Primoris Services (NASDAQ:PRIM) Issues FY24 Earnings Guidance

Primoris Services (NASDAQ:PRIM) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $3.25-3.45 for the period, compared to the consensus earnings per share estimate of $3.21.

Primoris Services Trading Down 5.0 %

Shares of NASDAQ PRIM traded down $2.51 during trading on Monday, hitting $48.03. 1,146,095 shares of the company were exchanged, compared to its average volume of 571,793. The company has a fifty day moving average price of $52.73 and a 200-day moving average price of $45.83. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market capitalization of $2.58 billion, a PE ratio of 18.12 and a beta of 1.08. Primoris Services has a 12-month low of $28.96 and a 12-month high of $57.72.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.39. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the company earned $0.18 earnings per share. The firm’s revenue was up 12.4% compared to the same quarter last year. As a group, equities research analysts expect that Primoris Services will post 2.67 EPS for the current year.

Insider Activity

In related news, insider John M. Perisich sold 13,448 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $49.34, for a total value of $663,524.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, 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 sale, the director now owns 27,517 shares of the company’s stock, valued at approximately $1,454,548.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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. In the last 90 days, insiders have sold 54,831 shares of company stock valued at $2,807,646. Company insiders own 1.40% of the company’s stock.

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.