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 major $270 million solar project award for the engineering, procurement, and construction of a utility-scale solar facility in the Southwest. This project aims to add approximately 500 megawatts to Primoris's portfolio, which already includes over 3,900 megawatts of solar projects under construction. Construction is set to begin in Q4 2022, with completion expected by Q4 2023.
Primoris Services Corporation (NASDAQ GS: PRIM) reported record revenue of $1,022.9 million for Q2 2022, driven primarily by its Utilities and Energy/Renewables segments, which contributed over 94% of total revenue. Net income rose to $50.2 million, leading to an EPS of $0.93. The company achieved a record backlog of $4.572 billion, reflecting a 59% year-over-year increase. However, gross profit declined to $92.1 million, reducing margins due to rising costs in the Pipeline segment.
The outlook for 2022 anticipates increased net income per share of $2.40 to $2.60.
Primoris Services Corporation (NASDAQ: PRIM) has completed its acquisition of PLH Group, Inc. for $470 million in cash. This strategic move enhances Primoris' operations in the utility markets, particularly in power delivery, communications, and gas utilities. The majority of PLH operations will be integrated into Primoris' Utilities Segment, with others joining the Energy/Renewables and Pipeline segments. CEO Tom McCormick emphasized this acquisition will position the company to leverage growth in both traditional and renewable energy sectors.
Primoris Services Corporation (NASDAQ: PRIM) plans to release its second quarter 2022 financial results on August 8, 2022, after market close. A conference call and webcast will follow on August 9, 2022, at 9:00 a.m. CT to discuss these results and the Company’s financial outlook. Primoris provides critical infrastructure services, focusing on utility, energy/renewables, and pipeline services, enhancing its growth potential through master service agreements and higher-margin markets like renewable fuels and solar facility installations.
Primoris Services Corporation (NASDAQ: PRIM) announced that President and CEO Tom McCormick, along with CFO Ken Dodgen, will participate in the CJS Securities 22nd Annual New Ideas Summer Conference on Tuesday, July 12, 2022. Investors can access the company's presentation on their Investor Relations website, www.primoriscorp.com, prior to the market opening on the same day. Primoris is a leading provider of specialty contracting services in the U.S. and Canada, focusing on utilities and renewable energy markets, positioning itself for long-term growth.
Primoris Services Corporation (NASDAQ: PRIM) has announced a significant heavy civil project valued at over $170 million, awarded by the Texas Department of Transportation. This project involves the construction of a section of Highway 59 in Polk County, Texas, scheduled to start in Q3 2022 and expected to complete by Q4 2024. CEO Tom McCormick emphasized that this initiative exemplifies the company's commitment to delivering crucial infrastructure for America's future.
Primoris Services Corporation (NASDAQ: PRIM) has entered into a definitive merger agreement to acquire PLH Group, Inc. for
Primoris Services Corporation (NASDAQ: PRIM) announced a significant solar project valued at
Primoris Services Corporation (NASDAQ: PRIM) announced its participation in three institutional investor conferences in June. The conferences include the KeyBanc Capital Markets Industrial & Basic Materials Conference on June 1, Stifel Cross Sector Insight Conference on June 9, and Sidoti & Company Summer Investor Virtual Conference on June 16. Presentations for each conference will be available on the company's Investor Relations website before NASDAQ trading opens. Primoris provides specialty contracting and critical infrastructure services primarily in the utility and energy sectors.
Primoris Services Corporation (NASDAQ GS: PRIM) reported Q1 2022 revenues of $784.4 million, a decrease from Q1 2021, alongside a net loss of $1.7 million. Adjusted EPS stood at $0.01, down from $0.37 year-over-year. The company announced a record backlog of $4.025 billion, up 30% compared to last year, primarily driven by utilities and energy/renewables. Despite challenges in the pipeline segment, including a 49% revenue decline, Primoris remains optimistic, raising its 2022 net income guidance to between $2.20 and $2.40 per share.
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