Primoris Services Corporation Awarded More Than $115 Million In Energy/Renewables Segment Contracts

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) announced the acquisition of seven heavy civil projects valued at over $115 million. These projects, secured by the Company’s Energy/Renewables Segment, will commence between the fourth quarter of 2021 and mid-2024. CEO Tom McCormick stated that these projects highlight Primoris's role in delivering essential infrastructure and renewable energy solutions for America's future. The Company continues to expand its presence in high-growth markets, enhancing its long-term growth potential.

Positive

• Secured seven heavy civil projects worth over $115 million.
• Projects span critical infrastructure and renewable energy sectors.
• Start dates range from Q4 2021 to mid-2024, indicating stable future revenue.
• Focus on high-margin markets like utility-scale solar installations boosts growth potential.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced seven heavy civil awards with a combined value over $115 million. The projects were secured by the Company’s Energy/Renewables Segment and are located across the Southwest. The range of award start dates begin as early as the fourth quarter of 2021 and end in the back half of 2023 and mid-year 2024.

“These projects are just another example of how, from critical infrastructure to renewable energy, we are delivering projects that are essential to America’s future,” said Tom McCormick, President and Chief Executive Officer of Primoris.

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/20211014005191/en/

Brook Wootton

Vice President, Investor Relations

Primoris Services Corporation

bwootton@prim.com

Source: Primoris Services Corporation

FAQ

What recent projects did Primoris Services Corporation secure?

Primoris secured seven heavy civil projects with a combined value exceeding $115 million.

What is the total value of the new contracts won by Primoris Services Corporation?

The total value of the new contracts is over $115 million.

When are the projects awarded to Primoris expected to start?

The projects are set to start between the fourth quarter of 2021 and mid-2024.

Which segment of Primoris Services Corporation secured the new contracts?

The contracts were secured by the Company’s Energy/Renewables Segment.