Primoris Svcs Corp Stock Price, News & Analysis

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.

Primoris Services Corporation (NASDAQ: PRIM) has entered into a definitive merger agreement to acquire PLH Group, Inc. for $470 million in cash. This acquisition nearly doubles Primoris's Power Delivery business, increasing its Utilities segment to over 50% of pro forma revenue. Expected synergies include double-digit EPS growth within 12 months and annual cost savings of at least $10 million. The transaction is set to close in Q3 2022, pending regulatory approvals.

Primoris Services Corporation (NASDAQ: PRIM) announced a significant solar project valued at $260 million, secured by its Energy/Renewables Segment. This contract highlights the company's growth in the utility-scale solar market, with over 3,200 megawatts of projects under construction in 2022. As of now, Primoris has achieved over half a billion dollars in new solar business year-to-date. The project is set to commence construction in Q3 2022 and is expected to be completed by Q4 2023.

Primoris Services Corporation (NASDAQ: PRIM) announced its participation in three institutional investor conferences in June. The conferences include the KeyBanc Capital Markets Industrial & Basic Materials Conference on June 1, Stifel Cross Sector Insight Conference on June 9, and Sidoti & Company Summer Investor Virtual Conference on June 16. Presentations for each conference will be available on the company's Investor Relations website before NASDAQ trading opens. Primoris provides specialty contracting and critical infrastructure services primarily in the utility and energy sectors.

Primoris Services Corporation (NASDAQ GS: PRIM) reported Q1 2022 revenues of $784.4 million, a decrease from Q1 2021, alongside a net loss of $1.7 million. Adjusted EPS stood at $0.01, down from $0.37 year-over-year. The company announced a record backlog of $4.025 billion, up 30% compared to last year, primarily driven by utilities and energy/renewables. Despite challenges in the pipeline segment, including a 49% revenue decline, Primoris remains optimistic, raising its 2022 net income guidance to between $2.20 and $2.40 per share.

Primoris Services Corporation (NASDAQ: PRIM) has announced a new solar project valued at $130 million, awarded to its Energy/Renewables Segment. The project involves the engineering, procurement, and construction of a utility-scale solar facility. Construction is set to begin in Q4 2022, with expected completion in Q3 2023. The project highlights the company's capability to provide integrated services, utilizing both its Energy/Renewables and Utilities Segments.

Primoris Services Corporation (NASDAQ: PRIM) has secured a $120 million contract for a utility-scale solar project, marking its sixth contract with the customer and eighth project in the Southwest region. The project is set to commence construction in Q2 2022 and is expected to complete in Q1 2023. With over $1.4 billion in solar projects completed or under construction, Primoris aims to enhance its growth in the renewable energy sector. This contract reinforces the company's strong client relationships and ongoing success in the energy/renewables segment.