Primoris Services Corporation Awarded Over $155 Million in Energy/Renewables Segment Contracts

Rhea-AI Summary

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.

Positive

• Secured two major contracts worth over $155 million, enhancing revenue prospects.
• Heavy Civil contract from a governmental body indicates stable demand.
• Projects are expected to contribute significantly to long-term growth through diversified service offerings.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced two projects with a combined value of more than $155 million. The awards were secured by the Company’s Energy/Renewables Segment in Texas and Florida.

The Heavy Civil contract, valued at more than $48 million, was awarded by the Texas Department of Transportation. The project is scheduled to commence in the second quarter of 2022 with completion expected in the fourth quarter of 2024.

The Water & Mechanical project, valued over $110 million, is scheduled to begin in the second quarter of 2022 with completion expected in the first quarter of 2025.

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, 2021, 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/20220323005682/en/

Brook Wootton

Vice President, Investor Relations

Primoris Services Corporation

IR@prim.com

Source: Primoris Services Corporation

FAQ

What are the two major projects announced by Primoris Services Corporation in March 2022?

Primoris announced a Heavy Civil contract valued at over $48 million and a Water & Mechanical project exceeding $110 million.

When is the expected completion date for the Heavy Civil project awarded to Primoris?

The Heavy Civil project is expected to be completed by the fourth quarter of 2024.

How much is the Water & Mechanical project worth?

The Water & Mechanical project is valued at over $110 million.

What does the announcement of these projects mean for Primoris Services Corporation?

The projects enhance Primoris' revenue prospects and indicate stable demand from government contracts.

Is the announcement of new projects a positive sign for investors in Primoris Services Corporation?

Yes, securing substantial contracts is generally seen as a positive sign, potentially boosting future revenues.