Primoris Slashes FY2026 Guidance by ~60-70% Amid Renewables Overruns; COO Departs
PRIM is trading near its 52-week low of $73.62 (2.2% below the low).
Summary
Primoris Services Corporation drastically cut its full-year 2026 financial guidance by approximately 60-70% due to significant cost overruns in its Renewables segment, while also announcing the departure of its Chief Operating Officer.
Key Events · Earnings and Guidance · PRIM
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Full-Year 2026 Guidance Slashed
Net income and EPS guidance for 2026 were reduced by approximately 60-70% from previous estimates, primarily due to significant cost overruns and delays in the Renewables business.
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Chief Operating Officer Departs
Jeremy Kinch, the COO, departed effective June 22, 2026, with CEO Koti Vadlamudi temporarily assuming his responsibilities. The departure was stated as 'without cause'.
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$2.0 Billion in New Project Awards
The company secured approximately $2.0 billion in new projects during Q2 2026, primarily within its Energy segment, focusing on natural gas generation, industrial, and electric construction services.
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$50 Million Share Repurchase
Primoris repurchased approximately $50 million of common stock during Q2 at an average price of $111.29 per share, with $100 million remaining under the authorization.
Analysis · PRIM · Real Estate & Construction
Primoris Services Corporation significantly cut its full-year 2026 financial outlook, with net income and EPS guidance reduced by approximately 60-70% from previous estimates. This drastic revision is attributed to additional cost overruns and delays in its Renewables business, following a recent Q1 earnings miss. The company also announced the departure of its Chief Operating Officer. While Primoris reported $2.0 billion in new project awards and a $50 million share repurchase, the severe guidance reduction is a major negative development that will likely impact investor confidence and the stock price, especially as the stock is already trading near its 52-week low.
At the time of this filing, PRIM was trading at $72.00 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $5.9B. The 52-week trading range was $73.62 to $205.50. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.