Primoris Q2: Net Loss, Record Backlog, Guidance Maintained
PRIM sits 40% above its 52-week low of $65.
Summary
Primoris Services posted a Q2 net loss of $24.2M on revenue of $1.69B, missing estimates, but maintained full-year guidance and reported a record $13.9B backlog.
Key Events · Earnings and Guidance · PRIM
-
Q2 Net Loss of $24.2M
Revenue fell 10.7% YoY to $1.69B; net loss of $24.2M ($0.45/share) vs. net income of $84.3M a year ago, driven by cost overruns on six renewable energy projects.
-
Energy Segment Margins Collapse
Energy segment gross margin swung to -0.3% from +10.8% a year ago, with operating loss of $56.4M, as six troubled renewables projects incurred redesign, sequencing, and weather-related overruns.
-
Full-Year Guidance Maintained
Company reiterated June 22 guidance: net income $71M-$101M, adjusted EPS $2.05-$2.60, adjusted EBITDA $275M-$325M, implying a sharp H2 recovery.
-
Record Backlog of $13.9B
Total backlog reached $13.9B, up $1.9B from year-end 2025, driven by Energy segment fixed backlog awards and Utilities MSA growth, supporting future revenue visibility.
Analysis · PRIM · Real Estate & Construction
A messy quarter for Primoris, as cost overruns on six renewable energy projects crushed Energy segment margins and drove a net loss of $24.2 million. Revenue fell 10.7% year-over-year to $1.69 billion, missing estimates. Despite the earnings miss, the company maintained its full-year 2026 guidance, implying a sharp second-half recovery, and highlighted a record $13.9 billion backlog. The stock has been under severe pressure following a June guidance cut and a class-action lawsuit; this report confirms the operational challenges but also shows the company is holding the line on its outlook, which could stabilize sentiment if execution improves.
At the time of this filing, PRIM was trading at $90.84 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 filing was assessed with negative market sentiment and an importance score of 8 out of 10.