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DALLAS - Primoris Services Corporation (NYSE: PRIM), a prominent player in critical infrastructure services with a market capitalization of $3.6 billion, has announced leadership changes with David King stepping in as Interim President and CEO, replacing Tom McCormick effective March 20, 2025. In parallel, Jeremy Kinch has been elevated to the role of Chief Operating Officer, effective immediately. According to InvestingPro data, the company maintains a "GREAT" financial health score, suggesting strong operational fundamentals heading into this transition.
The Board’s Lead Independent Director, Stephen C. Cook, expressed full confidence in King’s capabilities to guide the company through this interim phase. King, who has previously served as both Chairman and CEO, is expected to provide stable leadership. The company’s strong performance, evidenced by a remarkable 63% return over the past year and consistent dividend payments for 18 consecutive years (as reported by InvestingPro), positions the new leadership for continued success. Cook also acknowledged Kinch’s valuable contributions since his start with Primoris in 2018, which have now culminated in his promotion.
David King thanked outgoing CEO Tom McCormick for his service, clarifying that McCormick’s departure is not connected to the company’s financial or business performance. This statement aligns with the company’s solid fundamentals, including a healthy diluted EPS of $3.31 and projected earnings growth for the coming year. The Board has initiated a comprehensive search for a permanent CEO, considering both internal and external candidates.
Primoris, known for its engineering, construction, and maintenance services across the United States and Canada, specializes in sectors including utility-scale solar, renewables, power delivery, and transportation infrastructure. The company, which generated revenue of $6.4 billion in the last twelve months, prides itself on its commitment to delivering value to clients, fostering a safe and entrepreneurial environment for its employees, and driving innovation and excellence in the communities it serves. Get deeper insights into Primoris’s financial health and growth prospects through the comprehensive Pro Research Report available on InvestingPro.
The company’s forward-looking statements in the press release reflect expectations for the CEO search process but are subject to risks and uncertainties. Shareholders and interested parties are advised that such forward-looking statements should not be unduly relied upon, as actual outcomes may vary due to various factors, including decisions made by the Board and other risks identified in the company’s filings with the U.S. Securities and Exchange Commission.
This leadership transition and the ongoing search for a new CEO are based on a press release statement from Primoris Services Corporation.
In other recent news, Primoris Services Corporation has reported impressive financial results for the fourth quarter of 2024, with earnings per share (EPS) reaching $1.13, significantly exceeding the anticipated $0.75. Revenue also saw a 15% increase year-over-year, totaling $1.7 billion. The company’s strong performance was further underscored by a record operating cash flow of $508 million. Analysts from DA Davidson maintained a Buy rating with an $85 price target, highlighting the company’s robust cash flow and profit margins. Meanwhile, KeyBanc Capital Markets adjusted its price target for Primoris to $90, down from $96, but kept an Overweight rating, reflecting confidence in the company’s growth prospects. Jefferies initiated coverage with a Buy rating and a $73 price target, noting Primoris’s strong position in the engineering and construction sectors, particularly in renewables and energy infrastructure. The company’s strategic focus on these sectors aligns with the growing demand for infrastructure investments. As Primoris continues to navigate the evolving market landscape, investors are closely monitoring its ongoing developments and financial health.
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