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

Primoris Services (NASDAQ:PRIM) issued its quarterly earnings results 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. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the business posted $0.80 earnings per share. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Primoris Services updated its FY24 guidance to $3.25-3.45 EPS.

Primoris Services Trading Down 1.2 %

PRIM traded down $0.61 during trading on Wednesday, hitting $50.31. 195,671 shares of the stock were exchanged, compared to its average volume of 573,059. The firm has a 50 day simple moving average of $52.52 and a 200 day simple moving average of $46.06. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 19.22 and a beta of 1.08. Primoris Services has a 1 year low of $28.96 and a 1 year high of $57.72. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.38 and a current ratio of 1.38.

Insiders Place Their Bets

In other Primoris Services news, insider John M. Perisich sold 13,448 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $49.34, for a total transaction of $663,524.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Primoris Services news, CEO Thomas Edward Mccormick sold 10,000 shares of the 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 sale, the chief executive officer now owns 60,961 shares of the company’s stock, valued at approximately $3,015,740.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John M. Perisich sold 13,448 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $49.34, for a total value of $663,524.32. The disclosure for this sale can be found here. Insiders have sold 54,831 shares of company stock worth $2,807,646 in the last ninety days. 1.40% of the stock is owned by company 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.