Primoris Services Corporation Receives Projects Valued Over $800 Million

Rhea-AI Summary

Primoris Services Corporation (NYSE: PRIM) received over $800 million in awards for its Energy Segment, including $300 million for solar projects. President and CEO, Tom McCormick, attributes the success to customer relationships and project teams' expertise. The awards contribute to a record 2023 in new work, extending the backlog into 2026.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NYSE: PRIM) (“Primoris” or the “Company”) announced today it received several awards with a combined value over $800 million secured by the Company’s Energy Segment, including more than $300 million for engineering, procurement and construction of utility-scale solar projects.

“We continue to realize opportunities in our solar and industrial end markets based on long-standing customer relationships as well as the reputation and expertise of our project teams’ capabilities to successfully execute on clients’ projects,” said Tom McCormick, President and Chief Executive Officer of Primoris. “These awards add to our already record 2023 in winning new work and include a mix of projects such as upgrades to natural gas facilities, renewable fuels production and solar power generation for both new and existing customers. I want to applaud our teams’ diligence in securing these awards that extend our backlog into 2026.”

The projects are scheduled to begin engineering and mobilization the fourth quarter of 2023 and early 2024.

About Primoris

Primoris Services Corporation is a premier specialty contractor providing critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Built on a foundation of trust, we deliver a range of engineering, construction, and maintenance services that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media at @PrimorisServicesCorporation.

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, 2022, 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/20231207462999/en/

Blake Holcomb

Vice President, Investor Relations

214-545-6773

bholcomb@prim.com

Source: Primoris Services Corporation

FAQ

What awards did Primoris Services Corporation (NYSE: PRIM) receive?

Primoris received awards worth over $800 million for its Energy Segment, including $300 million for engineering, procurement, and construction of utility-scale solar projects.

Who is the President and CEO of Primoris Services Corporation (NYSE: PRIM)?

Tom McCormick is the President and Chief Executive Officer of Primoris.

What is the backlog of Primoris Services Corporation (NYSE: PRIM)?

The awards contribute to extending the backlog into 2026.

When are the projects scheduled to begin engineering and mobilization?

The projects are scheduled to begin in the fourth quarter of 2023 and early 2024.