Business UpdateJun 22, 2026, 04:32 PM
Primoris Cuts FY26 Net Income Outlook to $71-101M; COO Departs
AI Summary
Primoris Services Corporation announced a significant downward revision to its full-year 2026 financial outlook due to additional cost overruns and delays in its Renewables business, primarily affecting six projects. The company now expects net income between $71.0M and $101.0M and diluted EPS between $1.30 and $1.85. Concurrently, Chief Operating Officer Jeremy Kinch departed, with CEO Koti Vadlamudi assuming his responsibilities temporarily. Despite these challenges, Primoris secured approximately $2.0 billion in new Energy segment projects and repurchased $50 million of its common stock in the second quarter.
Key Highlights
- Chief Operating Officer Jeremy Kinch departed; CEO Koti Vadlamudi will manage responsibilities.
- Full-year 2026 net income outlook cut to $71.0M-$101.0M from $223.0M-$234.0M.
- Full-year 2026 diluted EPS outlook cut to $1.30-$1.85 from $4.05-$4.25.
- Full-year 2026 Adjusted EBITDA outlook cut to $275.0M-$325.0M from $480.0M-$500.0M.
- Renewables business FY2026 revenue expected ~$2.1B, down from ~$3.0B in FY2025.
- Awarded approximately $2.0B in new Energy segment projects during Q2 2026.
- Purchased approximately $50M of common stock in Q2 at an average price of ~$111.29/share.
- Approximately $100M remains available under the authorized share purchase program.
Price Impact
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