Primoris Services Q3 revenue falls on lower renewables sales
PRIM•Primoris Services reported third-quarter revenue of $1.95 billion, down 10.4% year over year, while adjusted EPS was $1.20. The company forecast 2026 adjusted EPS of $2.10 to $2.25 and authorized a new $250 million share repurchase program.
1. Third-quarter results
Primoris Services’ third-quarter revenue fell 10.4% year over year to $1.95 billion, mainly because of lower renewables revenue in its Energy segment. Growth in Utilities partly offset the decline. Adjusted EPS was $1.20, compared with analyst expectations of $0.78.
2. 2026 outlook and buyback
The company expects 2026 net income of $65.2 million to $73.2 million, adjusted EPS of $2.10 to $2.25 and adjusted EBITDA of $290 million to $310 million. Its board authorized a new $250 million share repurchase program on October 30.
3. Renewables challenges
Primoris cited slower-than-anticipated starts for new renewables projects and delays in the release of new work in Energy. Operational challenges on renewables projects and lower volumes also increased costs in the segment.
