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Primoris (PRIM) Unit Wins New Solar Contract Worth $40M

Zacks

Primoris Renewable Energy, part of Primoris Services Corporation’s PRIM Power, Industrial and Engineering segment has won a more than $40-million new solar award. Per the deal, Primoris will build a solar electric generating facility in West Texas.

The scope of work comprises the construction of a 178 MWac (236 MWdc) solar electric generating facility, spread across more than 1,500 acres and utilizing nearly 685,000 solar modules. It will be the largest solar facility in Texas, which will provide electricity in more than 50,000 homes in Austin during the summer.

Per the terms of the contract, Primoris will perform electrical, mechanical, civil work and undertake limited procurement and site control required to build the facility. To complete the project, Primoris Renewable Energy will unite with Primoris Industrial and Primoris I&M.

Primoris Services Corporation Price

Primoris Services Corporation Price | Primoris Services Corporation Quote


The construction of the solar facility is projected to begin in first-quarter 2018 and is expected to close in fourth-quarter 2018.

The contract follows a $20-million pipeline award secured by Primoris’ Utilities & Distribution segment on Mar 1. Primoris foresees growth opportunities in 2018, from renewable power, small-diameter pipeline, industrial and mid-scale EPC (Engineering, Procurement and Construction) projects. Also, bidding opportunities are robust, which is likely to continue to increase the company’s backlog.

In the past year, Primoris has outperformed the industry to which it belongs to. The company’s shares have gained around 11% compared with the industry’s rally of 9%.


Zacks Rank & Other Key Picks

Primoris carries a Zacks Rank #2 (Buy).

A few other top-ranked stocks in the same space include Dycom Industries, Inc. DY, EMCOR Group, Inc. EME and Armstrong World Industries, Inc. AWI. All three stocks carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Dycom Industries has a long-term earnings growth rate of 12.3%. The company’s shares have rallied 22.8%, over the past year.

EMCOR has a long-term earnings growth rate of 15%. The company’s shares have returned 29.3%.

Armstrong World has a long-term earnings growth rate of 16.8%. The stock has gained 20% in a year’s time.

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