Primoris Services Stock Plunges 45% On Weak Q1 Results

(RTTNews) - Primoris Services Corporation (PRIM) shares tumbled 44.80 percent to $112.05 on Wednesday, down $90.87, after the company reported a sharp decline in first-quarter earnings driven by lower revenue and higher costs.

The stock is currently trading at $112.05, compared to a previous close of $202.92 on the New York Stock Exchange. It opened at $128.39 and traded between $108.00 and $133.85 during the session, with volume reaching 5.24 million shares.

The decline follows net income falling to $17.4 million, or $0.32 per share, from $44.2 million, or $0.82 per share last year, while revenue slipped to $1.56 billion. Rising expenses and weaker gross profit weighed on results.

The stock has traded between $65.23 and $205.50 over the past 52 weeks.