King David Lee, a director at Primoris Services Corp (NASDAQ:NYSE:PRIM), recently sold 2,000 shares of the company's common stock. The shares were sold at prices ranging from $83.78 to $84.15 per share, totaling approximately $167,960. Following this transaction, Lee holds 23,818 shares in the company. The sale was executed on December 2, 2024, and reported in a filing with the Securities and Exchange Commission.The timing of this insider sale coincides with Primoris trading near its 52-week high of $84.97, after an impressive year-to-date return of over 156%. According to InvestingPro analysis, the stock's RSI indicates overbought conditions, which could explain the director's decision to take profits. For deeper insights into insider trading patterns and 13 additional ProTips, subscribers can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Primoris Services Corporation has announced robust Q3 2024 earnings, with record revenue exceeding $1.6 billion, marking a 7.8% increase from the previous year. This growth was largely driven by the Energy and Utilities segments, with the Energy segment experiencing a surge due to solar activities and the Utilities segment growing from communications projects. The company also reported a record backlog of approximately $2.5 billion, primarily driven by the solar and industrial sectors. Cash flow from operations for the quarter was $222 million, with year-to-date figures surpassing full-year 2023.
Primoris Services Corporation has 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 strong liquidity, with nearly $625 million available for growth initiatives and anticipates growth in the renewables market, with plans to maintain a book-to-bill ratio above 1x. However, seasonal slowdowns are expected, which may affect Q4 performance, and SG&A expenses rose due to increased personnel costs.
The company paid down $50 million in debt and plans to pay down an additional $50 million by Q4. M&A activity continues with a focus on targeted acquisitions. Despite some challenges, Primoris Services Corporation remains focused on disciplined growth and profitability, particularly in the renewable energy sector.
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