Primoris Services Corporation Secures a Contract Valued Over $170 Million by the Energy/Renewables Segment

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) has announced a significant heavy civil project valued at over $170 million, awarded by the Texas Department of Transportation. This project involves the construction of a section of Highway 59 in Polk County, Texas, scheduled to start in Q3 2022 and expected to complete by Q4 2024. CEO Tom McCormick emphasized that this initiative exemplifies the company's commitment to delivering crucial infrastructure for America's future.

Positive

• Secured a heavy civil project worth over $170 million.
• Awarded by a reputable client, the Texas Department of Transportation.
• Commencement in Q3 2022 indicates ongoing operational capabilities.
• Focus on infrastructure supports long-term growth potential.

Negative

• Project completion does not occur until Q4 2024, which may delay revenue recognition.
• Potential risks associated with project execution timelines and cost overruns.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced a heavy civil project valued at more than $170 million. The project, secured by the Company’s Energy/Renewables Segment, was awarded by the Texas Department of Transportation.

The project involves construction of a section of Highway 59 in Polk County, Texas. It is scheduled to commence in the third quarter of 2022 with completion expected in the fourth quarter of 2024.

“This project is another example of how we deliver infrastructure 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, 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/20220704005422/en/

Jeremy Apple

312-690-6003

PrimorisIR@clermontpartners.com

IR@prim.com

Source: Primoris Services Corporation

FAQ

What is the value of the new project announced by Primoris?

The new project is valued at over $170 million.

When is the commencement date for the Highway 59 project?

The project is scheduled to commence in Q3 2022.

Who awarded the new project to Primoris?

The project was awarded by the Texas Department of Transportation.

What is the expected completion date for the Highway 59 project?

The expected completion date is Q4 2024.

What sector is Primoris focusing on with this new project?

Primoris is focusing on the heavy civil construction sector.