Welcome to our dedicated page for Primoris Svcs news (Ticker: PRIM), a resource for investors and traders seeking the latest updates and insights on Primoris Svcs 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.
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.
Primoris Services Corporation (NASDAQ: PRIM) announced a three-year utility contract worth approximately $36 million. This contract is for maintenance on a high-pressure gas pipeline in Northern California, set to commence in Q1 2021 and conclude by Q4 2023. Primoris, a major provider of specialty contracting services founded in 1960, operates across the U.S. and Canada, offering a variety of construction and engineering services.
Primoris Services Corporation (NASDAQ: PRIM) will participate in the Credit Suisse 8th Annual Virtual Industrials Conference on December 2, 2020. The Company plans to provide a downloadable presentation on its Investor Relations website prior to the event. Established in 1960, Primoris has become a leading provider of specialty contracting services in the U.S. and Canada, offering a diverse range of construction, fabrication, and engineering services. For further details, visit www.prim.com.
Primoris Services Corporation (NASDAQ GS: PRIM) reported record financial results for Q3 2020, achieving $942.7 million in revenue, a 9% increase year-over-year. Net income rose 23% to $43.9 million, with fully diluted earnings per share hitting $0.90, up 29%. Cash flows from operations surged to $130.8 million, and backlog stood at $3.0 billion. The company declared a $0.06 per share dividend for stockholders of record on December 31, 2020. CEO Tom McCormick highlighted strong performance across segments, particularly in renewables and pipeline projects, despite pandemic challenges.
Primoris Services Corporation (NASDAQ: PRIM) will host a conference call on November 6, 2020, at 10:00 AM ET to discuss its third quarter results. The results will be released before market opening. Interested participants can join via phone at (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will be available for two weeks at (877) 660-6853, conference ID 13711963. The call will also be accessible live online through the Investor Relations section of Primoris' website.
Primoris Services Corporation (NASDAQ: PRIM) has announced the renewal of a Master Service Agreement (MSA) valued over $110 million with a major energy customer, focusing on pipeline maintenance in the Canadian oil sands. The MSA, which was signed in Q3 2020, is expected to generate approximately $22 million annually over five years. Although the agreement does not guarantee a specific dollar amount, prior discussions suggest a solid financial basis for the anticipated revenue.