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.
Primoris Services Corporation (NASDAQ: PRIM) has secured three new utility contracts valued at over $45 million. These contracts, awarded to ARB Underground within the Utilities & Distribution segment, involve gas pipe replacement in Southern California and power line replacement in Northern California. The projects are set to commence in Q2 2020 and are expected to be completed by Q2 2021.
Primoris Services Corporation (NASDAQ: PRIM) announced a Limited Notice to Proceed (LNTP) for a solar project valued at $10 million, with an expected final contract worth over $100 million. This contract, secured by Primoris Renewable Energy, involves initial engineering work on a utility-scale solar facility in the Southwest. The project’s construction is anticipated to complete by Q3 2021, marking a significant opportunity for Primoris in the renewable energy sector.
Primoris Services Corporation (NASDAQ: PRIM) is participating in three upcoming investor conferences. The management will present at the KeyBanc Capital Markets Industrials & Basic Materials Virtual Conference on May 28, followed by the UBS Global Industrials & Transportation Virtual Conference on June 2, and the Stifel Cross Sector Insight Virtual Conference on June 9. Presentations will be available for download on the Investor Relations section of their website, www.prim.com.
Primoris Services Corporation (NASDAQ: PRIM) announced two significant industrial awards totaling over $62 million. The first contract involves the construction of the OSBL portion of a renewable diesel expansion project in Louisiana, set to start in Q2 2020 and finish by Q3 2021. The second contract is for the civil work of an air separation unit expansion in Texas, aiming to reduce NOx and CO2 emissions, with completion expected by Q3 2020.
Primoris Services Corporation (NASDAQ: PRIM) has secured a significant contract valued at over $200 million for the engineering, procurement, and construction of a renewable fuels facility in Bakersfield, California. The facility will produce renewable diesel from organic feedstocks, contributing to lower greenhouse gas emissions. This project, awarded to ARB Industrial, involves extensive upgrades and is set for completion in the third quarter of 2022.
Primoris Services reported Q1 2020 revenue of $743.2 million, up 12.3% from Q1 2019. However, the company faced a net loss of ($3.7 million) or ($0.08) per diluted share, compared to a net income of $1.9 million in the previous year. Despite the pandemic's impact, backlog reached a record $3.2 billion. The company has suspended its 2020 earnings guidance due to uncertainty over COVID-19 and oil-related impacts. Nevertheless, Primoris plans to maintain its quarterly dividend of $0.06 per share.
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