DALLAS - Primoris Services Corporation (NYSE: NYSE:PRIM), a leading provider of critical infrastructure services with a market capitalization of $4.18 billion and impressive 157% return over the past year, today announced key leadership promotions within the company. Jeremy Kinch, who previously held the position of President of Energy, has been elevated to the role of Chief Operations Support Officer. In his new capacity, Mr. Kinch will manage operational support divisions, including information technology, real estate, fleet, project services, and health, safety, and environment.
Kinch brings over a quarter-century of experience in the infrastructure construction services sector across North America. Before his tenure at Primoris, which began in 2018 following the acquisition of Willbros Group, Inc., Kinch had a progression of leadership roles at Willbros Canada, including president and chief operating officer. According to InvestingPro analysis, Primoris has demonstrated strong operational execution with 11% revenue growth in the last twelve months.
Succeeding Kinch as President of Energy, Heath Moncrief has been appointed to oversee the industrial services, heavy civil, and pipeline sectors of Primoris. Moncrief, who has been with the company since 2020 as the Senior Vice President of Primoris Industrial Construction, has more than two decades of experience in the field and has previously held various leadership positions at McDermott and CB&I.
Tom McCormick (NYSE:MKC), President and CEO of Primoris, expressed confidence in the promotions, stating that the new roles for Kinch and Moncrief will bring fresh perspectives to the organization and are expected to deliver improved efficiencies and consistent execution, enhancing the company's competitive edge. InvestingPro data shows the company maintains a "GREAT" financial health score, supporting its strategic initiatives.
Primoris, headquartered in Dallas, Texas, operates across the United States and Canada, offering a spectrum of engineering, construction, and maintenance services to the utility, energy, and renewables markets. The company has maintained dividend payments for 17 consecutive years, demonstrating its commitment to shareholder value. For deeper insights into Primoris's financial performance and growth potential, investors can access comprehensive analysis through InvestingPro, which offers detailed research reports and additional ProTips.
The information for this news article is based on a press release statement from Primoris Services Corporation.
In other recent news, Primoris Services Corporation reported a strong Q3 2024 performance, with record revenue surpassing $1.6 billion, marking a 7.8% increase from the previous year. This growth was primarily driven by the Energy and Utilities segments. The company also reported a record backlog of approximately $2.5 billion, mainly driven by the solar and industrial sectors.
KeyBanc Capital Markets initiated coverage on Primoris Services Corporation with an Overweight rating, citing its strong position in utility scale solar and a growing power delivery business. The investment firm projects a 100 bps margin expansion for the company, anticipating significant value creation.
Additionally, Primoris Services raised its full-year EPS guidance to $2.85 to $3 per share, with adjusted EPS at $3.40 to $3.55. The company maintains optimism for Q4 2024 and the year 2025, with a strong focus on safety, efficiency, and customer service. Furthermore, Primoris Services has nearly $625 million available for growth initiatives and anticipates growth in the renewables market. These are recent developments in the company's performance and outlook.
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