Primoris Services Corporation (NASDAQ:PRIM) secured a new heavy civil award from the City of Houston’s Department of Aviation, worth over $56 million. The contract has been secured by Primoris Heavy Civil, part of the company's Civil segment.
The scope of the contract includes work at the George Bush Intercontinental Airport. The project consists of a multiple phased reconstruction of the full limits of Taxiway NA, including concrete pavement and airfield lighting.
The work involves operating a concrete crusher, a portable concrete batch plant and a concrete paving train on the property. Work on the project is slated to begin in second-quarter 2017 and is likely to complete in second-quarter 2019.
Primoris Services Corporation Price
Primoris Services Corporation Price | Primoris Services Corporation Quote
In first-quarter 2017, Primoris’ earnings surged a whopping 200% year over year to 15 cents per share. Revenues also jumped 30% year over year to $561.5 million, mainly driven by two large pipeline projects in the Pipeline & Underground (P&U) segment.
Primoris is positive about the bidding opportunities which will continue to increase its backlog. Moreover, benefits from its geography and market diversity, as well as those from the anticipated boom in capital pipeline construction, will bolster revenues.
Share Price Performance
Year to date, Primoris has outperformed the Zacks categorized Building Products and Heavy Construction sub-industry. The company’s shares gained around 1.8%, while the industry incurred 4.1% loss during this period.
Primoris currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the construction sector include Masco Corporation (NYSE:MAS) , Boise Cascade Company (NYSE:BCC) and TopBuild Corp. (NYSE:BLD) . All three stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Masco has an average positive earnings surprise of 3.53% for the trailing four quarters. Boise Cascade generated an impressive average positive earnings surprise of 114.74% over the last four quarters, while TopBuild pulled off an average positive earnings surprise of 5.98%.
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Masco Corporation (MAS): Free Stock Analysis Report
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