Primoris Q1 revenue misses estimates on lower rev fpr energy unit

Primoris Services

05/05/2026 21:40

Corrects typographical error in headline

Overview

US infrastructure contractor's Q1 revenue fell 5.4%, missing analyst expectations, primarily driven by lower revenue in the Energy segment

Adjusted EPS for Q1 dropped and missed analyst expectations

Company cites cost pressures on select renewables projects for Q1 results

Outlook

Primoris expects 2026 net income between $223 mln and $234 mln

Company sees 2026 EPS between $4.05 and $4.25, adj EPS $4.80 to $5.00

Primoris expects 2026 adj EBITDA of $480 mln to $500 mln

Result Drivers

RENEWABLES PROJECT COSTS - Higher costs on certain renewables projects, including project redesigns, changes in sequencing, labor productivity challenges, and unfavorable weather, weighed on Energy segment margins and overall results

ENERGY SEGMENT WEAKNESS - Lower revenue and margin in the Energy segment, mainly due to slower starts and delays in new renewables projects, drove overall revenue and profit declines

UTILITIES SEGMENT GROWTH - Utilities segment revenue and margins improved, supported by increased activity in power delivery and gas operations

Company press release: ID:nBw273PK6a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
$1.60 bln
$1.73 bln (13 Analysts)
Q1 Adjusted EPS
Miss
$0.59
$0.84 (12 Analysts)
Q1 EPS
$0.32
Q1 Adjusted Net Income
Miss
$32.20 mln
$44.85 mln (9 Analysts)
Q1 Net Income
$17.40 mln
Q1 Adjusted EBITDA
Miss
$60.50 mln
$92.93 mln (13 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the construction & engineering peer group is "buy"

Wall Street's median 12-month price target for Primoris Services Corp is $175.00, about 5.7% below its May 4 closing price of $185.55

The stock recently traded at 30 times the next 12-month earnings vs. a P/E of 25 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)