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 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.
Primoris Services Corporation (NASDAQ: PRIM) has announced a new solar project valued at
Primoris Services Corporation (NASDAQ: PRIM) has secured a $120 million contract for a utility-scale solar project, marking its sixth contract with the customer and eighth project in the Southwest region. The project is set to commence construction in Q2 2022 and is expected to complete in Q1 2023. With over $1.4 billion in solar projects completed or under construction, Primoris aims to enhance its growth in the renewable energy sector. This contract reinforces the company's strong client relationships and ongoing success in the energy/renewables segment.
On May 4, 2022, Primoris Services Corporation held its Annual Meeting of Stockholders in Dallas, Texas. Stockholders elected nine directors, including David L. King as Chairman and Michael Ching as a new member. The selection of Moss Adams LLP as the independent public accounting firm for the fiscal year ending December 31, 2022, was ratified. The 2022 Employee Stock Purchase Plan was approved, effective May 5, 2022. CEO Tom McCormick expressed gratitude for shareholder support and confidence in the company’s strategy.
Primoris Services Corporation (NASDAQ: PRIM) announced that its President and CEO, Tom McCormick, along with CFO Ken Dodgen, will engage with investors at the Goldman Sachs Industrials and Materials Conference on May 11, 2022, in New York. The presentation will be accessible on the Company's Investor Relations website before NASDAQ trading opens on that day. Primoris specializes in providing critical infrastructure services to energy, utilities, and pipeline markets across the U.S. and Canada, emphasizing growth in high-margin sectors such as renewable energy.
Primoris Services Corporation (NASDAQ: PRIM) plans to release its Q1 2022 financial results on May 9, 2022, after market close. A conference call and webcast will follow on May 10, 2022, at 9:00 a.m. CT, to discuss the results and future outlook. Interested investors can join by dialing 1-888-330-3428 in the U.S. or 1-646-960-0679 internationally, using access code 7581464. Primoris delivers critical infrastructure services for utility, energy, and pipeline markets across the U.S. and Canada, aiming for long-term growth through expanded contracts and higher-margin projects.
Primoris Services Corporation (NASDAQ: PRIM) has announced two significant project awards totaling over $155 million. The first, a Heavy Civil contract exceeding $48 million, is from the Texas Department of Transportation, set to begin in Q2 2022 and complete by Q4 2024. The second project, valued at over $110 million, encompasses Water & Mechanical services, scheduled for commencement also in Q2 2022, with a projected completion by Q1 2025.
Primoris Services Corporation (NASDAQ: PRIM) announced participation in two major virtual conferences: the DA Davidson Inaugural EV & Energy Transition Conference on March 22, 2022, and the UBS 16th Annual Infrastructure Solutions Conference on March 23, 2022. Executives Tom McCormick and Ken Dodgen will represent the company. Presentation materials will be available on the company's website before market opening on each respective day. Primoris is a leading provider of specialty contracting services in the energy and utilities sectors across the U.S. and Canada.
Primoris Services Corporation (NASDAQ GS: PRIM) reported strong financial results for 2021, with revenue reaching $3.5 billion, a 10% increase in net income to $115.6 million, and adjusted EPS of $2.70. The Utilities segment saw a 21% revenue increase, partly due to the Future Infrastructure Holdings acquisition. The company's backlog hit a record $4 billion, up 44% year-over-year. Despite challenges from weather and supply chain issues, Primoris maintained a quarterly dividend of $0.06. The outlook for 2022 includes projected net income per share between $2.10 and $2.30.
Primoris Services Corporation (NASDAQ: PRIM) has announced two new projects worth over
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