Primoris Svcs Corp Stock Price, News & Analysis

Primoris Services Corporation (NASDAQ: PRIM) will release its financial results for Q1 2021 on May 5, 2021, after market close. A conference call will follow on May 6 at 9:00 a.m. CT, featuring Tom McCormick, CEO, and Ken Dodgen, CFO, discussing results and financial outlook. The call will be accessible via phone and webcast. A replay will be available the same day at 5:00 p.m. CT. Primoris, established in 1960, specializes in contracting services across the U.S. and Canada, serving a diverse customer base.

On March 24, 2021, Primoris Services Corporation (NASDAQ: PRIM) announced a significant contract valued at over $35 million, awarded by the Texas Department of Transportation for a heavy civil project in Midland, Texas. The project involves reconstructing Interstate 20's frontage roads and main lanes, including paving, drainage, and safety features. Work is set to commence in Q2 2021 and is expected to conclude by Q4 2023. This contract reflects Primoris's capabilities in specialty contracting and its ongoing engagement in infrastructure development.

Primoris Services Corporation (NASDAQ: PRIM) has secured a new solar project worth over $220 million through its Energy Segment. This contract marks the third collaboration with the same customer for engineering, procurement, and construction services of utility-scale solar facilities in the Southwest.

The award includes approximately $19 million in work previously announced. Construction is set to begin in Q1 2021, with completion expected by Q2 2022.

Primoris Services Corporation (NASDAQ: PRIM) announced a public offering of 4,500,000 shares of common stock at $35.00 per share, aiming for net proceeds of approximately $150 million. The offering, which includes a 30-day option for underwriters to purchase an additional 675,000 shares, is set to close on March 22, 2021. Proceeds will be used for general corporate purposes, particularly to repay borrowings under its credit facility. Goldman Sachs, Morgan Stanley, and UBS are managing the offering.

Primoris Services Corporation (NASDAQ: PRIM) announced a public offering of 4,500,000 shares of its common stock, with an option for underwriters to purchase an additional 675,000 shares. The offering's proceeds will be used for general corporate purposes, including repaying existing borrowings. The offering is subject to market conditions and will be managed by Goldman Sachs, Morgan Stanley, and UBS. The company operates in North America, providing specialty contracting services.

Primoris Services Corporation (NASDAQ GS: PRIM) reported record financial results for 2020, with revenue hitting $3.5 billion, a 12% increase from the previous year. Net income rose 28% to $105 million, and fully diluted EPS reached $2.16, up 34%. The fourth quarter alone generated $897.3 million in revenue, an increase of 14%. Primoris also acquired Future Infrastructure for $621.7 million, aiming for growth in higher-margin markets. A $0.06 per share dividend was declared for stockholders. The company anticipates a net income of $2.40 to $2.60 per share for 2021.

Primoris Services Corporation (NASDAQ: PRIM) announced the award of a Limited Notice to Proceed (LNTP) for a solar project worth $19 million, with a final contract value anticipated to exceed $200 million. This contract, secured by the Company’s Energy Segment, focuses on initial engineering work for a utility-scale solar facility in the Southeast U.S. The project’s initial phase is expected to start in Q2 2021, with construction completion anticipated by the end of 2022.

Primoris Services Corporation (NASDAQ: PRIM) has successfully completed its acquisition of Future Infrastructure Holdings, LLC for $620 million in cash. This move aligns with Primoris’ strategy to enhance its capabilities in high-growth utility services. Future Infrastructure provides essential maintenance and installation services across various sectors. The acquisition aims to strengthen Primoris' market presence and expand its revenue streams. Additionally, Primoris has granted stock-based compensation to 16 Future Infrastructure employees, totaling over 1.2 million shares.

On January 5, 2021, Primoris Services Corporation (NASDAQ: PRIM) announced a reorganization of its reporting structure to streamline operations and enhance growth potential. The company will consolidate its operating segments from five to three: Utilities, Energy, and Pipeline Services. The Utilities Segment will integrate the Utilities and Distribution segment with Transmission and Distribution, while the Energy Segment combines Power, Industrial and Engineering with Civil. CEO Tom McCormick emphasized the potential for improved efficiency and collaboration following the acquisition of Future Infrastructure.