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

Primoris Services (NASDAQ:PRIM) posted its quarterly earnings data on Monday. The construction company reported $1.04 earnings per share for the quarter, topping the consensus estimate 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 net margin of 2.45% and a return on equity of 14.13%. Primoris Services’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.80 EPS. Primoris Services updated its FY24 guidance to $3.25-3.45 EPS.

Primoris Services Price Performance

Shares of PRIM stock opened at $50.92 on Wednesday. The stock has a 50-day moving average price of $52.52 and a 200 day moving average price of $46.06. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 19.22 and a beta of 1.08. Primoris Services has a 12 month low of $28.96 and a 12 month high of $57.72.

Insiders Place Their Bets

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

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.