Primoris Q2 Misses Across the Board as Renewables Cost Overruns Bite
PRIM sits 40% above its 52-week low of $65.
Summary
Primoris reported a messy Q2, missing revenue, adjusted EPS, and EBITDA estimates. Revenue fell 10.7% to $1.69B, below the $1.74B consensus, while adjusted loss per share of $0.27 was worse than the expected $0.25 loss. The Energy segment dragged results, with cost overruns on six renewable projects from redesigns, sequencing changes, and weather. This follows the June guidance cut and 40% share plunge after the renewables revenue shock and CFO departure. Despite the Q2 miss, management maintained full-year 2026 net income guidance of $71M-$101M and adjusted EPS of $2.05-$2.60, suggesting they expect a back-half recovery. The stock closed at $87.84 on August 3, well below the $116 median analyst target. The class action filed in July adds legal overhang.
At the time of this announcement, PRIM was trading at $90.85 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4.9B. The 52-week trading range was $65.00 to $205.50. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.