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 seven projects in the Energy/Renewables segment, valued at approximately $400 million. This includes two power projects worth $100 million and a construction award for utility-scale solar projects in the Midwest, also valued at $100 million. Additionally, four heavy civil construction projects have been awarded, totaling over $200 million. Work is set to commence in the fourth quarter of 2022, enhancing Primoris's backlog as it moves into 2023.
Primoris Services Corporation (NASDAQ: PRIM) is set to release its third quarter 2022 financial results on November 7, 2022, after market close. The company's financial release will be available on their website. A conference call to discuss the results and business outlook will occur on November 8, 2022, at 9:00 a.m. CT. Interested participants can join via phone or through a webcast link on the Primoris website. Primoris is a leading specialty contractor providing critical infrastructure services across the U.S. and Canada, focusing on multi-year agreements and growth in renewable energy sectors.
Primoris Services Corporation (NASDAQ: PRIM) announced participation in two institutional investor conferences in September 2022:
- September 13: 2022 RBC Global Industrials Conference
- September 22: DA Davidson 21st Annual Diversified Industrials & Services Conference
Presentation materials will be available on the Company’s Investor Relations website before NASDAQ trading opens on conference days. Primoris specializes in critical infrastructure services across the utility, energy/renewables, and pipeline markets in the U.S. and Canada, focusing on long-term growth opportunities.
Primoris Services Corporation (NASDAQ: PRIM) announced a new pipeline award valued at over $120 million. This contract, awarded to the Pipeline Services Segment, involves the construction of approximately 60 miles of pipeline in Texas. The project is slated to begin in the third quarter of 2022 and is expected to be completed by the second quarter of 2023. Primoris, a leading specialty contractor, provides infrastructure services across the utility and energy sectors, focusing on high-growth areas such as renewable energy and power delivery systems.
Primoris Services Corporation (NASDAQ: PRIM) announced a major $270 million solar project award for the engineering, procurement, and construction of a utility-scale solar facility in the Southwest. This project aims to add approximately 500 megawatts to Primoris's portfolio, which already includes over 3,900 megawatts of solar projects under construction. Construction is set to begin in Q4 2022, with completion expected by Q4 2023.
Primoris Services Corporation (NASDAQ GS: PRIM) reported record revenue of $1,022.9 million for Q2 2022, driven primarily by its Utilities and Energy/Renewables segments, which contributed over 94% of total revenue. Net income rose to $50.2 million, leading to an EPS of $0.93. The company achieved a record backlog of $4.572 billion, reflecting a 59% year-over-year increase. However, gross profit declined to $92.1 million, reducing margins due to rising costs in the Pipeline segment.
The outlook for 2022 anticipates increased net income per share of $2.40 to $2.60.
Primoris Services Corporation (NASDAQ: PRIM) has completed its acquisition of PLH Group, Inc. for $470 million in cash. This strategic move enhances Primoris' operations in the utility markets, particularly in power delivery, communications, and gas utilities. The majority of PLH operations will be integrated into Primoris' Utilities Segment, with others joining the Energy/Renewables and Pipeline segments. CEO Tom McCormick emphasized this acquisition will position the company to leverage growth in both traditional and renewable energy sectors.
Primoris Services Corporation (NASDAQ: PRIM) plans to release its second quarter 2022 financial results on August 8, 2022, after market close. A conference call and webcast will follow on August 9, 2022, at 9:00 a.m. CT to discuss these results and the Company’s financial outlook. Primoris provides critical infrastructure services, focusing on utility, energy/renewables, and pipeline services, enhancing its growth potential through master service agreements and higher-margin markets like renewable fuels and solar facility installations.
Primoris Services Corporation (NASDAQ: PRIM) announced that President and CEO Tom McCormick, along with CFO Ken Dodgen, will participate in the CJS Securities 22nd Annual New Ideas Summer Conference on Tuesday, July 12, 2022. Investors can access the company's presentation on their Investor Relations website, www.primoriscorp.com, prior to the market opening on the same day. Primoris is a leading provider of specialty contracting services in the U.S. and Canada, focusing on utilities and renewable energy markets, positioning itself for long-term growth.
Primoris Services Corporation (NASDAQ: PRIM) has announced a significant heavy civil project valued at over $170 million, awarded by the Texas Department of Transportation. This project involves the construction of a section of Highway 59 in Polk County, Texas, scheduled to start in Q3 2022 and expected to complete by Q4 2024. CEO Tom McCormick emphasized that this initiative exemplifies the company's commitment to delivering crucial infrastructure for America's future.