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 (NYSE: PRIM) is a specialty contractor that provides critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. This news page aggregates company announcements, earnings releases, and other updates so readers can follow how Primoris’ Utilities and Energy segments are performing over time.
Public releases from Primoris frequently highlight quarterly financial results, including revenue trends, segment performance, and the use of non-GAAP measures such as Adjusted Net Income, Adjusted EPS, and Adjusted EBITDA. These updates also discuss factors affecting margins and growth, such as increased activity in power delivery, gas operations, communications, renewable energy, and industrial projects, as well as changes in pipeline activity and project closeouts.
News items also cover corporate developments, including the appointment of senior executives, outcomes of annual stockholder meetings, and decisions by the Board of Directors regarding cash dividends and share purchase authorizations. In addition, Primoris regularly announces its participation in institutional investor conferences focused on energy, clean technology, utilities, and diversified industrials, providing insight into how the company engages with the investment community.
Investors and other interested readers can use this page to review historical and recent press releases related to Primoris’ financial performance, backlog updates, capital allocation decisions, and leadership changes. By following these company-generated news items, users gain context on how Primoris positions its Utilities and Energy segments, its role in utility-scale solar and natural gas power generation projects, and its broader activities in power delivery, communications, and transportation infrastructure.
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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