Primoris Services Corporation (NYSE:PRIM) saw its shares tumble 28% in after‑hours trading on Monday, 23 June 2026, after the Dallas‑based infrastructure services firm announced a sharply reduced 2026 financial outlook and the departure of its Chief Operating Officer. The company cut its full‑year 2026 earnings‑per‑share guidance to a range of $1.30 to $1.85, down from the prior forecast of $4.05 to $4.25, and lowered its adjusted EBITDA guidance to $275 million‑$325 million, compared with the earlier $480 million‑$500 million range. The revisions were attributed to additional cost overruns and delays in the Renewables business, which comprises six projects disclosed earlier; two of these projects reached substantial completion in the second quarter, while the remaining four are now expected to achieve substantial completion between the third and fourth quarters of 2026. Consequently, Primoris now projects Renewables revenue of approximately $2.1 billion for the full year 2026, down from roughly $3.0 billion in 2025, with most of the impact to be reflected in its second‑quarter 2026 results.
In a separate announcement, Chief Operating Officer Jeremy Kinch departed the company effective Monday. President and Chief Executive Officer Koti Vadlamudi will assume most COO responsibilities on an interim basis while the board conducts a search for a permanent successor. Despite the outlook downgrade, Primoris reported $2.0 billion of new project awards in the second quarter, secured by its Energy segment. These awards focus on engineering and construction services for natural‑gas generation, industrial facilities, and electric construction supporting power‑load growth and data‑center expansion.
During the second quarter, the company repurchased approximately $50 million of common stock at an average price of $111.29 per share. It retains roughly $100 million of authorized share‑repurchase capacity under its program, which remains available through 30 April 2028.