Primoris Services Corporation (NYSE:PRIM) stock soared to an all-time high of $85.9, marking a significant milestone for the specialized construction and infrastructure company, which now commands a market capitalization of $4.53 billion. According to InvestingPro analysis, the stock appears overvalued at current levels despite its strong financial health rating. This peak reflects a robust performance over the past year, with the stock delivering an exceptional 155.26% return. Investors have shown growing confidence in Primoris Services’ strategic initiatives and its ability to secure new contracts, which have driven 11.07% revenue growth and strong financial performance. The all-time high serves as a testament to the company’s resilience and growth trajectory in a competitive industry. Discover more insights and 12 additional ProTips with an InvestingPro subscription.
In other recent news, Primoris Services Corporation announced significant changes within the company’s leadership. Jeremy Kinch, formerly President of Energy, has been promoted to Chief Operations Support Officer, while Heath Moncrief has been appointed as the new President of Energy. This reshuffling is part of the company’s efforts to enhance operational efficiencies and execution.
In terms of financial performance, Primoris reported strong Q3 2024 results, with record revenue exceeding $1.6 billion, a 7.8% increase from the previous year. This growth was primarily driven by the Energy and Utilities segments. Additionally, the company reported a record backlog of approximately $2.5 billion, mainly driven by the solar and industrial sectors.
KeyBanc Capital Markets initiated coverage on Primoris with an Overweight rating, citing its strong position in utility scale solar and a growing power delivery business. The investment firm projects a 100 bps margin expansion for the company, anticipating significant value creation.
Primoris has also raised its full-year EPS guidance to $2.85 to $3 per share, with adjusted EPS at $3.40 to $3.55. The company maintains optimism for Q4 2024 and the year 2025, with a strong focus on safety, efficiency, and customer service. Furthermore, Primoris has nearly $625 million available for growth initiatives and anticipates growth in the renewables market. These are recent developments in the company’s performance and outlook.
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