Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates in five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil. The Power, Industrial, and Engineering segment offers engineering, procurement, construction, retrofit, upgrade, repair, outage, and maintenance services for entities in the petroleum and petrochemical industries, as well as traditional and renewable power generators. The Pipeline and Underground segment provides a range of services comprising pipeline construction, maintenance, facility, and integrity services; installation of compressor and pump stations; and metering facilities for entities in the petroleum and petrochemical industries, as well as gas, water, and sewer utilities. The Utilities and Distribution segment offers installation and maintenance services for natural gas utility distribution systems; and pipeline integrity services for entities in the gas utility market. The Transmission and Distribution segment provides installation and maintenance services for electric utility transmission, substation, and distribution systems for entities in the electric utility market. The Civil segment undertakes highway and bridge construction, airport runway construction, demolition, site work, soil stabilization, mass excavation, flood control, and drainage projects for entities in the petroleum and petrochemical industries, state and municipal departments of transportation, and airports. The company was founded in 1960 and is headquartered in Dallas, Texas.
IPO Year:
Exchange: NASDAQ
Website: primoriscorp.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 10/7/2024 | $71.00 | Overweight | JP Morgan |
| 4/3/2023 | $22.50 → $27.00 | Sell → Neutral | Goldman |
| 11/11/2021 | $27.00 → $24.00 | Neutral → Sell | Goldman Sachs |
| 8/6/2021 | $35.00 → $31.00 | Neutral | Goldman Sachs |
| 7/16/2021 | $38.00 | Buy | UBS |
| 7/16/2021 | $37.00 | Overweight | Morgan Stanley |
4 - Primoris Services Corp (0001361538) (Issuer)
4 - Primoris Services Corp (0001361538) (Issuer)
4 - Primoris Services Corp (0001361538) (Issuer)
4 - Primoris Services Corp (0001361538) (Issuer)
4 - Primoris Services Corp (0001361538) (Issuer)
4 - Primoris Services Corp (0001361538) (Issuer)
4 - Primoris Services Corp (0001361538) (Issuer)
4 - Primoris Services Corp (0001361538) (Issuer)
4 - Primoris Services Corp (0001361538) (Issuer)
4 - Primoris Services Corp (0001361538) (Issuer)
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Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced financial results for its third quarter ended September 30, 2024 and provided comments on the Company's operational performance and outlook for 2024. For the third quarter of 2024, Primoris reported the following highlights (1): Revenue of $1,649.1 million, up $119.6 million, or 7.8 percent, compared to the third quarter of 2023 driven by strong growth in both the Energy and Utilities segments; Net income of $58.4 million, or $1.07 per diluted share, an increase of $10.3 million, or $0.18 per diluted share, from the third quarter of 2023; Record backlog of $11.3 billion driven by strong renewables
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") announced today it will report third quarter 2024 financial results on Monday, November 4, 2024, after market close. The Company's press release will be available on the Primoris website at www.prim.com. In conjunction with the press release, management will host a conference call and webcast on Tuesday, November 5, 2024, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company's third quarter 2024 results and business outlook. Interested parties are invited to dial-in at 1-800-715-9871 (U.S./Canada) or, from outside the U.S. at 1-646-307-1963, using access code: 1324356, or by asking for
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") announced today that the Company's management team will participate in two institutional investor conferences in September. D.A. Davidson's 23rd Annual Diversified Industrials & Services Conference – Nashville, TN on September 19 2024 RBC Capital Markets Global Industrials Conference – Las Vegas, Nevada on September 25 A copy of the Company's most recent investor presentation will be available on the Company's Investor Relations "Events and Presentations" section of its website, www.prim.com, prior to each conference. About Primoris Primoris Services Corporation is a premier specialty contractor providing critic
Premier PV, part of specialty contractor Primoris Services Corporation's (NYSE:PRIM) ("Primoris" or the "Company") family of companies, announced today that it has reached over $55 million in backlog. Premier PV is a provider of electrical balance of systems (eBOS) solutions to the solar, battery energy storage systems, and operations and maintenance markets, with a focus on utility-scale applications. Its product offerings include combiner boxes, load break disconnects, splice boxes, wire harnesses, and jumpers and extenders – making it a complete eBOS provider to its clients. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/202408
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced financial results for its second quarter ended June 30, 2024 and provided comments on the Company's operational performance and outlook for 2024. For the second quarter of 2024, Primoris reported the following highlights (1): Revenue of $1,563.7 million, up $150.3 million, or 10.6 percent, compared to the second quarter of 2023 driven by strong growth in the Energy segment; Net income of $49.5 million, or $0.91 per diluted share, an increase of $10.5 million, or $0.19 per diluted share, from the second quarter of 2023; Adjusted net income of $57.1 million, or $1.04 per diluted share, an increa
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") announced today it will report second quarter 2024 financial results on Monday, August 5, 2024, after market close. The Company's press release will be available on the Primoris website at www.prim.com. In conjunction with the press release, management will host a conference call and webcast on Tuesday, August 6, 2024, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company's second quarter 2024 results and business outlook. Interested parties are invited to dial-in at 1-800-715-9871 (U.S./Canada) or, from outside the U.S. at 1-646-307-1963, using access code: 1324356, or by asking for
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced several awards with a combined value of approximately $1.2 billion secured by the Company's Energy Segment. The awards include nearly $700 million contracted in the second quarter of 2024 and more than $500 million booked early in the third quarter of 2024. The projects consist of $1.1 billion for the engineering, procurement and construction of utility-scale solar projects and around $100 million for the expansion of multiple combustion gas turbine generators. "We continue to see strong demand in our utility-scale solar and natural gas generation solutions driven by a growing need for power generation
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced financial results for its first quarter ended March 31, 2024 and provided comments on the Company's operational performance and outlook for 2024. For the first quarter of 2024, Primoris reported the following highlights (1): Revenue of $1,412.7 million, up $155.8 million, or 12.4 percent, compared to the first quarter of 2023 primarily driven by strong growth in utility-scale solar and industrial construction within the Energy segment; Net income of $18.9 million, or $0.35 per diluted share, up $17.6 million, or $0.33 per diluted share, from the first quarter of 2023; Adjusted net income of $2
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced it will report first quarter 2024 financial results on Wednesday, May 8, 2024, after market close. The Company's press release will be available on the Primoris website at www.prim.com. In conjunction with the press release, management will host a conference call and webcast on Thursday, May 9, 2024 at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company's first quarter 2024 results and business outlook. Interested parties are invited to dial-in at 1-800-715-9871, or from outside the U.S. at 1-646-307-1963, using access code: 1324356, or by asking for the Primoris confer
Primoris Services Corporation (NYSE:PRIM) is hosting an Investor Day from New York City on Wednesday, April 3, 2024. The event is scheduled to begin at approximately 10:00 a.m. ET and is expected to conclude at approximately 12:00 p.m. ET. Senior management will discuss the company's strategic initiatives and multi-year financial targets and engage in a question-and-answer discussion. The live webcast will be available to the public in the Investor Relations "Events & Presentations" section of Primoris' website at www.prim.com. The webcast replay, as well as the presentation materials, will be available on the Investor Relations webpage following the conclusion of the event. About Primo
OutlookThe Company is maintaining its estimates for the year ending December 31, 2024. Earnings per Share ("EPS") is expected to be between $2.50 and $2.70 per fully diluted share. Adjusted EPS is estimated in the range of $3.05 to $3.25, and Adjusted EBITDA for the full year 2024 is expected to range from $395 to $415 million.The Company is targeting SG&A expense as a percentage of revenue in the low six percent range for full year 2024. The Company's targeted gross margins by segment are as follows: Utilities in the range of 9 to 11 percent; Energy in the range of 10 to 12 percent. The Company expects its effective tax rate for 2024 to be similar to 2023 at approximately 29 percent but it
Primoris Services (NASDAQ:PRIM) reported quarterly earnings of $0.47 per share which beat the analyst consensus estimate of $0.14 by 235.71 percent. This is a 161.11 percent increase over earnings of $0.18 per share from the same period last year. The company reported quarterly sales of $1.413 billion which beat the analyst consensus estimate of $1.380 billion by 2.39 percent. This is a 12.42 percent increase over sales of $1.257 billion the same period last year.
UBS analyst Steven Fisher maintains Primoris Services (NYSE:PRIM) with a Buy and raises the price target from $44 to $63.
Across the recent three months, 4 analysts have shared their insights on Primoris Services (NYSE:PRIM), expressing a variety of opinions spanning from bullish to bearish. The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 2 0 2 0 0 Last 30D 1 0 1 0 0 1M Ago 0 0 0 0 0 2M Ago 1 0 1 0 0 3M Ago 0 0 0 0 0 In the assessment of 12-month price targets, analysts unveil insights for Primoris Services, presenting an average target of $45.25, a high estimate of $55.00, and a low estimate of $38.0
Goldman Sachs analyst Jerry Revich maintains Primoris Services (NYSE:PRIM) with a Neutral and raises the price target from $38 to $43.
DA Davidson analyst Brent Thielman maintains Primoris Services (NYSE:PRIM) with a Buy and raises the price target from $45 to $55.
Goldman Sachs analyst Jerry Revich maintains Primoris Services (NYSE:PRIM) with a Neutral and raises the price target from $34 to $38.
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced financial results for its third quarter ended September 30, 2024 and provided comments on the Company's operational performance and outlook for 2024. For the third quarter of 2024, Primoris reported the following highlights (1): Revenue of $1,649.1 million, up $119.6 million, or 7.8 percent, compared to the third quarter of 2023 driven by strong growth in both the Energy and Utilities segments; Net income of $58.4 million, or $1.07 per diluted share, an increase of $10.3 million, or $0.18 per diluted share, from the third quarter of 2023; Record backlog of $11.3 billion driven by strong renewables
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") announced today it will report third quarter 2024 financial results on Monday, November 4, 2024, after market close. The Company's press release will be available on the Primoris website at www.prim.com. In conjunction with the press release, management will host a conference call and webcast on Tuesday, November 5, 2024, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company's third quarter 2024 results and business outlook. Interested parties are invited to dial-in at 1-800-715-9871 (U.S./Canada) or, from outside the U.S. at 1-646-307-1963, using access code: 1324356, or by asking for
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced financial results for its second quarter ended June 30, 2024 and provided comments on the Company's operational performance and outlook for 2024. For the second quarter of 2024, Primoris reported the following highlights (1): Revenue of $1,563.7 million, up $150.3 million, or 10.6 percent, compared to the second quarter of 2023 driven by strong growth in the Energy segment; Net income of $49.5 million, or $0.91 per diluted share, an increase of $10.5 million, or $0.19 per diluted share, from the second quarter of 2023; Adjusted net income of $57.1 million, or $1.04 per diluted share, an increa
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") announced today it will report second quarter 2024 financial results on Monday, August 5, 2024, after market close. The Company's press release will be available on the Primoris website at www.prim.com. In conjunction with the press release, management will host a conference call and webcast on Tuesday, August 6, 2024, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company's second quarter 2024 results and business outlook. Interested parties are invited to dial-in at 1-800-715-9871 (U.S./Canada) or, from outside the U.S. at 1-646-307-1963, using access code: 1324356, or by asking for
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced financial results for its first quarter ended March 31, 2024 and provided comments on the Company's operational performance and outlook for 2024. For the first quarter of 2024, Primoris reported the following highlights (1): Revenue of $1,412.7 million, up $155.8 million, or 12.4 percent, compared to the first quarter of 2023 primarily driven by strong growth in utility-scale solar and industrial construction within the Energy segment; Net income of $18.9 million, or $0.35 per diluted share, up $17.6 million, or $0.33 per diluted share, from the first quarter of 2023; Adjusted net income of $2
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced it will report first quarter 2024 financial results on Wednesday, May 8, 2024, after market close. The Company's press release will be available on the Primoris website at www.prim.com. In conjunction with the press release, management will host a conference call and webcast on Thursday, May 9, 2024 at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company's first quarter 2024 results and business outlook. Interested parties are invited to dial-in at 1-800-715-9871, or from outside the U.S. at 1-646-307-1963, using access code: 1324356, or by asking for the Primoris confer
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced financial results for its fourth quarter and full year ended December 31, 2023 and provided the Company's initial outlook for 2024. For the full year 2023, Primoris reported the following highlights (1): Revenue of $5.7 billion, up $1.3 billion, or 29.3 percent, compared to the full year of 2022 driven by strong growth in the Energy and Utilities segments, including contributions from the acquisitions of PLH and B Comm Net income of $126.1 million, or $2.33 per diluted share, down 5.2 percent from the full year of 2022 due to higher income tax and interest expense, partially offset by higher oper
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced it will report fourth quarter and full year 2023 financial results on Monday, February 26, 2024, after market close. The Company's press release will be available on the Primoris website at www.prim.com. In conjunction with the press release, management will host a conference call and webcast on Tuesday, February 27, 2024, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company's fourth quarter and full year 2023 results and its business outlook for 2024. Interested parties are invited to dial-in at 1-888-330-3428, or from outside the U.S. at 1-646-960-0679, using access
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") today announced financial results for its third quarter ended September 30, 2023 and provided comments on the Company's operational performance and outlook for 2023. For the third quarter of 2023, Primoris reported the following highlights (1): Revenue of $1,529.5 million, up $245.4 million, or 19.1 percent, compared to the third quarter of 2022 driven by strong growth in power delivery, renewables, industrial and pipeline businesses; Net income of $48.1 million, or $0.89 per diluted share, an increase of $5.1 million, or $0.09 per diluted share, from the third quarter of 2022; Cash flow used in operating act
Primoris Services Corporation (NYSE:PRIM) ("Primoris" or the "Company") announced today it will report third quarter 2023 financial results on Tuesday, November 7, 2023, after market close. The Company's press release will be available on the Primoris website at www.prim.com. In conjunction with the press release, management will host a conference call and webcast on Wednesday, November 8, 2023, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company's third quarter 2023 results and business outlook. Interested parties are invited to dial-in at 1-888-330-3428, or from outside the U.S. at 1-646-960-0679, using access code: 7581464, or by asking for the Primo
JP Morgan initiated coverage of Primoris Services with a rating of Overweight and set a new price target of $71.00
Goldman upgraded Primoris Services from Sell to Neutral and set a new price target of $27.00 from $22.50 previously
Goldman Sachs downgraded Primoris Services from Neutral to Sell and set a new price target of $24.00 from $27.00 previously
Goldman Sachs reiterated coverage of Primoris Services with a rating of Neutral and set a new price target of $31.00 from $35.00 previously
UBS initiated coverage of Primoris Services with a rating of Buy and set a new price target of $38.00
Morgan Stanley initiated coverage of Primoris Services with a rating of Overweight and set a new price target of $37.00
Goldman Sachs initiated coverage of Primoris Services with a rating of Neutral and set a new price target of $35.00
DA Davidson reiterated coverage of Primoris Services with a rating of Buy and set a new price target of $42.00 from $35.00 previously