John P. Schauerman, a director at Primoris Services Corp (NASDAQ:NYSE:PRIM), recently sold 20,000 shares of the company's common stock. The sales, which took place on November 7, 2024, were executed at prices ranging from $79.75 to $80.02 per share, totaling approximately $1.6 million. Following this transaction, Schauerman holds 117,281 shares indirectly through the Schauerman Family Trust and 3,099 shares directly. The transaction was disclosed in a filing with the Securities and Exchange Commission.
In other recent news, Primoris Services Corporation has announced a robust Q3 performance, with record revenue exceeding $1.6 billion, marking a 7.8% increase from the previous year. This growth was largely driven by the Energy and Utilities segments, attributed to solar activities and communications projects respectively. The company also reported a record backlog of approximately $2.5 billion, primarily fueled by the solar and industrial sectors. Cash flow from operations for the quarter was impressive at $222 million, with year-to-date figures surpassing the full year of 2023.
In terms of analyst notes, the company has raised its full-year EPS guidance to $2.85 to $3 per share, with adjusted EPS at $3.40 to $3.55. This optimism extends to Q4 and the year 2025, with a focus on safety, efficiency, and customer service. The company also has strong liquidity with nearly $625 million available for growth initiatives, with anticipated growth in the renewables market and plans to maintain a book-to-bill ratio above 1x.
Furthermore, Primoris Services Corporation has paid down $50 million in debt and plans to pay down an additional $50 million by Q4. The company's M&A activity continues with a focus on targeted acquisitions. These recent developments paint a picture of a company that remains focused on disciplined growth and profitability, navigating the renewable energy sector with a strategic approach to capital allocation.
InvestingPro Insights
The recent stock sale by Primoris Services Corp (NASDAQ:PRIM) director John P. Schauerman comes at a time when the company's stock is trading near its 52-week high, with InvestingPro data showing the price at 99.91% of its peak. This aligns with the strong performance PRIM has demonstrated, boasting a remarkable 166.61% total return over the past year.
InvestingPro Tips highlight that PRIM has maintained dividend payments for 17 consecutive years, reflecting a commitment to shareholder returns. This is particularly noteworthy given the company's 33.33% dividend growth in the last twelve months, although the current dividend yield stands at a modest 0.39%.
The company's financial health appears robust, with revenue growing by 11.07% in the last twelve months to $6.14 billion. However, an InvestingPro Tip cautions that PRIM suffers from weak gross profit margins, which is evident in the 11.0% gross profit margin for the same period.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for PRIM, providing a deeper understanding of the company's financial position and market performance.
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