Procore Technologies Inc Stock Price, News & Analysis

Procore Technologies, Inc. (NYSE: PCOR) has announced an expansion of its partnership with family-run developer Cape Group. The company will now implement Procore's Action Plans to standardize processes and enhance quality assurance across its projects in Canada. Cape Group reports that using Procore has accelerated project delivery by approximately 10%, resulting in significantly increased revenue. The collaboration aims to streamline operations, ensuring compliance with quality standards.

Procore Technologies, Inc. (NYSE: PCOR) has been honored as the 2021 Philanthropist of the Year by the United States Minority Contractors Association (USMCA). This recognition celebrates Procore's commitment to diversity, equity, and inclusion through its partnership with USMCA, which offers minority contractors access to free training, educational resources, and discounted programs since 2020. The award was presented during USMCA’s 30th Annual Millennium Awards Celebration, highlighting Procore's efforts to support minority entrepreneurs in the construction industry.

Procore Technologies (NYSE: PCOR) has been selected by LandSouth Construction to replace multiple software packages with its construction management platform. This strategic move aims to enhance operational efficiency, improve financial performance, and reduce risks for LandSouth's multifamily and senior living projects. With Procore, LandSouth anticipates better collaboration, increased safety, and greater access to project data, which will help maintain client satisfaction and streamline processes in response to the industry's growing demands.

Procore Technologies, Inc. (NYSE: PCOR) reported a strong financial performance for Q3 2021, achieving a 30% year-over-year revenue growth with total revenue reaching $132 million. The company added 456 new customers, bringing its total to 11,605. Despite a GAAP operating margin of (38%), Procore's operating cash flow stood at $15.1 million, with free cash flow of $6.5 million. Looking ahead, Procore expects Q4 revenue between $136 million and $138 million, reflecting ongoing investments in recent acquisitions Levelset and LaborChart.

Digital transformation is a key focus for 53% of Australian property leaders, according to a new report from Procore Technologies and the Property Council of Australia. Conducted in July 2021 with 166 senior industry leaders, the survey highlights that the pandemic has not adversely affected the project pipeline. Leaders are more concerned with securing land and funding, and compliance remains critical for competitiveness. The report aims to guide technology investment and decision-making in the sector.

Procore Technologies Inc. (NYSE: PCOR) has acquired Levelset for approximately $500 million, including $425 million in cash and $75 million in Procore stock. This acquisition enhances Procore's construction management software by integrating lien rights management, thereby improving compliance workflows and payment processes. Procore aims to leverage the complementary data assets of both companies for future growth, as stated by CEO Tooey Courtemanche.

Procore Technologies, Inc. (NYSE: PCOR) announced the acquisition of LaborChart, a workforce management software provider for specialty contractors. This acquisition aims to enhance Procore's capabilities in managing labor costs, which are critical in construction. LaborChart's solutions will integrate with Procore's existing tools, allowing for better workforce scheduling and communication. Nearly 300 contractors currently use LaborChart, which will now be fully integrated into Procore. Financial terms were not disclosed, and the acquisition is not expected to significantly impact Procore's full-year 2021 results.

Procore Technologies, Inc. (NYSE: PCOR) will release its third quarter fiscal year 2021 financial results after U.S. markets close on November 4, 2021. A conference call is scheduled for the same day at 2:00 p.m. PT to discuss the results and provide financial guidance. Interested participants can access the call by dialing (877) 284-6233 for domestic calls or (873) 415-0281 for international calls. Procore, known for its construction management software, has facilitated over $1 trillion USD in construction volume across more than 1 million projects.