Primoris Q2 loss bigger than expected on project delays, cost overruns
PRIM•Outlook remains unchanged
Primoris maintained its 2026 net income guidance of $71 million to $101 million. The company also said it expects 2026 adjusted EPS of $2.05 to $2.60 and adjusted EBITDA between $275 million and $325 million.
Q2 results miss expectations
Primoris said its second-quarter revenue fell 10.7% and missed analyst expectations, while its adjusted loss per share also came in worse than expected.
| Metric | Actual | Consensus Estimate |
|---|---|---|
| Q2 Revenue | $1.69 bln | $1.74 bln (14 Analysts) |
| Q2 Adjusted Loss Per Share | $0.27 | $0.25 (14 Analysts) |
| Q2 Loss Per Share | $0.45 | |
| Q2 Adjusted Net Loss | $14.60 mln | |
| Q2 Net Loss | $24.20 mln | |
| Q2 Adjusted EBITDA | $11.40 mln | $28.01 mln (16 Analysts) |
Project delays and cost overruns pressure margins
The infrastructure contractor said the results were hit by slower starts, delayed work releases and slower financial closes in renewables, which weighed on Energy segment revenue.
Primoris also cited cost overruns on six renewable energy projects, driven by redesigns, sequencing changes, labor productivity, sub-surface issues and unfavorable weather, which led to lower margins. In Utilities, margins fell because of fewer favorable project closeouts and less higher-margin storm restoration work.
