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 (NYSE: PRIM) has announced its upcoming fourth quarter and full year 2024 earnings release, scheduled for Monday, February 24, 2025, after market close. The company will host a conference call and webcast on Tuesday, February 25, 2025, at 9:00 a.m. U.S. Central Time to discuss the financial results and provide a business outlook for 2025.
Investors can access the conference call by dialing 1-800-715-9871 (U.S.) or 1-646-307-1963 (international) using access code: 1324356. A webcast link will be available in the Investors section of the company's website. A replay will be accessible for seven days starting February 25, 2025, at 5:00 p.m. Central Time.
Primoris Services (NYSE: PRIM) has announced key leadership changes. Jeremy Kinch, former President of Energy, has been promoted to Chief Operations Support Officer, where he will oversee operational support functions including IT, real estate, fleet, project services, and health, safety and environment. Kinch brings over 25 years of infrastructure construction services experience and joined Primoris in 2018 following their acquisition of Willbros.
Additionally, Heath Moncrief has been promoted to President of Energy, leading the industrial services, heavy civil and pipeline businesses. Moncrief previously served as Senior Vice President of Primoris Industrial Construction since 2020 and has over 20 years of industry experience.
CEO Tom McCormick stated these promotions align with the company's strategy of leveraging diverse skills and experience to bring fresh perspectives to the organization.
Primoris Services (NYSE: PRIM) has announced its participation in three upcoming institutional investor conferences. The company will attend the UBS Global Industrials and Transportation Conference in Palm Beach on December 4, 2024, followed by the Goldman Sachs Industrials and Materials Conference in New York on December 5, 2024. Additionally, Primoris will participate in the virtual CJS Securities 25th Annual "New Ideas for the New Year" Investor Conference on January 14, 2025. The company's latest investor presentation will be available on their website's Investor Relations section before each conference.
Primoris Services (NYSE: PRIM) reported strong Q3 2024 results with revenue of $1.65 billion, up 7.8% year-over-year. Net income reached $58.4 million ($1.07 per diluted share), increasing from $48.1 million in Q3 2023. The company achieved record backlog of $11.3 billion driven by renewables and industrial bookings. Adjusted EBITDA grew 6.4% to $127.7 million. Based on strong performance, Primoris raised its 2024 EPS guidance to $2.85-$3.00 and Adjusted EPS to $3.40-$3.55 per diluted share. The company also increased its quarterly dividend to $0.08 per share.
Primoris Services (NYSE: PRIM) has announced the schedule for its third quarter 2024 earnings conference call and webcast. The company will release its financial results on Monday, November 4, 2024, after market close. The earnings press release will be available on the Primoris website at www.prim.com.
A conference call and webcast to discuss the Q3 2024 results and business outlook will be held on Tuesday, November 5, 2024, at 9:00 a.m. U.S. Central Time. Interested parties can dial in at 1-800-715-9871 (U.S./Canada) or 1-646-307-1963 (outside U.S.) using access code: 1324356. The webcast link will be accessible from the 'Investors' section of the company's website.
A replay of the conference call will be available from November 5, 2024, at 5:00 p.m. Central Time for seven days. The replay phone numbers are 1-800-770-2030 (U.S./Canada) and 1-609-800-9909 (outside U.S.), using access code: 1324356 followed by the # key. The webcast replay will also be available on the company's website.
Primoris Services (NYSE: PRIM) has announced its participation in two major investor conferences in September 2024. The company's management team will attend:
- D.A. Davidson's 23rd Annual Diversified Industrials & Services Conference in Nashville, TN on September 19
- RBC Capital Markets Global Industrials Conference in Las Vegas, Nevada on September 25
Primoris will make its latest investor presentation available on the company's website (www.prim.com) in the Investor Relations section under 'Events and Presentations' before each conference. This move demonstrates Primoris' commitment to engaging with institutional investors and showcasing its business strategies and performance.
Premier PV, a Primoris Services (NYSE: PRIM) subsidiary, has achieved over $55 million in backlog. The company specializes in electrical balance of systems (eBOS) solutions for solar, battery energy storage, and operations and maintenance markets, focusing on utility-scale applications. Premier PV offers a comprehensive range of eBOS products, including combiner boxes, load break disconnects, and wire harnesses.
Headquartered in Crossett, Arkansas, Premier PV has produced and deployed over ten gigawatts of eBOS products at its ISO9001 certified facility. The company emphasizes environmental stewardship through sustainable packaging practices. As part of Primoris, Premier PV leverages extensive renewable energy expertise and resources to serve a diverse clientele, including contractors, owners, and developers in the renewables sector.
Primoris Services (NYSE: PRIM) announced its Q2 2024 results, showcasing significant growth. Revenue reached $1,563.7 million, a 10.6% increase year-over-year, primarily driven by the Energy segment. Net income was $49.5 million, up by $10.5 million, with diluted EPS rising to $0.91 from $0.72. Adjusted net income grew to $57.1 million, with adjusted EPS at $1.04. Additionally, Adjusted EBITDA improved to $117.1 million, a 14.4% increase. Notably, the company raised its EPS and Adjusted EPS guidance to $2.70-$2.90 and $3.25-$3.45 per diluted share, respectively.
The Energy segment saw a 25% revenue increase, while the Utilities segment faced a 4.4% decline. Gross profit rose by 18.7% to $186.7 million, with gross margins improving to 11.9%. Higher SG&A expenses, driven by personnel and technology costs, were noted. Interest expenses were stable. The company anticipates continued growth, leveraging trends in solar and natural gas power generation.
Primoris Services (NYSE: PRIM) has announced its schedule for the second quarter 2024 earnings conference call and webcast. The company will report its Q2 2024 financial results on Monday, August 5, 2024, after market close. A conference call and webcast will be held on Tuesday, August 6, 2024, at 9:00 a.m. U.S. Central Time to discuss the results and business outlook.
Interested parties can join the call by dialing 1-800-715-9871 (U.S./Canada) or 1-646-307-1963 (outside U.S.) using access code: 1324356. A webcast link will be available in the 'Investors' section of the Primoris website. A replay of the call will be accessible from August 7, 2023, at 5:00 p.m. Central Time for seven days.
Primoris Services (NYSE: PRIM) has secured project awards valued at approximately $1.2 billion for its Energy Segment. The awards include nearly $700 million contracted in Q2 2024 and over $500 million booked early in Q3 2024. The projects comprise:
1. $1.1 billion for engineering, procurement, and construction of utility-scale solar projects, including approximately 800 MWh of battery energy storage systems.
2. $100 million for expanding multiple combustion gas turbine generators.
These projects are set to begin mobilization from the second half of 2024 through Q2 2025, reflecting strong demand in utility-scale solar and natural gas generation solutions.