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DALLAS - Premier PV, a subsidiary of Primoris Services Corporation (NYSE:PRIM), has announced that its backlog of orders has exceeded $55 million. The company, which specializes in electrical balance of systems (eBOS) solutions for utility-scale solar, battery energy storage systems, and operations and maintenance markets, has seen significant growth, attributing the achievement to its skilled team and strong client relationships.
Ryan Schofield, Vice President of Operations for Premier PV, expressed pride in reaching the milestone and gratitude toward the company's partners and clients for their trust and collaboration. Premier PV, headquartered in Crossett, Arkansas, has produced over ten gigawatts of eBOS products from its ISO9001 certified facility, emphasizing its commitment to environmental responsibility by using sustainable packaging to reduce on-site waste.
The leadership team at Premier PV boasts over 55 years of combined experience in the industry and is dedicated to innovation and reducing the total cost of ownership for its clients. Stephen Jones, President of Primoris' Renewables business, highlighted Premier PV's role in driving innovation and delivering results in the rapidly evolving renewable energy sector.
Primoris Services Corporation, the parent company, is a specialty contractor providing critical infrastructure services across the utility, energy, and renewables markets in the United States and Canada. Premier PV's success is part of Primoris' broader strategy to offer engineering, construction, and maintenance services that power societal connections and enhancements.
The information is based on a press release statement, and while the company is optimistic about its future performance, it also cautions that forward-looking statements involve risks and uncertainties that may affect actual results.
Premier PV continues to focus on delivering high-quality products and services as it explores new market opportunities, aiming to contribute to a sustainable energy future through its innovative solutions and industry expertise.
InvestingPro Insights
In light of Premier PV's recent announcement regarding its backlog exceeding $55 million, Primoris Services Corporation (NYSE:PRIM) demonstrates a promising outlook. With a market capitalization of $2.83 billion and a robust revenue growth of 13.97% over the last twelve months as of Q2 2024, the company's financial health appears solid. Moreover, PRIM's commitment to innovation and delivering results is reflected in its high return over the last year, with a 57.45% one-year price total return as of Q2 2024.
InvestingPro Tips highlight that Primoris Services Corporation is trading at a low P/E ratio relative to near-term earnings growth, with a P/E ratio of 18.32 and an adjusted P/E ratio of 18.11 for the last twelve months as of Q2 2024. This suggests that the stock may be undervalued considering its earnings prospects. Additionally, the company has maintained dividend payments for 17 consecutive years, demonstrating a commitment to shareholder returns, despite a relatively low dividend yield of 0.44% as of Q2 2024.
While the company shows a strong price uptick over the last six months with a 41.66% price total return, it is important to note that PRIM suffers from weak gross profit margins, with a margin of 10.8% over the last twelve months as of Q2 2024. This is a metric that investors may want to keep an eye on, as it could impact profitability in the future.
For those interested in further analysis and metrics, there are additional InvestingPro Tips available at https://www.investing.com/pro/PRIM. These tips provide deeper insights into PRIM's financial performance and future outlook, which can be invaluable for investors seeking to make informed decisions.
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