SoFi CEO enters prepaid forward contract on 1.5 million shares
Primoris Services Corporation (NYSE:PRIM) stock has reached an unprecedented peak, setting an all-time high at $78.56. This milestone underscores a remarkable period of growth for the specialized construction and infrastructure company, which has seen its stock value skyrocket by 152.94% over the past year. Investors have shown increasing confidence in Primoris Services' market position and its ability to capitalize on the robust demand within the construction sector, propelling the stock to new heights and rewarding shareholders with significant gains.
In other recent news, Primoris Services Corporation has reported a strong financial performance for Q3 2024, with record revenue surpassing $1.6 billion, marking a 7.8% increase from the previous year. The company attributes this growth to its Energy and Utilities segments, with the former experiencing a boost due to solar activities and the latter benefiting from communications projects. Furthermore, Primoris Services announced a record backlog of approximately $2.5 billion, largely driven by solar and industrial sectors.
The company's Q3 gross profit improved to $198.6 million, and gross margins increased to 12% from 11.4%. Capital allocation priorities for the company include organic growth, debt reduction, and potential increases in shareholder dividends. Despite a seasonal slowdown anticipated to affect Q4 performance, the company maintains optimism for Q4 2024 and the year 2025, with a focus on safety, efficiency, and customer service.
Primoris Services also reported strong liquidity with nearly $625 million available for growth initiatives, indicating a promising outlook for the company. The company's renewables business surpassed $1 billion in revenue, with a backlog of $2.9 billion, including significant projects in battery storage and operations and maintenance services. These are some of the recent developments that have taken place at Primoris Services Corporation.
InvestingPro Insights
Primoris Services Corporation's (PRIM) recent stock performance aligns with several key metrics and insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 98.92% of its highest point over the past year. This impressive run is reflected in the stock's strong returns across various timeframes: a 23.09% return over the last week, 27.22% over the last month, and a staggering 160.43% over the past year.
InvestingPro Tips highlight that PRIM has maintained dividend payments for 17 consecutive years, demonstrating a commitment to shareholder returns. Additionally, analysts predict the company will be profitable this year, which could further support investor confidence.
From a financial perspective, PRIM's revenue growth of 11.07% in the last twelve months and an EBITDA growth of 13.83% over the same period indicate solid operational performance. However, the company's P/E ratio of 25.37 suggests it may be trading at a premium relative to its earnings.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for PRIM, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.