Primoris Q1 Net Income $17.4M; Completes PayneCrest Acquisition
Primoris Services Corporation reported a significant decline in its first quarter 2026 financial results, with revenue down 5.4% to $1.6 billion and net income falling to $17.4 million, or $0.32 per diluted share, compared to the prior year. The decrease was primarily attributed to cost pressures on certain renewables projects within the Energy segment. Despite the Q1 performance, the company completed the acquisition of PayneCrest Electric, Inc. for $399.5 million, which is expected to enhance its data center services market exposure. Primoris also updated its full-year 2026 guidance, reflecting the acquisition, with Adjusted EPS projected between $4.80 and $5.00 and Adjusted EBITDA between $480.0 million and $500.0 million. Additionally, the Board declared a cash dividend of $0.08 per share and re-elected all directors at its Annual Meeting.
Key Highlights
- Q1 2026 Revenue was $1.6 billion, down 5.4% from Q1 2025.
- Q1 2026 Net income was $17.4 million, or $0.32 per diluted share, down from $44.2 million, or $0.81 per diluted share, in Q1 2025.
- Q1 2026 Adjusted EBITDA was $60.5 million, a 39.1% decrease from Q1 2025.
- Completed acquisition of PayneCrest Electric, Inc. on May 1, 2026, for $399.5 million cash.
- Declared a cash dividend of $0.08 per share, payable July 15, 2026.
- Full-year 2026 Adjusted EPS guidance is $4.80 to $5.00, and Adjusted EBITDA is $480.0 million to $500.0 million.
- Total backlog was $11.6 billion at March 31, 2026, including $7.5 billion in MSA backlog.
- Michael E. Ching appointed chair of the Strategy and Risk Committee on April 30, 2026.