Primoris (PRIM: NASDAQ) spent $66 million in cash to pay for the acquisitions, laying out $30 million for Florida Gas Contractors, since renamed Primoris Distribution Services. The company spent another $27.5 million for Coastal Field Services, now called Primoris Coastal Field Services, and $2.3 million for the additional assets for Primoris Design & Construction.

The anticipated growth comes on top of strong second quarter results, with Primoris notching a record $631 million in revenue, a 38% increase over the same period in 2016, with revenue during the first half of the year having jumped 34% to $1.2 billion.

“We're certainly well underway to generating record revenues in 2017,” said Moerbeek in the August conference call, which was transcribed by Seeking Alpha.

Earnings were also up, with second quarter gross profit of $84.5 million a 95% increase over the same period in 2016, while year-to-date gross profit is up 69%, to $139.5 million, Moerbeek said.

Rigorous Risk-Control System

Primoris also adhere’s to a rigorous risk-control system, according to its August presentation to investors. The company cited the “Four Cs of Risk Manaement”: Customer selection and grading, cost estimate review, including margin analysis, and project execution that includes a monthly work-in-progress review covering safety and quality statistics, schedule analysis, project staffing, contingency drawdown, project cash flo9w and customer feedback.

Dallas-based Primoris acquired Rockford Corp., a Hillsboro, Ore.-based pipeline contractor, for $82.6 million in 2010, part of a series of acquisitions that turned it into a mega contractor with national reach. Primoris was launched in 2006 and went public soon after, with West Coast contractor ARB Inc. its major subsidiary.

“Our pipeline work exceeded expectations, our MS continues to grow, we used our cash to invest for growth and we've been maintained a near record backlog even with near record revenue burn,” Primoris CEO David King told analysts, summing up the quarter.

In addition to its recent acquisitions, Primoris is looking to renewable energy projects for new growth over the coming months as well.

Primoris Renewable Energy recently landed its first project, contracts to build a pair of EPC battery storage units in Texas. The group has also won work in Southern California doing solar installations and is interested in taking additional projects, such as installing solar arrays for a hospital system or school district on rooftops or carports, King said.

There may even be new opportunities for Primoris in these projects beyond its work as a contractor.

“Some of these projects may provide opportunities for the company to not only be the contractor for these jobs, but also to invest and on the final project on a limited basis, to benefit from a reoccurring revenue stream and tax benefits of a clean energy project,” King said.

Macquarie Group Ltd. boosted its stake in Primoris by 3.2%, to 1.9 million shares, in the second quarter, says a recent federal fi ling. Other institutional investors, which own 69.7% of Primoris, also recently modifi ed holdings, said True-Blue Tribune, an online financial site.

Stock analyst Zacks says that, in its analyst earnings-per-share consensus estimate, Primoris moved up 7%, to $1.18, for fi scal 2017 and 4%, to $1.46, for fi scal 2018.