A Brief History of Primoris Services Corporation (PRIM)

Foundation and Early Years

Primoris Services Corporation was founded in 2008, stemming from the merger of several independent service providers. The company's headquarters are located in Dallas, Texas. Initially, Primoris focused on providing a range of construction and engineering services primarily to the energy sector.

Initial Public Offering

Primoris went public in 2010, trading on the NASDAQ under the ticker symbol PRIM. During the IPO, the company offered 7 million shares at a price of $10.00 per share, raising approximately $70 million in capital.

Acquisitions and Growth

Over the years, Primoris expanded its service offerings and geographic reach through strategic acquisitions. Notable acquisitions include:

• 2011: Acquired the assets of Hanjin Heavy Industries and Construction.
• 2012: Acquired the assets of a Houston-based pipeline company, significantly enhancing its pipeline construction capabilities.
• 2014: Purchased the assets of a major Texas-based engineering firm.

Financial Performance

As of 2022, Primoris reported a total revenue of approximately $2.2 billion, with a net income of around $96 million. The company’s EBITDA for the same year was reported to be approximately $180 million, showcasing strong operational performance.

Market Position and Segments

Primoris operates through multiple segments, including:

• Utilities: Providing services in the installation of utilities and infrastructure.
• Energy: Focused on construction services for the energy and petrochemical sectors.
• Pipeline: Specializing in pipeline construction across various geographic locations.

Recent Developments

In 2023, Primoris secured several large contracts totaling over $500 million, which are expected to contribute significantly to future revenue growth. The company continues to explore opportunities in renewable energy and infrastructure development.

Stock Performance

As of October 2023, PRIM shares have been trading at approximately $22 per share, reflecting a year-to-date increase of around 15%. The market capitalization of Primoris Services Corporation is approximately $1.1 billion.

Corporate Social Responsibility

Primoris is committed to sustainability and community engagement, investing in various programs aimed at reducing environmental impact and improving community relations. The company has pledged over $5 million in community development initiatives over the past five years.

Conclusion of Historical Overview

With a diversified service portfolio and a commitment to growth, Primoris Services Corporation remains a key player in the construction and engineering service sector, poised for future expansion and success.

A Who Owns Primoris Services Corporation (PRIM)

Ownership Structure

As of the latest filings, Primoris Services Corporation's ownership structure comprises a mix of institutional investors, insider ownership, and retail investors.

Major Institutional Shareholders

Insider Ownership

Insider ownership plays a significant role in Primoris Services Corporation's equity structure.

Retail Investors

The remaining shares of Primoris Services Corporation are held by a diverse group of retail investors. This includes individual shareholders who purchase stock through various brokerage firms.

Recent Stock Performance

As of October 2023, the share price of Primoris Services Corporation (PRIM) was approximately $25.50. The market capitalization stood at around $700 million.

Stockholder Composition

Recent Transactions

In recent filings, significant institutional transactions were reported:

• The Vanguard Group increased its stake by 200,000 shares.
• BlackRock acquired an additional 150,000 shares.
• Dimensional Fund Advisors divested 100,000 shares.

Conclusion on Ownership Patterns

The ownership landscape of Primoris Services Corporation reflects a robust institutional presence, alongside significant insider commitment. This blend of ownership could influence the strategic direction of the company moving forward.

Primoris Services Corporation (PRIM) Mission Statement

Overview of Mission Statement

The mission of Primoris Services Corporation is to provide exceptional service to its clients while maintaining a strong commitment to safety, quality, and innovation in the construction and engineering sectors.

Core Values

• Safety: Prioritizing the well-being of employees and clients.
• Integrity: Building trust through transparency and accountability.
• Excellence: Striving for the highest standards in every project.
• Collaboration: Working collectively with clients and stakeholders.
• Innovation: Embracing new technologies and methods.

Financial Overview

As of the end of Q3 2023, Primoris Services Corporation reported the following financial figures:

Market Position

Primoris Services Corporation operates across various sectors, including:

• Energy
• Transportation
• Water & Wastewater
• Telecommunications

Recent Achievements

In 2023, Primoris achieved significant milestones, including:

• A major contract award valued at $150 million for infrastructure improvements.
• Recognition as a top contractor in the Engineering News-Record published rankings.
• Completion of over 1,000 projects with an aggregate value exceeding $1 billion.

Future Outlook

The company aims to expand its market share while enhancing service delivery and operational efficiency. Projections for 2024 indicate:

• Anticipated revenue growth of 10-15%.
• Increased investment in innovative technologies, estimated at $20 million.
• Expansion into new geographic markets, targeting the Midwest and Southeast regions.

Commitment to Sustainability

Primoris Services Corporation integrates sustainable practices into its operations, focusing on:

• Reducing carbon emissions by 25% by 2025.
• Implementing renewable energy solutions in projects.
• Enhancing waste management strategies.

Community Engagement

The company emphasizes social responsibility through:

• Contribution of over $500,000 to local charities in 2023.
• Volunteer programs involving employees in community service.
• Partnerships with educational institutions to support workforce development.

How Primoris Services Corporation (PRIM) Works

Business Segments

Primoris Services Corporation operates through various segments that contribute to its overall revenue and service offerings. The primary segments include:

• Utilities
• Transportation
• Pipeline and Energy
• Environmental Services

Financial Performance

As of the latest available data, Primoris Services Corporation reported the following financial figures:

Key Clients

Primoris Services Corporation serves a diverse range of clients across different sectors. Major clients include:

• Government agencies
• Utilities companies
• Commercial sectors
• Energy firms

Recent Contracts

In 2023, Primoris was awarded several significant contracts that underscore its operational capabilities:

Workforce

Primoris employs a substantial workforce to meet the demands of its projects. The company has approximately:

• 3,500 skilled employees
• 350 project managers
• 200 engineers

Safety and Compliance

Primoris places a significant emphasis on safety and compliance in its operations. The company reported:

• Incident Rate: 1.2
• Compliance Certifications: ISO 9001, ISO 14001

Stock Performance

As of October 2023, the stock performance of Primoris Services Corporation is as follows:

How Primoris Services Corporation (PRIM) Makes Money

Overview of Primoris Services Corporation

Primoris Services Corporation is a diversified construction and infrastructure company, primarily serving the energy and utility sectors. The company is structured into various segments that contribute to its revenue streams.

Revenue Segments

• Utility Segment
• Energy Segment
• Construction Segment
• Engineering Segment

Financial Performance

For the fiscal year 2022, Primoris reported total revenue of approximately $2.04 billion. Analyzing the revenue by segments provides insight into how the company generates its income.

Utility Segment Analysis

The utility segment involves the construction and maintenance of utility infrastructure, including water, wastewater, and natural gas systems. This segment's growth is fueled by increasing infrastructure investments by states and municipalities.

Energy Segment Analysis

Primoris' energy segment focuses on pipeline construction and maintenance. In 2022, this segment benefited from the rising demand for energy due to geopolitical factors, contributing to its substantial revenue.

Construction and Engineering Segments

The construction and engineering segments primarily deal with various projects, including industrial facilities and public infrastructure. Revenue from these segments represents a smaller portion but is essential for diversifying income sources.

Operational Efficiency

Primoris has implemented various strategies to enhance operational efficiency. For instance, they reported a gross margin of 12.9% in 2022, which reflects effective cost management practices across their segments.

Market Conditions and Projections

In 2023, Primoris anticipates continued growth, projecting revenue to increase by approximately 10% year-over-year. This growth is expected to stem from ongoing investments in renewable energy and infrastructure improvements.

Challenges and Risks

Primoris faces challenges, including fluctuating material costs and labor shortages, which can impact their profit margins. The company reported an increase in operating expenses to $285 million in 2022.

Conclusion on Financial Health

As of the end of Q2 2023, Primoris' balance sheet indicated total assets of $1.1 billion and total liabilities of $420 million, illustrating a healthy financial position with a low debt-to-equity ratio.