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Primoris Services Corp. (PRIM) stock gains in the after-hours. Here’s to know why?

Primoris Services Corp. (PRIM) stock declined by 2.2% at the last trading close whereas the PRIM stock price rises by 4.62% in the after-hours trading session. Primoris is a leading provider of professional contracting services in the United States and Canada, having been established in 1960. Primoris serves a diverse base of blue-chip customers with a wide variety of specialty construction, fabrication, repair, and engineering services.

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On April 13Primoris Services Corporation announced that they are planning to release their first-quarter 2021 financial results on Wednesday, May 5, 2021, after the market will close.

Recent Past Development

On March 24, PRIM announced its new huge civil project worth $35 million. The deal has been secured by PRIM’s Energy Segment.

  • The Texas Department of Transportation awarded the project, which is located in Midland, Texas.
  • Interstate 20’s frontage roads and main lanes will be reconstructed as part of this initiative. Removal and replacement of existing surfaces, concrete and asphalt pavement, drainage, new bridge construction, and safety elements such as signs, guardrails, and barriers are all part of the project.
  • The project will begin in the second quarter of 2021 and be completed in the fourth quarter of 2020.

On March 23,

PRIM has announced a new solar award worth more than $220 million. The deal was handled by the Energy Segment of PRIM. Primoris has been selected by this customer as its Engineering, Procurement, and Construction Partner for the third time.

  • The award is for utility-scale solar facility engineering, procurement, and design in the Southwest. Construction of foundations, electrical, mechanical, and civil scopes of work are also included in the scope of work.
  • The total value of the project is $220 million, which includes $19 million in work under a Limited Notice to Proceed that was announced on January 26, 2021.
  • The project will begin in the first quarter of 2021 and be completed in the second quarter of 2022.

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