Primoris Services Corporation Reports First Quarter 2026 Results

About this update from Primoris Services Corporation

DALLAS, May 05, 2026--(BUSINESS WIRE)--Primoris Services Corporation (NYSE: PRIM) ("Primoris" or the "Company") today announced financial results for its first quarter ended March 31, 2026 and provided comments on the Company’s operational performance and outlook for 2026. For the first quarter of 2026, Primoris reported the following highlights (1): "Our first quarter financial results reflected cost pressures on a limited number of renewables projects," said Koti Vadlamudi, President and Chief Executive Officer of Primoris. "We are actively managing these projects and expect them to reach substantial completion during 2026. Importantly, the majority of our renewables portfolio continues to perform in line or ahead of expectations. "Excluding these isolated renewables project impacts, performance across the remainder of the business improved, with margin expansion led by the power delivery and industrial businesses. We continue to see strong bidding activity across our end markets, including natural gas generation, renewables, and pipeline, which we expect to support solid bookings momentum through the remainder of 2026. "Demand for our services remains robust, driven by continued investment in power generation, data centers and other critical infrastructure, and we believe Primoris is well positioned to capitalize on these opportunities. We are also pleased to welcome the PayneCrest team to Primoris and look forward to leveraging our combined capabilities to deliver safe, reliable, and high‑quality solutions for our customers while creating long‑term value for our shareholders." First Quarter 2026 Results Overview Revenue was $1.6 billion for the three months ended March 31, 2026, a decrease of $0.1 billion, compared to the same period in 2025. The decrease was primarily due to lower revenue in our Energy segment, partially offset by growth in the Utilities segment. Operating income was $24.4 million for the three months ended March 31, 2026, a decrease of $46.0 million compared to the same period in 2025. The decrease was primarily due to a lower revenue and margin in the Energy segment, partially offset by an increase in revenue and margin in the Utilities segment. Operating income as a percentage of revenue decreased to 1.6% from 4.3% for the same period in 2025, primarily due to lower revenue and mar...

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