Primoris Services Corporation Awarded Contracts Valued Over $32 Million in Energy/Renewables Segment

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) has secured two heavy civil project awards totaling over $32 million from the Texas Department of Transportation. The first project entails highway construction in Bell County, set to start in Q1 2022 and finish in Q2 2024. The second project involves a bridge replacement in Harris County, expected to be completed by Q2 2023. These projects align with Primoris' strategic focus on critical infrastructure services and expansion into higher-margin markets.

Positive

• Secured two contracts worth over $32 million.
• Projects enhance Primoris' presence in the infrastructure sector.
• Aligns with focus on higher-margin, growth-oriented markets.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced two heavy civil awards with a combined value of more than $32 million. The projects, secured by the Company’s Energy/Renewables Segment, were awarded by the Texas Department of Transportation.

The first project involves construction of a section of highway SL 121 in Bell County, Texas. It is scheduled to commence in the first quarter of 2022 with completion expected in the second quarter of 2024.

The second project involves the replacement of a bridge in Harris County, Texas. It is scheduled to commence in the first quarter of 2022 with completion expected in the second quarter of 2023.

ABOUT PRIMORIS

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211207005298/en/

Brook Wootton

Vice President, Investor Relations

Primoris Services Corporation

bwootton@prim.com

Source: Primoris Services Corporation

FAQ

What is the significance of Primoris' recent contract awards?

Primoris has secured two construction contracts totaling over $32 million, enhancing its presence in the infrastructure market.

When do the new projects for Primoris start and end?

The highway project in Bell County starts in Q1 2022 and completes by Q2 2024; the bridge project in Harris County finishes by Q2 2023.

Who awarded the contracts to Primoris?

The contracts were awarded by the Texas Department of Transportation.

What sectors does Primoris focus on?

Primoris focuses on critical infrastructure services, including utility, energy, and renewables.