Markets

Primoris (PRIM) Promotes David King to CEO - Analyst Blog

Primoris Services CorporationPRIM announced that its Chief Executive Officer (CEO) and President, Brian Pratt will step down effective Aug 1, 2015. David King, Primoris' current Chief Operating Officer (COO), will be appointed new CEO and President.

During his tenure of 32 years, Pratt has contributed immensely toward the growth of Primoris through various innovative development strategies and acquisitions. Pratt will continue to be Chairman of the Board and assume the non-employee role of Senior Strategic Advisor.

On the other hand, David with his extensive experience in energy-related projects and construction will focus on exploring and pursuing new strategic and acquisitive opportunities for Primoris.

Primoris witnessed disappointing results in 2014 due to significant reduction in oil prices . Even the first quarter of 2015 was soft due to unusually wet weather, especially in Texas and the Gulf Coast region. Earnings were also impacted by continued uncertainty in the energy market during the quarter.

Primoris remain optimistic about its future performance and expects to drive value for shareholders. Further, demand for improved and expanded oil & gas and petrochemical infrastructure will drive growth in 2015.

The company will benefit from increase in backlog, diversity of the new project awards and the level of bidding activity. During the next four quarters, Primoris is expected to realize revenues of around 53% from the East Construction Services segment backlog, about 73% from the West Construction Services segment backlog and 98% from the Energy segment.

Additionally, the drivers for industrial, utility, power and pipeline markets remain positive. This, along with strong balance sheet position and acquisition prospects will improve the company's performance.

Dallas, TX-based Primoris is a specialty contractor and infrastructure company that serves diverse-end markets. The company also provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater as well as engineering services to major public utilities, petrochemical companies, energy companies, municipalities and other customers.

Primoris currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the sector are Dycom Industries Inc. DY , Granite Construction Inc. GVA and Jiangsu Expressway Co. Ltd. JEXYY . While Dycom Industries holds a Zacks Rank #1 (Strong Buy), Granite Construction and Jiangsu Expressway carry a Zacks Rank #2 (Buy).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

PRIMORIS SERVCS (PRIM): Free Stock Analysis Report

GRANITE CONSTRU (GVA): Free Stock Analysis Report

DYCOM INDS (DY): Free Stock Analysis Report

JIANSU EXPWY CO (JEXYY): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

PRIM DY JEXYY GVA

Other Topics

Stocks

Latest Markets Videos

Zacks

Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, that discovery is still the heart of the Zacks Rank. A wealth of resources for individual investors is available at www.zacks.com.

Learn More