Primoris Services (NASDAQ:PRIM) Issues Earnings Results

Primoris Services (NASDAQ:PRIM) released its quarterly earnings data on Monday. The construction company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39, Briefing.com reports. The firm had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.80 earnings per share. Primoris Services updated its FY24 guidance to $3.25-3.45 EPS.

Primoris Services Price Performance

PRIM opened at $50.92 on Wednesday. The stock’s 50 day moving average price is $52.52 and its 200-day moving average price is $46.06. Primoris Services has a 52-week low of $28.96 and a 52-week high of $57.72. The stock has a market capitalization of $2.73 billion, a PE ratio of 19.22 and a beta of 1.08. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.38 and a current ratio of 1.38.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,500 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $52.86, for a total value of $132,150.00. Following the completion of the transaction, the director now directly owns 27,517 shares of the company’s stock, valued at $1,454,548.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $52.86, for a total value of $132,150.00. Following the sale, the director now directly owns 27,517 shares of the company’s stock, valued at approximately $1,454,548.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Edward Mccormick sold 10,000 shares of Primoris Services stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.47, for a total transaction of $494,700.00. Following the transaction, the chief executive officer now directly owns 60,961 shares of the company’s stock, valued at $3,015,740.67. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,831 shares of company stock valued at $2,807,646. Company insiders own 1.40% of the company’s stock.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.