Market reaction
Shares of Primoris Services Corporation (NYSE:PRIM) fell about 28% in after-hours trading Monday after the company lowered its full-year 2026 financial guidance and disclosed the exit of its chief operating officer. The market move followed the company’s updated outlook and related operational details announced at the same time.
Revised 2026 guidance
Primoris cut its full-year 2026 earnings per share guidance to a range of $1.30 to $1.85, down from the prior forecast of $4.05 to $4.25. The company also reduced adjusted EBITDA guidance to $275 million to $325 million, versus an earlier range of $480 million to $500 million.
Drivers of the downward revision
The company attributed the weaker outlook to further cost overruns and schedule delays within its Renewables business, centered on six projects that were already disclosed previously. Those issues were identified through ongoing project progress monitoring and an assessment conducted by an independent industry expert. According to Primoris, two of the six projects reached substantial completion during the second quarter, while the remaining four are expected to achieve substantial completion between the third and fourth quarters of 2026.
Primoris now anticipates that Renewables revenue for full-year 2026 will be approximately $2.1 billion, down from roughly $3.0 billion reported for 2025. The company indicated that most of the developments tied to the guidance change will be reflected in its second quarter 2026 results.
Leadership change
In addition to the financial revision, Primoris said Jeremy Kinch has departed his role as chief operating officer, effective Monday. The company’s president and chief executive officer, Koti Vadlamudi, will assume the bulk of COO responsibilities while the company conducts a search for a permanent successor.
Business wins and cash returns
Despite the headwinds in its Renewables unit, Primoris reported $2.0 billion in new project awards during the second quarter, obtained by its Energy segment. Those awards are concentrated on engineering and construction work for natural gas generation, industrial projects, and electric construction services that support rising power demand and data center growth.
The company also disclosed share purchases during the quarter, acquiring approximately $50 million of common stock at an average price near $111.29 per share. Approximately $100 million remains available under the firm’s share purchase program through April 30, 2028.
What the company said about reporting
Primoris stated that the majority of the items driving the guidance change will appear in its second quarter 2026 results, aligning the timing of the accounting and operational impacts with its near-term reporting period.
This article presents the company’s disclosures and market response without additional commentary or speculation.