Wired News – Primoris Services Announced Extension of Master Services Agreement
Stock Monitor: Goldfield Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 26, 2018 / Active-Investors.com has just released a free research report on Primoris Services Corp. (NASDAQ: PRIM) ("Primoris"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PRIM as the Company's latest news hit the wire. On March 22, 2018, the Company reported an extension of a Master Services Agreement (MSA) with an anticipated value of $40 million. The contract was secured by ARB Underground, part of the Utilities & Distribution segment. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Primoris Services most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Details of the Contract
The contract is an eighteen-month extension of an existing MSA contract with a major utility customer in Northern California. The work includes replacement in urban areas of existing low-pressure gas distribution mains, services, valves, meters, crew oversite, and all other required work, including street and landscape repairs. This MSA extension is expected to generate approximately $25 million over the next four quarters.
Primoris' Recent Utilities and Distribution Award
On March 01, 2018, Primoris was awarded a new pipeline award valued over $20 million. The contract was also secured by ARB Underground, part of the Utilities & Distribution segment. The award was a two-year contract with a major utility customer in Northern California. The work consisted of anomaly digs and casing removal work, both of which are used in testing the integrity of a pipeline system. Work was scheduled to commence in Q1 2018 and completion is expected in Q4 2019.
Primoris' Utilities Segment Q4 2017 Financial Results
Primoris' revenues in the Utilities segment increased by $40.7 million in the fourth quarter 2017 (Q4 FY17), compared to Q4 FY16. Approximately half of the increase came from increased revenues with California utilities, with increased revenues with Midwest utility customers and the Q2 FY17 acquisition of Florida Gas Contractors (now operating as Primoris Distribution Services) accounting for the remainder. The segment gross profit increased by $4.9 million in Q4 FY17 compared to Q4 FY16, primarily as a result of the increased revenues. The Company's gross profit as a percentage of revenues decreased to 15.8% in Q4 FY17 compared to 16.6% in Q4 FY16. The decline in gross profit of Primoris as a percentage of revenues was primarily due to an earlier start of winter weather in Q4 FY17 compared to Q4 FY16.
About ARB Underground
ARB Underground constructs pipelines and the related infrastructure across a number of disciplines covering petrochemical and natural gas transmission and distribution pipelines, water and sewer pipelines, fiber optic cable and conduit installation, and horizontal directional drilling. ARB has performed this work through environmentally sensitive areas, city streets, cross country, deserts, mountains, rain forests, rivers, ports, and bays. ARB's construction services include installation, replacement, relocation, and maintenance of most types of underground infrastructure.
The Utilities segment operates primarily in California and the Midwest and Southeast regions of the United States and specializes in a range of services, including utility line installation and maintenance, gas and electric distribution, streetlight construction, substation work, and fiber optic cable installation.
About Primoris Services Corp.
Founded in 1960 and headquartered in Dallas, Texas, Primoris Services, through various subsidiaries, has grown to become one of the largest construction service enterprises in the United States. The Company provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers.
Stock Performance Snapshot
March 23, 2018 - At Friday's closing bell, Primoris Services' stock declined 2.03%, ending the trading session at $24.65.
Volume traded for the day: 231.65 thousand shares.
Stock performance in the last month – up 0.45%; and past twelve-month period – up 7.22%
After last Friday's close, Primoris Services' market cap was at $1.29 billion.
Price to Earnings (P/E) ratio was at 20.25.
The stock has a dividend yield of 0.97%.
The stock is part of the Industrial Goods sector, categorized under the Heavy Construction industry.
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