Primoris Services Corporation Provides Business Update

About this update from Primoris Services Corporation

Updates Financial Outlook and Announces Chief Operating Officer Departure Announces New Project Awards and Share Purchases in the Second Quarter DALLAS, June 22, 2026--(BUSINESS WIRE)--Primoris Services Corporation (NYSE: PRIM) ("Primoris" or the "Company") today announced a series of business updates including the departure of its Chief Operating Officer ("COO"), effective today. The Company also provided an update to its financial outlook for the full year of 2026, which it last updated in May 2026 as part of its first quarter earnings announcement. Additional Renewables Cost Overruns and Delays Additional challenges and cost overruns were identified as a result of continued progress on projects in the Company’s Renewables business, including through an ongoing assessment by a third-party industry expert. The expected cost overruns are primarily related to six projects previously discussed by the Company. Two of the six identified projects have been substantially completed in the second quarter, one is expected to be substantially completed early in the third quarter, two are expected to reach substantial completion later in the third quarter and one is expected to be substantially completed in the fourth quarter of 2026. The Company is also anticipating lower revenue and gross profit for the full year 2026, primarily driven by lower expected revenue and gross profit in the Renewables business. The Company now expects revenue in the Renewables business for the full year 2026 to be approximately $2.1 billion, compared to approximately $3.0 billion for the full year of 2025. As a result of these temporary headwinds, the Company is issuing updated guidance for the full year 2026. The majority of the developments are expected to be reflected in the Company’s second quarter of 2026 results. For the full year of 2026, net income is expected to be between $71.0 million and $101.0 million. Earnings per share ("EPS") is expected to be between $1.30 and $1.85 per fully diluted share. Adjusted EPS is estimated in the range of $2.05 to $2.60 per fully diluted share, and Adjusted EBITDA is expected to range from $275.0 to $325.0 million. Chief Operating Officer Transition Primoris also announced today the departure of Jeremy Kinch from the COO role. "The Company thanks Jeremy for his contributions and wishes him well on h...

View stock analysis, news, and events for Primoris Services Corporation