Primoris (PRIM) Wins Contract For $100M Thermal Power Project
Primoris Services Corporation PRIM has received a contract for engineering, procurement and construction of a thermal power project worth $100 million. The company’s Energy/Renewables segment has secured this contract to offer the above-mentioned services to a 200 MW of thermal power in two different locations in the Southwest.
Under this project, which is expected to be completed in second-quarter 2022, Primoris will perform civil, electrical and mechanical work associated with construction of these new power generation plants adjacent to the existing facilities.
Initial engineering and procurement of the project will begin in third-quarter 2021.
Strong project execution continues to reap benefits for Primoris. Although shares of the company has lagged the Zacks Building Products – Heavy Construction industry year to date, the company has been benefiting from solid performance across the two segments — Utility and Energy/Renewables.
Precisely, during second-quarter 2021, the Utility Segment witnessed 25% revenue growth from a year ago, primarily due to the Future Infrastructure acquisition and increased activity with a significant customer in California. Meanwhile, solar projects continued to drive the Energy/Renewables segment. This segment’s revenues grew 20% and gross profit increased 84% year over year.