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Primoris Services Corporation (NYSE:PRIM), a $3.95 billion infrastructure services company with "GREAT" financial health according to InvestingPro, announced a change in its certifying accountant following a merger involving its previous auditor. On Monday, Moss Adams LLP, the company’s former independent registered public accounting firm, merged with Baker Tilly US, LLP. As a result of this merger, Moss Adams resigned as Primoris’s auditor. The audit committee of Primoris’s board of directors has approved the appointment of Baker Tilly as the company’s new independent registered public accounting firm, effective immediately. The company, which generated $6.6 billion in revenue over the last twelve months and maintains a moderate debt level, continues to demonstrate strong operational performance.
The audit reports from Moss Adams on Primoris’s consolidated financial statements for 2023 and 2024 were not modified or qualified in any way. There were no disagreements between Primoris and Moss Adams on accounting principles, financial statement disclosures, or auditing procedures during this period. Furthermore, there were no reportable events that required disclosure.
Primoris did not consult with Baker Tilly on any accounting matters or auditing opinions prior to the merger. Moss Adams has been provided with a copy of the current report on Form 8-K and has furnished a letter to the Securities and Exchange Commission confirming its agreement with the statements made by Primoris.
This information is based on a recent SEC filing by Primoris Services Corporation.
In other recent news, Primoris Services Corporation reported impressive financial results for Q1 2025, surpassing expectations with an earnings per share (EPS) of $0.98, significantly higher than the forecasted $0.60. The company also exceeded revenue expectations, generating $1.65 billion compared to the anticipated $1.49 billion. This performance was driven by strong growth in renewable energy and infrastructure projects, contributing to a 16.7% year-over-year increase in revenue. Despite this financial achievement, the company’s stock experienced a slight decline in after-hours trading.
Additionally, KeyBanc Capital Markets analysts evaluated the potential impact of a newly drafted budget reconciliation bill on the energy sector. The draft bill proposes expedited phase-outs of various tax credits, which analysts view as a mild negative for renewable energy developers like NextEra Energy (NYSE:NEE), CMS Energy (NYSE:CMS), and Xcel Energy (NASDAQ:XEL). However, for companies such as Sunrun (NASDAQ:RUN) and Enphase Energy (NASDAQ:ENPH), the bill’s implications are seen as a near-term positive but potentially negative in the long term.
First Solar (NASDAQ:FSLR) was notably mentioned by KeyBanc analysts as facing a negative impact due to the proposed acceleration of the Advanced Manufacturing Credit phase-out, potentially resulting in significant lost earnings by 2032. The draft bill also presents a negative outlook for nuclear operators like Constellation Energy (NASDAQ:CEG), while renewable-linked engineering and construction stocks, including Primoris Services, are expected to benefit in the near term. These developments highlight the evolving landscape of the energy sector and its potential implications for various companies.
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