finance
Primoris Services Cuts 2026 Earnings Outlook and Reports COO Departure
The infrastructure contractor lowered its full-year adjusted earnings forecast and adjusted EBITDA range after weakness in its renewables segment. Shares fell 34 percent in premarket trading following the announcement.
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Primoris Services reduced its 2026 adjusted earnings guidance to a range of $2.05 to $2.60 per share from the prior $4.80 to $5.00 range and lowered its adjusted EBITDA outlook to $275 million to $325 million from $480 million to $500 million. The company attributed the revisions primarily to lower expected revenue and gross profit in its renewables business, where full-year revenue is now projected to decline about 30 percent from 2025 levels.
Services also announced the departure of its chief operating officer. The company stated that lower revenue and gross profit for the full year are expected, driven mainly by the renewables segment.
Services fell 34 percent in premarket trading, following a 50 percent drop one month earlier after a prior guidance reduction. As of the most recent close, the stock was down 13 percent for the year. Analyst notes from several firms highlighted ongoing execution issues in the renewables segment while noting continued demand in other areas of the business.
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