Primoris Services Crashes Again As Guidance Cut And Mgmt Missteps Spook Wall Street
Shares of Primoris Services crashed in premarket trading after the infrastructure contractor slashed its full-year earnings outlook (again) and announced the departure of its chief operating officer.
The specialty construction and infrastructure contractor, which builds, maintains, and engineers critical infrastructure for utilities, energy, renewables, pipelines, power generation, industrial, chemical, oil and gas, civil infrastructure, and data-center power projects, blamed the guidance cut on weakness in its renewables business, where full-year revenue is now expected to fall about 30% from 2025 levels.
Primoris lowered its adjusted earnings forecast to $2.05 to $2.60 a share, well below the prior $4.80 to $5 range and the $4.74 Bloomberg consensus estimate. Adjusted EBITDA is now expected to be $275 million to $325 million, down from a previous range of $480 million to $500 million.
"The Company is also anticipating lower revenue and gross profit for the full year 2026, primarily driven by lower expected revenue and gross profit in the Renewables business,"the company wrote in a press release. The warning comes as the Trump administration has focused on dialing back solar and wind ...
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