STOCK TITAN

Primoris Services Corporation - PRIM STOCK NEWS

Welcome to our dedicated page for Primoris Services Corporation news (Ticker: PRIM), a resource for investors and traders seeking the latest updates and insights on Primoris Services Corporation stock.

Primoris Services Corporation (NASDAQ: PRIM) is a leading provider of infrastructure services in the United States and Canada. With a diverse portfolio, Primoris specializes in construction, fabrication, maintenance, replacement, water and wastewater, and engineering services. Serving a broad range of clients, including major public utilities, petrochemical companies, energy firms, and municipalities, Primoris contributes significantly to essential sectors.

Since its establishment, Primoris has grown to become one of the largest construction service enterprises in North America. The company has more than doubled in size since December 2009, expanding its national footprint across the continental United States and Canada. The company operates through two main segments: Utilities and Energy.

  • Utilities Segment: This segment offers a wide range of services including the installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems, along with communication systems.
  • Energy Segment: This segment provides comprehensive services like engineering, procurement, and construction (EPC), retrofits, highway and bridge construction, demolition, site work, outages, pipeline construction and maintenance, and more.

Primoris' recent achievements highlight their commitment to excellence and innovation. The company has successfully secured multiple high-value contracts, enhancing their project portfolio and strengthening their market position. The latest projects include major developments in renewable energy infrastructure and cutting-edge engineering solutions for complex industrial challenges.

In terms of financial health, Primoris has shown robust performance, reflecting steady revenue growth and a solid balance sheet. The company's strategic partnerships and extensive industry experience enable it to deliver high-quality services while maintaining cost-efficiency and reliability.

With a proven track record of success, Primoris continues to focus on expanding its service offerings and geographical reach. Their dedication to operational excellence, customer satisfaction, and sustainable growth positions them as a key player in the infrastructure services industry.

Rhea-AI Summary

Primoris Services (NYSE: PRIM) has announced its schedule for the second quarter 2024 earnings conference call and webcast. The company will report its Q2 2024 financial results on Monday, August 5, 2024, after market close. A conference call and webcast will be held on Tuesday, August 6, 2024, at 9:00 a.m. U.S. Central Time to discuss the results and business outlook.

Interested parties can join the call by dialing 1-800-715-9871 (U.S./Canada) or 1-646-307-1963 (outside U.S.) using access code: 1324356. A webcast link will be available in the 'Investors' section of the Primoris website. A replay of the call will be accessible from August 7, 2023, at 5:00 p.m. Central Time for seven days.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.16%
Tags
conferences earnings
-
Rhea-AI Summary

Primoris Services (NYSE: PRIM) has secured project awards valued at approximately $1.2 billion for its Energy Segment. The awards include nearly $700 million contracted in Q2 2024 and over $500 million booked early in Q3 2024. The projects comprise:

1. $1.1 billion for engineering, procurement, and construction of utility-scale solar projects, including approximately 800 MWh of battery energy storage systems.

2. $100 million for expanding multiple combustion gas turbine generators.

These projects are set to begin mobilization from the second half of 2024 through Q2 2025, reflecting strong demand in utility-scale solar and natural gas generation solutions.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.68%
Tags
none
-
Rhea-AI Summary

Primoris Services (NYSE: PRIM) reported strong financial results for the first quarter of 2024, with revenue of $1,412.7 million, net income of $18.9 million, and adjusted net income of $25.8 million. The company's total backlog stands at $10.6 billion, and adjusted EBITDA was $73.8 million, showing growth in key financial metrics. Primoris remains optimistic about achieving its full-year 2024 goals for improved margins and cash flow generation.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
5%
Tags
Rhea-AI Summary
Primoris Services (NYSE: PRIM) announced the schedule for its first quarter 2024 earnings conference call and webcast. The financial results will be reported on May 8, 2024, after market close. The conference call and webcast to discuss the results and business outlook will take place on May 9, 2024, at 9:00 a.m. U.S. Central Time. Interested parties can join the call or access the webcast via the Company's website. A replay will be available for seven days after the call.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.93%
Tags
-
Rhea-AI Summary
Primoris Services (NYSE: PRIM) is hosting an Investor Day in New York City on April 3, 2024. Senior management will discuss strategic initiatives and financial targets.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
7.76%
Tags
conferences
-
Rhea-AI Summary
Primoris Services Corporation (PRIM) will host and webcast its 2024 Investor Day on April 3, 2024, at the New York Stock Exchange. The event will feature senior management presenting strategic initiatives and financial targets, with a Q&A session. The webcast will be available live and for replay on the company's website.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.61%
Tags
none
Rhea-AI Summary
Primoris Services Corporation (NYSE: PRIM) reported strong financial results for the full year 2023, with revenue reaching $5.7 billion, up 29.3% from 2022. Net income was $126.1 million, down 5.2% due to higher expenses. Adjusted net income increased to $154.7 million. The company also achieved a record total backlog of $10.9 billion. For the fourth quarter, revenue was $1.5 billion, up 14.0% from the previous year. Net income was $37.7 million, down 9.3%. Adjusted net income was $46.4 million. Primoris remains optimistic for 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-6.86%
Tags
-
Rhea-AI Summary
Primoris Services Corporation (NYSE: PRIM) has announced the date for reporting its fourth quarter and full year 2023 financial results. The press release will be available on the Primoris website, and a conference call and webcast will be held to discuss the results and the business outlook for 2024. Interested parties can access the webcast and conference call through the Company’s website or by dialing in using the provided phone numbers and access code.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.83%
Tags
-
Rhea-AI Summary
Primoris Services Corporation (NYSE: PRIM) announced awards totaling $1.1 billion for its Energy Segment, including $700 million for solar projects and a $350 million natural gas repowering project with battery energy storage. The projects are expected to meet the energy needs of thousands of homes in three states. President and CEO Tom McCormick expressed satisfaction with the company's backlog and the start of 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
6.01%
Tags
none
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.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.23%
Tags
none

FAQ

What services does Primoris Services Corporation provide?

Primoris offers construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to various industries.

Which markets does Primoris primarily serve?

Primoris serves major public utilities, petrochemical companies, energy firms, municipalities, and other diverse end markets.

What are the main segments of Primoris Services Corporation?

The company operates through two main segments: Utilities and Energy.

What services are included in the Utilities segment?

The Utilities segment includes installation and maintenance of natural gas and electric utility distribution and transmission systems, and communication systems.

What services does the Energy segment cover?

The Energy segment offers engineering, procurement, and construction, retrofits, highway and bridge construction, demolition, site work, outages, pipeline construction and maintenance, and more.

How has Primoris Services Corporation grown over the years?

Since December 2009, Primoris has more than doubled in size, expanding its footprint across the continental United States and Canada.

What recent achievements has Primoris accomplished?

Primoris has secured high-value contracts and expanded into renewable energy infrastructure and advanced engineering solutions.

How is Primoris performing financially?

Primoris has shown strong financial performance with steady revenue growth, a solid balance sheet, and cost-efficient operations.

What is Primoris' strategic focus?

Primoris focuses on expanding its service offerings, increasing geographical reach, and maintaining operational excellence and customer satisfaction.

Where does Primoris operate?

Primoris operates throughout the continental United States and Canada.

Primoris Services Corporation

NYSE:PRIM

PRIM Rankings

PRIM Stock Data

2.94B
53.64M
1.32%
95.18%
2.59%
Water and Sewer Line and Related Structures Construction
Construction
Link
United States of America
DALLAS