Breathtaking Stock: Primoris Services Corporation (NASDAQ: PRIM)

On 05 Dec 2019, Primoris Services Corporation stock identified change of 23.15% away from 52-week low price and recently located move of -8.59% off 52-week high price. PRIM stock has been recorded 4.78% away from 50 day moving average and 6.06% away from 200 day moving average. Moving closer, we can see that shares have been trading 1.31% off 20-day moving average.

Primoris Services Corporation (PRIM) recently reported financial results for its third quarter ended September 30, 2019.

The Company also reported that on October 31, 2019 its Board of Directors authorized a $50M share repurchase plan and reported a $0.06 per share cash dividend to stockholders of record on December 31, 2019, payable on or about January 15, 2020.

2019 THIRD QUARTER RESULTS OVERVIEW

Revenue was $865.1M for the three months ended September 30, 2019, a decrease of $43.8M, or 4.8%, contrast to the same period in 2018. The decrease was primarily Because of lower revenue in our Pipeline section, partially offset by growth in our Power and Utilities sections.  Gross profit was $108.4M for the three months ended September 30, 2019, a raise of $1.9M, or 1.8%, contrast to the same period in 2018.  The increase was primarily Because of increases in our Civil and Utilities sections, partially offset by lower gross profit in our Power, Transmission, and Pipeline sections. Gross profit as a percentage of revenue increased to 12.5% in the three months ended September 30, 2019 from 11.7% in the same period in 2018 due primarily to a favorable impact from partial claims resolution in our Civil section associated with the Belton area projects, partially offset by higher costs associated with two industrial projects in our Power section.

Power, Industrial, & Engineering Section (“Power”):  Revenue increased by $18.8M, or 10.4%, for the three months ended September 30, 2019, contrast to the same period in 2018. The increase is primarily Because of a West Texas solar facility project that began in 2019 and a carbon monoxide and hydrogen plant project that began in 2019. The overall increase was partially offset by the substantial completion of refinery projects in Southern California and our Carlsbad joint venture project in 2018.  Gross profit for the three months ended September 30, 2019, reduced by $16.6M, or 51.6% contrast to the same period in 2018.  The decrease is primarily Because of a partial settlement in the third quarter of 2018 of a disputed receivable and higher costs associated with two industrial projects in the third quarter of 2019. Gross profit as a percentage of revenue reduced to 7.7% during the three months ended September 30, 2019, contrast to 17.6% in the same period in 2018, primarily Because of the reasons above and a strong performance and favorable margins realized by our Carlsbad joint venture project in 2018.

The Industrial Goods sector company, Primoris Services Corporation noticed change of 1.34% to $21.92 along volume of 153474 shares in recent session compared to an average volume of 166.82K. PRIM’s shares are at 16.53% for the quarter and driving a -6.80% return over the course of the past year and is now at 14.58% since this point in 2018.   The average volatility for the week at 2.41% and for month was at 2.53%. There are 50.4M shares outstanding and 42.78M shares are floated in market. Right now, the stock beta is 1.45.

 

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