Primoris Services (NASDAQ:PRIM) Releases Earnings Results, Beats Expectations By $0.39 EPS

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

Primoris Services Stock Down 1.1 %

NASDAQ:PRIM traded down $0.57 on Wednesday, reaching $50.35. The stock had a trading volume of 673,668 shares, compared to its average volume of 576,224. Primoris Services has a 12-month low of $28.96 and a 12-month high of $57.72. The stock has a market cap of $2.70 billion, a P/E ratio of 18.89 and a beta of 1.08. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.69. The company has a 50-day moving average of $52.52 and a 200 day moving average of $46.06.

Insider Buying and Selling

In other news, Director David Lee King sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $52.86, for a total transaction of $132,150.00. Following the completion of the sale, the director now owns 27,517 shares of the company’s stock, valued at $1,454,548.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Thomas Edward Mccormick sold 10,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was 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 in the company, valued at $3,015,740.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Lee King sold 2,500 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $52.86, for a total transaction of $132,150.00. Following the completion of the transaction, the director now directly owns 27,517 shares in the company, valued at approximately $1,454,548.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,831 shares of company stock worth $2,807,646. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Company Profile

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.