Welcome to our dedicated page for Primoris Services news (Ticker: PRIM), a resource for investors and traders seeking the latest updates and insights on Primoris Services stock.
Primoris Services Corporation reports developments in critical infrastructure services for utility, energy, and renewables markets across the United States and Canada. The company provides engineering, construction, and maintenance services, with Utilities and Energy segment updates covering power delivery, natural gas and electric utility systems, communications infrastructure, utility-scale solar, renewables, natural gas generation, pipeline, and industrial work.
Recurring PRIM news centers on quarterly and annual results, backlog and Master Service Agreement backlog, segment revenue and margin trends, project cost performance, bidding activity, completed acquisitions, business outlooks, and investor conference participation.
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.
Primoris Services Corporation (NASDAQ: PRIM) has secured a $100 million contract for a solar project in Texas. The contract, awarded to the Power, Industrial, & Engineering Segment, involves the engineering, procurement, and construction of a utility-scale solar facility, including a battery energy storage system and a substation. Work is set to begin in Q2 2021 and is expected to be completed by Q2 2022. This development marks a significant milestone in Primoris's expansion into renewable energy projects.
On December 28, 2020, Primoris Services Corporation (NASDAQ: PRIM) announced its participation in the CJS Securities 21st Annual "New Ideas for the New Year" Conference on January 13, 2021. The company's senior management will present, and presentation slides will be made available on their website prior to trading that day. Primoris, founded in 1960, is a leading provider of specialty contracting services in the U.S. and Canada, offering construction, fabrication, maintenance, and engineering services to a diverse customer base.
Primoris Services Corporation (NASDAQ: PRIM) announced two significant contract awards totaling approximately $39 million in its Pipeline & Underground segment. The first project involves microtunneling for a new sewer main in North Tampa Bay, spanning 3,200 linear feet, with work set to begin in Q2 2021 and complete by Q3 2022. The second contract is for installing seven microtunnels for the Silicon Valley Clean Water agency, covering 4,324 linear feet, also expected to commence in Q2 2021 and end by Q3 2022.
Primoris Services Corporation (NASDAQ: PRIM) has announced a definitive merger agreement to acquire Future Infrastructure Holdings for $620 million in cash. This acquisition targets the growing telecommunication services market, driven by fiber deployments and 5G technology. Future Infrastructure generated $342 million in revenue and $66 million in adjusted EBITDA in the past year. The transaction is expected to enhance Primoris' earnings, delivering at least $10 million in annual cost savings within 30 months. Closing is anticipated in Q1 2021, pending regulatory approvals.