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) announced a significant pipeline award exceeding $100 million, secured by its Pipeline & Underground segment. This contract, signed in Q2 2020, involves the installation of over 80,000 feet of pipeline in Texas, with work beginning in Q3 2020 and completion anticipated by Q2 2021.
Founded in 1960, Primoris is a leading provider of specialty contracting services across the U.S. and Canada, offering services in construction, maintenance, fabrication, and engineering.
Primoris Services Corporation (NASDAQ: PRIM) has secured a significant heavy civil contract worth over $55 million from the United States Army Corps of Engineers. Located in southeastern Louisiana, the project involves the construction of a flood control channel, including three bridges spanning a four-lane highway and railway track. Scheduled to commence in the second quarter of 2020, the project aims for completion by the fourth quarter of 2021.
Primoris Services Corporation (NASDAQ: PRIM) has secured a significant solar contract valued at over $95 million for a utility-scale facility in the Southwest, awarded to its Power, Industrial, & Engineering segment. This award follows a previous Limited Notice to Proceed of approximately $10 million announced on June 1. Work is set to begin in the third quarter of 2020 with completion expected by the end of 2021. This move reinforces Primoris's position in specialty contracting services across the U.S. and Canada.
Primoris Services Corporation (NASDAQ: PRIM) has secured a solar contract valued over $155 million, awarded to its Power, Industrial, & Engineering segment. The project involves engineering, procurement, and construction of a utility-scale solar facility in the Southwest. Initial work commenced in Q1 2020, with completion expected by Q4 2021. This contract enhances Primoris’ position in the renewable energy sector, showcasing its capabilities in large-scale construction projects.
Primoris Services Corporation (NASDAQ: PRIM) has secured three new utility contracts valued at over $45 million. These contracts, awarded to ARB Underground within the Utilities & Distribution segment, involve gas pipe replacement in Southern California and power line replacement in Northern California. The projects are set to commence in Q2 2020 and are expected to be completed by Q2 2021.
Primoris Services Corporation (NASDAQ: PRIM) announced a Limited Notice to Proceed (LNTP) for a solar project valued at $10 million, with an expected final contract worth over $100 million. This contract, secured by Primoris Renewable Energy, involves initial engineering work on a utility-scale solar facility in the Southwest. The project’s construction is anticipated to complete by Q3 2021, marking a significant opportunity for Primoris in the renewable energy sector.
Primoris Services Corporation (NASDAQ: PRIM) is participating in three upcoming investor conferences. The management will present at the KeyBanc Capital Markets Industrials & Basic Materials Virtual Conference on May 28, followed by the UBS Global Industrials & Transportation Virtual Conference on June 2, and the Stifel Cross Sector Insight Virtual Conference on June 9. Presentations will be available for download on the Investor Relations section of their website, www.prim.com.
Primoris Services Corporation (NASDAQ: PRIM) announced two significant industrial awards totaling over $62 million. The first contract involves the construction of the OSBL portion of a renewable diesel expansion project in Louisiana, set to start in Q2 2020 and finish by Q3 2021. The second contract is for the civil work of an air separation unit expansion in Texas, aiming to reduce NOx and CO2 emissions, with completion expected by Q3 2020.
Primoris Services Corporation (NASDAQ: PRIM) has secured a significant contract valued at over $200 million for the engineering, procurement, and construction of a renewable fuels facility in Bakersfield, California. The facility will produce renewable diesel from organic feedstocks, contributing to lower greenhouse gas emissions. This project, awarded to ARB Industrial, involves extensive upgrades and is set for completion in the third quarter of 2022.
Primoris Services reported Q1 2020 revenue of $743.2 million, up 12.3% from Q1 2019. However, the company faced a net loss of ($3.7 million) or ($0.08) per diluted share, compared to a net income of $1.9 million in the previous year. Despite the pandemic's impact, backlog reached a record $3.2 billion. The company has suspended its 2020 earnings guidance due to uncertainty over COVID-19 and oil-related impacts. Nevertheless, Primoris plans to maintain its quarterly dividend of $0.06 per share.
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