King David Lee, a director at Primoris Services Corp (NASDAQ:NYSE:PRIM), recently sold 2,000 shares of common stock. The transaction, which took place on November 6, amounted to a total value of $152,277. The shares were sold at a price range between $74.69 and $76.42 per share. Following this sale, Lee retains ownership of 25,818 shares in the company.
In other recent news, Primoris Services Corporation disclosed a strong financial performance in its Q3 2024 Earnings Call. The company reported record revenue exceeding $1.6 billion, marking a 7.8% increase from the previous year. This growth was mainly driven by the Energy and Utilities segments, with the Energy segment experiencing a boost due to solar activities and the Utilities segment expanding from communications projects.
Primoris Services also recorded a backlog of approximately $2.5 billion, predominantly driven by solar and industrial sectors. The company's cash flow from operations for the quarter stood at $222 million, surpassing full-year 2023 figures. Furthermore, the gross profit improved to $198.6 million, with gross margins increasing to 12% from 11.4%.
The company's full-year EPS guidance was raised to $2.85 to $3 per share, with adjusted EPS at $3.40 to $3.55. In addition, Primoris Services maintains strong liquidity with nearly $625 million available for growth initiatives. Despite some seasonal slowdowns expected to affect Q4 performance, the company remains optimistic about its future, particularly in the renewables market.
InvestingPro Insights
While Director King David Lee's recent sale of Primoris Services Corp (NASDAQ:PRIM) shares might raise eyebrows, a closer look at the company's performance reveals a more nuanced picture. According to InvestingPro data, Primoris has demonstrated robust financial health and market performance.
The company's stock has shown remarkable strength, with a 158.57% total return over the past year and a 139.3% return year-to-date. This impressive performance is reflected in the stock trading near its 52-week high, with the current price at 98.86% of that peak. Such strong returns align with an InvestingPro Tip indicating significant returns over various time frames, including the last week, month, and three months.
Primoris's financial metrics also paint a positive picture. The company boasts a market capitalization of $4.27 billion and has maintained a steady revenue growth of 11.07% over the last twelve months. With a P/E ratio of 24.82, the stock appears to be trading at a premium, which is consistent with another InvestingPro Tip suggesting it's trading at a high P/E ratio relative to near-term earnings growth.
It's worth noting that Primoris has maintained dividend payments for 17 consecutive years, demonstrating a commitment to shareholder returns. This consistency, coupled with a dividend yield of 0.4% and a strong dividend growth of 33.33% over the last twelve months, may appeal to income-focused investors.
For those interested in a deeper dive into Primoris's financial health and market position, InvestingPro offers 13 additional tips, providing a comprehensive analysis to inform investment decisions.
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