Primoris Q2 loss bigger than expected on project delays, cost overruns

Primoris Services

04/08/2026 21:51

Overview
US infrastructure contractor's Q2 revenue fell 10.7%, missing analyst expectations
Adjusted loss per share for Q2 missed analyst expectations
Results impacted by cost overruns and delays on renewables projects in Energy segment

Outlook
Primoris maintains 2026 net income guidance of $71 mln to $101 mln
Company expects 2026 adjusted EPS of $2.05 to $2.60
Primoris sees 2026 adjusted EBITDA between $275 mln and $325 mln

Result Drivers
RENEWABLES PROJECT DELAYS - Co said slower starts, delayed work releases, and slower financial closes in renewables drove Energy segment revenue decline
COST OVERRUNS - Co said cost overruns on six renewable energy projects, caused by redesigns, sequencing changes, labor productivity, sub-surface issues, and unfavorable weather, led to lower margins
UTILITIES MARGIN DECLINE - Co said Utilities segment margins fell due to fewer favorable project closeouts and less higher-margin storm restoration work

Company press release: ID:nBw3vVRm4a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$1.69 bln
$1.74 bln (14 Analysts)
Q2 Adjusted Loss Per Share
Miss
$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
Miss
$11.40 mln
$28.01 mln (16 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 4 "hold" and no "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 $116.00, about 32.1% above its August 3 closing price of $87.84
The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 29 three months ago

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(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.)