Core Insights - Primoris Services Corporation (PRIM) is projected to achieve nearly $2.5 billion in renewables revenues by 2025, exceeding its previous forecast of $2.2-$2.3 billion, driven by strong demand in utility-scale solar, EPC work, and battery storage projects [1][9] - Recent legislative clarity regarding the phaseout of tax incentives has bolstered customer confidence, leading to solid bookings in the second half of the year, with $1.4 billion in renewables revenues already realized in the first half [2] - The Energy segment's gross margin for Q2 2025 decreased to 10.8% from 12.6% year-over-year, attributed to fewer project closeouts and increased costs due to adverse weather, although margins are expected to improve in the latter half of the year [3][9] - The $2.5 billion renewables target underscores PRIM's significant opportunity in solar and clean energy infrastructure, with a focus on maintaining profitability amid rapid growth [4] Competitor Landscape - Quanta Services Inc. (PWR) reported a record backlog of $35.8 billion and enhanced its capabilities through a $1.35 billion acquisition, solidifying its position in the energy transition [6] - MasTec, Inc. (MTZ) saw its Clean Energy and Infrastructure segment backlog grow by approximately $1.26 billion in Q2 2025, with revenues increasing by 20% year-over-year, highlighting the competitive landscape in clean energy [7] Price Performance, Valuation & Estimates - Primoris shares have increased by 58.9% over the past three months, outperforming the Zacks Building Products - Heavy Construction industry's growth of 23.6% [8] - The company trades at a forward 12-month price-to-earnings ratio of 22.98X, compared to the industry's 21.49X [11] - Earnings estimates for 2025 and 2026 have risen by 4.2% to $4.67 per share and by 2.3% to $5.23 per share, indicating year-over-year growth of 20.7% and 12.1%, respectively [13]