will also be accessible live online through the Investor Relations section of Primoris' website.
Primoris Services Corporation (NASDAQ: PRIM) has announced the renewal of a Master Service Agreement (MSA) valued over $110 million with a major energy customer, focusing on pipeline maintenance in the Canadian oil sands. The MSA, which was signed in Q3 2020, is expected to generate approximately $22 million annually over five years. Although the agreement does not guarantee a specific dollar amount, prior discussions suggest a solid financial basis for the anticipated revenue.
Primoris Services Corporation (NASDAQ: PRIM) is participating in three investor conferences in September 2020. Management will attend the Morgan Stanley 8th Annual Laguna Conference on September 17, the D.A. Davidson 19th Annual Diversified Industrials & Services Conference on September 24, and the Sidoti Fall 2020 Investor Conference also on September 24. All conferences will be virtual. Presentations will be available for download on the Company's website under the Investor Relations section before the events.
Primoris Services Corporation (NASDAQ: PRIM) has secured two significant civil contracts valued at over $76 million from the Texas Department of Transportation. The projects include expanding a four-lane highway to six lanes, enhancing bridge structures, and upgrading a two-lane county road to a four-lane road with new drainage facilities. Work is set to begin in Q3 2020 and is anticipated for completion by Q3 2023, further solidifying Primoris's position in specialty contracting services in the U.S. and Canada.
Primoris Services Corporation announced a new $30 million heavy civil contract awarded by the Texas Department of Transportation.
Located in Pearland, TX, the project entails reconstructing and extending a roadway, with work set to begin in Q3 2020 and finish by Q3 2022. Primoris, a leading provider of specialty contracting services in the U.S. and Canada, continues to expand its project portfolio, reinforcing its position in the construction sector.
Primoris Services Corporation (NASDAQ: PRIM) announced two solar project awards valued at over $60 million, secured by its Power, Industrial, & Engineering segment. The projects involve engineering, procurement, and construction for utility-scale solar facilities in the southern U.S. Work is set to begin in Q3 2020, with completion expected by Q3 2021. The company operates in the specialty contracting sector across the U.S. and Canada, providing various construction and engineering services to a diversified customer base.
FAQ
What is the current stock price of Primoris Services Corporation (PRIM)?
What is the market cap of Primoris Services Corporation (PRIM)?
What services does Primoris Services Corporation provide?
Which markets does Primoris primarily serve?
What are the main segments of Primoris Services Corporation?
What services are included in the Utilities segment?
What services does the Energy segment cover?
How has Primoris Services Corporation grown over the years?
What recent achievements has Primoris accomplished?
How is Primoris performing financially?
What is Primoris' strategic focus?
Where does Primoris operate?
