Key Developments: Primoris Services Corp (PRIM.O)
21.27USD
17 May 2013
$0.04 (+0.19%)
$21.23
$21.33
$21.35
$21.06
158,289
346,106
$23.18
$10.90
Latest Key Developments (Source: Significant Developments)
Primoris Services Corp Announces New Contract Work Valued At Over $40 Million
Primoris Services Corp announced two new contract awards totaling over $40 million. The new contracts were secured by the ARB Industrial Group, a division of ARB, Inc., part of the West Construction Services segment of Primoris. The projects include industrial and solar power work in California. Full Article
Primoris Services Corp Declares Quarterly Cash Dividend
Primoris Services Corp declared a 16.7% increase in the quarterly cash dividend to $0.035 per share from $0.03 per share. The $0.035 per share cash dividend is payable to stockholders of record as of June 28, 2013, payable on or about July 15, 2013. Full Article
Primoris Services Corp Announces New Contract Work Valued At Over $322 Million
Primoris Services Corp announced new contract work totaling approximately $322.7 million for the period between January 1, 2013 and March 31, 2013. This contract work is in addition to the two projects announced. The new contracts and work authorizations secured by Primoris subsidiaries include power, pipeline, gas utility, water/wastewater, and highway infrastructure projects throughout the continental United States. Approximately 38% of the new work will be performed under reimbursable contracts and will not be included in backlog at the end of the quarter. Full Article
Primoris Services Corp Announces New Contract Work Valued at $393 Million
Primoris Services Corp announced two new major contract awards totaling over $393 million. The new contracts were secured by ARB and James Construction Group, two Primoris subsidiaries. The projects include a major utility alliance contract for pipeline integrity work in California and a large highway infrastructure project in Mississippi. In the West Construction Services Segment: The ARB Underground group has been selected by Pacific Gas and Electric, through an "alliance" process, to receive a three year contract, with two one-year options, as part of their PSEP (Pipeline Safety Enhancement Plan) program. ARB was awarded the "Bay Area" of California, which includes the San Francisco, San Jose, and Oakland regions. This alliance agreement replaces the delivery system PG&E has used for their integrity work in previous years. The contract work will encompass all forms of system integrity upgrades including hydrotesting, valve automation/replacement, and in-line inspection/replacement. The work will begin immediately and is initially valued at roughly $100 million/year for In the East Construction Services Segment: MDOT, the Mississippi Department of Transportation, recently awarded James Construction Group a new contract valued at approximately $93.5 million for rehabilitation and improvements to Interstate 55 south of Jackson, Mississippi. The project is slated to start in the second quarter of 2013 and should be complete in the first quarter of 2016. Full Article
Primoris Services Corp Declares Cash Dividend
Primoris Services Corp announced that on March 5, 2013 its Board of Directors declared a $0.03 per share cash dividend to stockholders of record on March 29, 2013, payable on or about April 15, 2013. Full Article
Primoris Services Corp Secures New Contract
Primoris Services Corp announced new contract work totaling approximately $253.3 million for the period between October 1, 2012 and December 31, 2012. This contract work is in addition to previously announced individual projects. The new contracts and work authorizations secured by Primoris subsidiaries include power, pipeline, gas utility, water/wastewater, highway infrastructure and parking infrastructure projects throughout the continental United States. Full Article
Primoris Services Corp Completes Acquisition Of Q3 Contracting Inc.
Primoris Services Corp announced that it completed the acquisition of Q3 Contracting Inc. ("Q3") on November 19, 2012. The material terms of the transaction were previously disclosed in a press release dated November 13, 2012. Based in Little Canada, Minnesota, just north of St. Paul, Q3 specializes in small diameter pipeline and gas distribution construction. Q3 will operate as part of Primoris's West Construction Services segment. Current President Jay Osborn will continue to manage day to day operations. Full Article
Primoris Services Corp Announces New Underground Contract WorkValued At $150 Million
Primoris Services Corp announced that new contract work totaling approximately $150 million. The new contracts and work authorizations were secured by ARB and Rockford, both part of the West Construction Services Segment of Primoris. The projects involve primarily pipeline and gas utility infrastructure projects. Rockford Corporation was awarded new contracts, for which work will begin in the first quarter of 2013 and is slated for completion by third quarter of 2013. Full Article
Primoris Services Corp Acquire Q3 Contracting Inc
Primoris Services Corp announced that it has signed a definitive agreement to acquire Q3 Contracting Inc. (Q3), with an expected closing date of November 17, 2012. Based in Little Canada, Minnesota, just north of St. Paul, Q3 specializes in small diameter pipeline and gas distribution construction. Total consideration consists of two parts; a $48.1 million cash payment at closing and incentive provisions that are based on Q3 achieving certain financial targets . Full Article
Primoris Services Corp Announces New Contract Work Valued At Over $241 Million
Primoris Services Corp announced that its James Construction Group subsidiary recently executed a new contract with the Texas Department of Transportation for approximately $241.3 million. The new contract is for a massive project to rebuild a six mile section of I-35 through Temple, Texas. The work encompasses the complete reconstruction of I-35 to widen the existing 4 lanes of the interstate to 8 lanes and add new frontage roads through the city of Temple. The 48 month project is scheduled to begin in mid-2013 and be completed in mid-2017. The construction activities for the new contract will include: over 1.9 million cubic yards of excavation; 128,000 linear feet of underground drainage; 629,000 square feet of retaining walls; 20 new bridges; 907,000 square yards of concrete pavement; 229,000 tons of asphalt and the other miscellaneous items require to complete the new interstate project. Full Article
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