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Primoris Services Corporation Awarded Contracts Valued Over $520 Million in Energy/Renewables Segment
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Rhea-AI Summary
Primoris Services Corporation (NASDAQ: PRIM) has secured two heavy civil project awards valued at over $520 million from the Louisiana Department of Transportation and Development. The projects include a $60 million highway construction on LA 3241, set to commence in Q4 2021 and complete by Q2 2023, and a $460 million elevated highway project on LA 1, starting in Q1 2022 and finishing by Q4 2027. These contracts bolster Primoris' Energy/Renewables backlog through 2027.
Positive
Secured two heavy civil project awards totaling over $520 million.
First project worth $60 million expected to start in Q4 2021, enhancing revenue.
Second project worth $460 million scheduled to begin in Q1 2022, crucial for growth.
Projects strengthen Primoris' Energy/Renewables backlog through 2027.
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 $520 million. The Gulf Coast projects, secured by the Company’s Energy/Renewables Segment, were awarded by the Louisiana Department of Transportation and Development.
The first project, valued at more than $60 million, involves construction of a section of highway on LA 3241. It is scheduled to commence in the fourth quarter of 2021 with completion expected in the second quarter of 2023.
The second project, valued at $460 million, involves construction of a section of elevated highway on LA 1. It is scheduled to commence in the first quarter of 2022 with completion expected in the fourth quarter of 2027.
“These projects, which were discussed in our recent earnings call, add a steady stream of heavy civil work to our Energy/Renewables backlog all the way into 2027,” said Tom McCormick, President and Chief Executive Officer of Primoris. “Additionally, we were involved in the original construction of LA 1, so we are very familiar with the scope and complexity of this project.”
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.
