Welcome to our dedicated page for Primoris Svcs news (Ticker: PRIM), a resource for investors and traders seeking the latest updates and insights on Primoris Svcs stock.
Primoris Services Corporation (PRIM) delivers essential infrastructure solutions across North America's energy and utilities sectors. This dedicated news hub provides investors and industry professionals with authoritative updates on the company's strategic developments, project milestones, and operational achievements.
Access real-time press releases and analysis covering PRIM's engineering projects, utility infrastructure contracts, and energy sector partnerships. Our curated collection includes updates on pipeline construction initiatives, utility system upgrades, and regulatory compliance developments that shape the company's market position.
Key updates feature earnings announcements, major contract awards, and technological advancements in infrastructure services. Track PRIM's progress in critical areas including renewable energy projects, gas distribution systems, and water/wastewater infrastructure developments.
Bookmark this page for direct access to Primoris Services Corporation's official communications and expert analysis. Stay informed about one of North America's leading infrastructure specialists through comprehensive coverage of operational updates and strategic business decisions.
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.
