Primoris Svcs Corp Stock Price, News & Analysis

Primoris Services Corporation (NASDAQ Global Select: PRIM) announced the award, renewal, or extension of 15 multi-year contracts worth over $525 million, primarily through its Utilities Segment. Among these, a significant $60 million five-year MSA agreement focuses on installing fiber-optic cables in the Gulf Coast region to enhance telecommunications in underserved communities. Additionally, contracts cover natural gas distribution and electrical system construction, with ongoing projects expected to be completed in 2022, 2023, and 2025.

Primoris Services Corporation (NASDAQ: PRIM) announced its first-quarter financial results for 2021, reporting revenue of $818.3 million, a 10% increase year-over-year. Net income rose to $5.9 million from a loss of $3.7 million in the prior year, resulting in fully diluted earnings per share of $0.12. Key achievements included the acquisition of Future Infrastructure, which contributed significantly to revenue growth, particularly in the Utilities segment with a 34% increase. The company also reported a backlog of $3.1 billion as of March 31, 2021.

Primoris Services Corporation (NASDAQ GS: PRIM) has announced the outcomes of its Annual Meeting of Stockholders on May 4, 2021. The stockholders elected nine directors, including notable figures such as David L. King and Tom McCormick. The meeting also ratified Moss Adams LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2021. Chairman David L. King expressed gratitude to retiring board members and welcomed new board member Jose Rodriguez, emphasizing the company’s commitment to shareholder trust and governance.

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.