Primoris Svcs Corp Stock Price, News & Analysis

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.

On May 4, 2022, Primoris Services Corporation held its Annual Meeting of Stockholders in Dallas, Texas. Stockholders elected nine directors, including David L. King as Chairman and Michael Ching as a new member. The selection of Moss Adams LLP as the independent public accounting firm for the fiscal year ending December 31, 2022, was ratified. The 2022 Employee Stock Purchase Plan was approved, effective May 5, 2022. CEO Tom McCormick expressed gratitude for shareholder support and confidence in the company’s strategy.

Primoris Services Corporation (NASDAQ: PRIM) announced that its President and CEO, Tom McCormick, along with CFO Ken Dodgen, will engage with investors at the Goldman Sachs Industrials and Materials Conference on May 11, 2022, in New York. The presentation will be accessible on the Company's Investor Relations website before NASDAQ trading opens on that day. Primoris specializes in providing critical infrastructure services to energy, utilities, and pipeline markets across the U.S. and Canada, emphasizing growth in high-margin sectors such as renewable energy.

Primoris Services Corporation (NASDAQ: PRIM) plans to release its Q1 2022 financial results on May 9, 2022, after market close. A conference call and webcast will follow on May 10, 2022, at 9:00 a.m. CT, to discuss the results and future outlook. Interested investors can join by dialing 1-888-330-3428 in the U.S. or 1-646-960-0679 internationally, using access code 7581464. Primoris delivers critical infrastructure services for utility, energy, and pipeline markets across the U.S. and Canada, aiming for long-term growth through expanded contracts and higher-margin projects.

Primoris Services Corporation (NASDAQ: PRIM) has announced two significant project awards totaling over $155 million. The first, a Heavy Civil contract exceeding $48 million, is from the Texas Department of Transportation, set to begin in Q2 2022 and complete by Q4 2024. The second project, valued at over $110 million, encompasses Water & Mechanical services, scheduled for commencement also in Q2 2022, with a projected completion by Q1 2025.