What Happened?
Shares of infrastructure construction company Primoris (NYSE:PRIM) jumped 10.5% in the pre-market session after the company reported impressive fourth-quarter results that exceeded analysts' backlog, revenue, EPS, and EBITDA estimates. Revenue grew by 14.9% y/y, driven primarily by strong performance in the Energy and Utilities segments. Operating income saw a modest increase, as gross margins in the utilities segment improved significantly. Looking ahead, full-year EPS and EBITDA guidance exceeded Wall Street estimates, as the company ended the year with a record backlog of $11.9 billion, an 8.9% increase from the prior year. Overall, it was a strong quarter.
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What The Market Is Telling Us
Primoris’s shares are somewhat volatile and have had 12 moves greater than 5% over the last year. But moves this big are rare even for Primoris and indicate this news significantly impacted the market’s perception of the business.
Primoris is down 9.4% since the beginning of the year, and at $69.55 per share, it is trading 21.9% below its 52-week high of $89.03 from January 2025. Investors who bought $1,000 worth of Primoris’s shares 5 years ago would now be looking at an investment worth $3,280.
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