Primoris Services (PRIM, Financial) was a standout performer in Keeley Teton's Small Cap Dividend Value Fund 1st-Quarter Commentary 2024 Q1. The company, known for its diversified engineering and construction services, has benefited from strong growth in the renewable energy sector, particularly in utility-scale solar projects.
"Primoris Services, which was the Fund’s second largest holding coming into the quarter and was the biggest contributor, delivered solid financial results in the first quarter of 2024. The company reported a 14% increase in revenues, driven by continued strong revenue growth in its Energy segment which is primarily fueled by renewables. The company expects 2024 to be another strong year of growth as backlog increased 20% to a record for the third consecutive year. Renewables have been an important part of this growth and backlog is up 85%. Primoris is well-positioned to achieve its objectives and capitalize on the strong secular growth trends in renewables, particularly utility-scale solar." — Keeley Teton's Small Cap Dividend Value Fund Q1 2024 Fund Letter
Read full letter at gurufocus Keeley Teton's Small Cap Dividend Value Fund 1st-Quater Commentary 2024 Q1 page.
