PRIM
Primoris ServicesCDocument history
Earnings documents stored for PRIM.
Investor releaseQuarter not tagged2026-08-09Primoris Services Q2 Earnings Call Highlights
MarketBeat
Primoris Services Q2 Earnings Call Highlights
Interested in Primoris Services Corporation? Here are five stocks we like better. Second-quarter results weakened: Revenue fell 10.7% to just under $1.7 billion, while gross margin dropped to 4.9% from 12.3% due largely to cost overruns and lower activity in renewable projects. Backlog reached a record: Primoris won more than $3.9 billion in new awards, lifting total backlog to nearly $13.9 billion, with strong demand for natural-gas generation, utilities and pipeline construction. Guidance was maintained, but cash-flow expectations fell: The company kept its 2026 EPS and adjusted EBITDA outlooks, while cutting projected free cash flow to $150 million–$200 million from $350 million–$400 million because of renewable-project impacts. Smaller Industrials Names Seeing Surging Growth: Here's Why Primoris Services (NYSE:PRIM) reported lower second-quarter revenue and profitability as cost overruns and reduced activity in its renewables business weighed on results, while the company pointed to record bookings and backlog across utility, natural gas generation, pipeline and electrical construction markets. Revenue for the second quarter was just under $1.7 billion, down approximately $200 million, or 10.7%, from the prior-year period. Chief Financial Officer Ken Dodgen said the decline was driven by a 19.2% decrease in energy-segment revenue, primarily reflecting lower renewable activity. Higher natural gas generation and pipeline activity, along with contributions from the PayneCrest acquisition during May and June, partially offset the decline. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling The utility segment generated revenue growth of $19.6 million, or 2.8%, driven by gas operations and power delivery. That growth was partly offset by reduced communications revenue as fiber-to-the-home programs transition toward BEAD-funded projects. Gross profit fell to $82.4 million from the prior year, while gross margin declined to 4.9% from 12.3%. The energy segment posted slightly negative gross margin during the quarter, compared with 10.8% a year earlier, as renewable-project cost overruns and lower renewable revenue outweighed improvements in pipeline and contributions from PayneCrest. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High President and Chief Executive Officer Koti Vadlamudi said the second quarter reflected “the majority of the…Read full documentShow less
Interested in Primoris Services Corporation? Here are five stocks we like better. Second-quarter results weakened: Revenue fell 10.7% to just under $1.7 billion, while gross margin dropped to 4.9% from 12.3% due largely to cost overruns and lower activity in renewable projects. Backlog reached a record: Primoris won more than $3.9 billion in new awards, lifting total backlog to nearly $13.9 billion, with strong demand for natural-gas generation, utilities and pipeline construction. Guidance was maintained, but cash-flow expectations fell: The company kept its 2026 EPS and adjusted EBITDA outlooks, while cutting projected free cash flow to $150 million–$200 million from $350 million–$400 million because of renewable-project impacts. Smaller Industrials Names Seeing Surging Growth: Here's Why Primoris Services (NYSE:PRIM) reported lower second-quarter revenue and profitability as cost overruns and reduced activity in its renewables business weighed on results, while the company pointed to record bookings and backlog across utility, natural gas generation, pipeline and electrical construction markets. Revenue for the second quarter was just under $1.7 billion, down approximately $200 million, or 10.7%, from the prior-year period. Chief Financial Officer Ken Dodgen said the decline was driven by a 19.2% decrease in energy-segment revenue, primarily reflecting lower renewable activity. Higher natural gas generation and pipeline activity, along with contributions from the PayneCrest acquisition during May and June, partially offset the decline. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling The utility segment generated revenue growth of $19.6 million, or 2.8%, driven by gas operations and power delivery. That growth was partly offset by reduced communications revenue as fiber-to-the-home programs transition toward BEAD-funded projects. Gross profit fell to $82.4 million from the prior year, while gross margin declined to 4.9% from 12.3%. The energy segment posted slightly negative gross margin during the quarter, compared with 10.8% a year earlier, as renewable-project cost overruns and lower renewable revenue outweighed improvements in pipeline and contributions from PayneCrest. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High President and Chief Executive Officer Koti Vadlamudi said the second quarter reflected “the majority of the impact” from a limited number of renewable energy projects experiencing margin pressure. The company identified six projects with cost overruns. Two are now complete, three are expected to reach substantial completion in the third quarter, and the final project is expected to achieve mechanical completion in early November and substantial completion by year-end. Vadlamudi said the remaining renewables portfolio, which includes more than two dozen projects, is performing within expectations on average. He said many projects are delivering margins above their original estimates, while some are modestly below original margins. The six identified projects remain the focus of the company’s remediation efforts. → No Hangover: Revisiting Microsoft One Week After Earnings Primoris expects energy-segment gross margins of 6% to 8% for full-year 2026. Dodgen said margins are expected to improve sequentially, with energy margins in a 6% to 8% range in the third quarter and an 8% to 10% range in the fourth quarter. Management expects the segment to return to its historical 10% to 12% margin range in 2027. Vadlamudi said the company has strengthened operational oversight, pre-construction planning, risk management and accountability in response to the renewable-project issues. He also said Primoris intends to maintain discipline in project selection, geographical markets and contract terms. Primoris secured more than $3.9 billion in new awards during the quarter, including approximately $1.5 billion in the utility segment and $2.4 billion in the energy segment. Total backlog ended the quarter at just under $13.9 billion, a company record and an increase of roughly $2.2 billion from the first quarter. Energy bookings were led by approximately $1.4 billion in natural gas power-generation awards. Vadlamudi said those awards were all for simple-cycle projects in Texas, Missouri and Nevada. The company’s natural gas generation opportunity funnel has grown to more than $8 billion, and management said customers are pursuing projects earlier because skilled labor and other resources are constrained. Dodgen said Primoris expects natural gas generation revenue of about $500 million to $600 million in 2026 and expects revenue in the business to rise to roughly $800 million to $1 billion in 2027, supported by signed backlog and potential additional awards. The company has expanded its natural gas generation capabilities from roughly six teams last year to eight or nine teams currently, according to Vadlamudi. The company said it also began the third quarter with additional bookings in natural gas generation and pipeline work that should support growth in 2027. Primoris’ pipeline opportunity funnel exceeds $7 billion in total contract value, with larger-diameter opportunities expected to ramp in late 2027 and early 2028. In utilities, management cited continued demand for power-delivery work, including transmission, substation and distribution projects. MSA backlog increased about $700 million sequentially, primarily due to power-delivery activity. Power delivery posted higher revenue and margins year over year, supported by improved productivity and a favorable mix of transmission and substation work. Electrical construction services acquired through PayneCrest exceeded Primoris’ expectations in its first two months within the company, management said. PayneCrest contributed approximately $200 million of backlog at quarter-end, while the company also referenced roughly $450 million of acquired PayneCrest backlog in discussing quarterly energy bookings. PayneCrest added $250 million in bookings during the quarter, according to Vadlamudi. Management described the integration as a “light touch” approach, saying PayneCrest has historically operated conservatively and has attractive relationships with industrial customers and hyperscale data-center clients. Vadlamudi said the primary constraint on growth for the business is labor resources rather than demand. Communications activity remained softer as customers transition traditional fiber-to-the-home programs toward BEAD funding. However, Primoris said it is tracking several hundred million dollars in BEAD-related opportunities and continues to pursue data-center fiber and connectivity work. The company’s communications business currently generates more than $400 million annually, according to management. Primoris maintained its full-year 2026 outlook for EPS of $1.30 to $1.85, adjusted EPS of $2.05 to $2.60 and adjusted EBITDA of $275 million to $325 million. The company expects second-quarter results to represent the year’s low point and forecast adjusted EBITDA of $90 million to $110 million in the third quarter and $100 million to $120 million in the fourth quarter. Dodgen said the company now expects free cash flow of approximately $150 million to $200 million for 2026, compared with its prior forecast of $350 million to $400 million, with the difference primarily attributable to the renewable projects. Liquidity stood at $959 million at quarter-end, including more than $218 million of cash and approximately $741 million of available revolver capacity. Net debt to EBITDA was 1.6 times at the end of the second quarter. Management expects leverage to rise modestly in the third quarter before declining as earnings and cash flow improve in the fourth quarter and 2027. Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Primoris Services Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.
Investor releaseQuarter not tagged2026-08-05Does Primoris (PRIM) Maintaining Net Income Guidance Amid a Quarterly Loss Reveal Deeper Resilience?
Simply Wall St.
Does Primoris (PRIM) Maintaining Net Income Guidance Amid a Quarterly Loss Reveal Deeper Resilience?
Primoris Services Corporation recently reported its second-quarter 2026 results, showing sales of US$1,688.2 million and turning from net income of US$84.3 million a year earlier to a net loss of US$24.2 million, while its Board also declared a US$0.08 per share cash dividend payable in October 2026. Despite the weaker headline results and a reduced full-year adjusted EPS outlook, management maintained full-year net income guidance and highlighted backlog strength and an earnings surprise versus expectations, signaling continued contract demand across its core infrastructure markets. With this backdrop, we’ll now examine how the maintained net income guidance, despite quarterly losses, reshapes Primoris Services’ investment narrative. Outshine the giants: these 17 early-stage AI stocks could fund your retirement. To own Primoris Services, you need to believe its exposure to renewables, utilities, and data center infrastructure can offset project volatility and segment headwinds. The key short term catalyst remains execution on its existing backlog, while the biggest risk is continued margin pressure in Renewables and project losses. The latest quarter’s loss and reduced adjusted EPS outlook highlight those pressures, but the maintained full year net income guidance suggests the core earnings thesis is not materially altered near term. The most relevant update here is Primoris’s decision to maintain its 2026 net income guidance at US$71.0 million to US$101.0 million, despite weaker second quarter results. This guidance, reiterated after earlier cuts in June tied to Renewables softness, now sits beside an earnings surprise and stronger than expected backlog. For me, that combination keeps the focus squarely on whether the company can convert its order book into profitable work without further guidance resets. Yet behind the resilient guidance, the risk that investors should be aware of is how sustained margin pressure in Renewables could interact with... Read the full narrative on Primoris Services (it's free!) Primoris Services' narrative projects $9.1 billion revenue and $327.7 million earnings by 2029. This requires 6.7% yearly revenue growth and about an $79.6 million earnings increase from $248.1 million today. Uncover how Primoris Services' forecasts yield a $128.79 fair value, a 42% upside to its current price. Some of the more cautious analysts already…Read full documentShow less
Primoris Services Corporation recently reported its second-quarter 2026 results, showing sales of US$1,688.2 million and turning from net income of US$84.3 million a year earlier to a net loss of US$24.2 million, while its Board also declared a US$0.08 per share cash dividend payable in October 2026. Despite the weaker headline results and a reduced full-year adjusted EPS outlook, management maintained full-year net income guidance and highlighted backlog strength and an earnings surprise versus expectations, signaling continued contract demand across its core infrastructure markets. With this backdrop, we’ll now examine how the maintained net income guidance, despite quarterly losses, reshapes Primoris Services’ investment narrative. Outshine the giants: these 17 early-stage AI stocks could fund your retirement. To own Primoris Services, you need to believe its exposure to renewables, utilities, and data center infrastructure can offset project volatility and segment headwinds. The key short term catalyst remains execution on its existing backlog, while the biggest risk is continued margin pressure in Renewables and project losses. The latest quarter’s loss and reduced adjusted EPS outlook highlight those pressures, but the maintained full year net income guidance suggests the core earnings thesis is not materially altered near term. The most relevant update here is Primoris’s decision to maintain its 2026 net income guidance at US$71.0 million to US$101.0 million, despite weaker second quarter results. This guidance, reiterated after earlier cuts in June tied to Renewables softness, now sits beside an earnings surprise and stronger than expected backlog. For me, that combination keeps the focus squarely on whether the company can convert its order book into profitable work without further guidance resets. Yet behind the resilient guidance, the risk that investors should be aware of is how sustained margin pressure in Renewables could interact with... Read the full narrative on Primoris Services (it's free!) Primoris Services' narrative projects $9.1 billion revenue and $327.7 million earnings by 2029. This requires 6.7% yearly revenue growth and about an $79.6 million earnings increase from $248.1 million today. Uncover how Primoris Services' forecasts yield a $128.79 fair value, a 42% upside to its current price. Some of the more cautious analysts already expected only about 5.9 percent annual revenue growth and earnings near US$262.4 million by 2029, so this quarter’s loss may push that more pessimistic narrative further, and it is worth comparing that backdrop with the recent guidance hold and backlog strength to see how your own expectations stack up. Explore 5 other fair value estimates on Primoris Services - why the stock might be worth over 2x more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Primoris Services research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision. Our free Primoris Services research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Primoris Services' overall financial health at a glance. Every day counts. These free picks are already gaining attention. See them before the crowd does: The future of work is here. Discover the 36 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. Explore 26 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research. Find 52 companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PRIM. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]
Investor releaseQuarter not tagged2026-08-05Primoris Services Corp (PRIM) (Q2 2026) Earnings Call Highlights: Record Backlog and Strategic ...
GuruFocus.com
Primoris Services Corp (PRIM) (Q2 2026) Earnings Call Highlights: Record Backlog and Strategic ...
This article first appeared on GuruFocus. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Primoris Services Corp (NYSE:PRIM) achieved record bookings and backlog in Q2 2026, securing over $3.9 billion in new awards, which underscores the strength and diversity of its platform. The company's utilities segment showed strong growth, driven by favorable end-market dynamics and increased customer confidence, particularly in power delivery, transmission, and substation work. The Paincrest acquisition has exceeded expectations, delivering stronger-than-anticipated revenue and margins, and adding $250 million in bookings during the quarter. Pipeline operations delivered another quarter of double-digit revenue growth with substantial margin improvement, and the recovery from the 2025 cyclical trough is gaining momentum. The company maintains a strong liquidity position of $959 million and expects leverage to trend lower as earnings grow and cash flow improves in Q4 2026 and into 2027. Management is confident in returning to revenue growth and margin expansion in 2027, supported by a robust project funnel and a favorable multi-year investment cycle in the energy segment. Primoris Services Corp (NYSE:PRIM) experienced significant margin pressure in its renewables business, leading to a substantial decrease in gross profit and gross margin to 4.9% from 12.3% in the prior year. The company's Q2 revenue decreased by 10.7% year-over-year, driven primarily by lower revenue in the Energy segment due to decreased renewable activity. The communications business saw lower revenue and margin due to a decrease in fiber-to-the-home activity as customers transition to BEAD-funded projects, impacting the utilities segment. Cash used in operations was $8.7 million in Q2, a significant decline from the $78 million provided by operations in the prior year, largely driven by lower net income. The company's net debt to EBITDA ratio increased to 1.6 times, primarily due to the Paincrest acquisition and lower Q2 EBITDA, with expectations of a slight uptick in Q3. The full-year 2026 guidance remains weak, with adjusted EPS expected between $2.05 and $2.60, reflecting the ongoing challenges and cost overruns in the renewables portfolio. Warning! GuruFocus has detected 3 Warning Sign with PRIM. Is PRIM fairly v…Read full documentShow less
This article first appeared on GuruFocus. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Primoris Services Corp (NYSE:PRIM) achieved record bookings and backlog in Q2 2026, securing over $3.9 billion in new awards, which underscores the strength and diversity of its platform. The company's utilities segment showed strong growth, driven by favorable end-market dynamics and increased customer confidence, particularly in power delivery, transmission, and substation work. The Paincrest acquisition has exceeded expectations, delivering stronger-than-anticipated revenue and margins, and adding $250 million in bookings during the quarter. Pipeline operations delivered another quarter of double-digit revenue growth with substantial margin improvement, and the recovery from the 2025 cyclical trough is gaining momentum. The company maintains a strong liquidity position of $959 million and expects leverage to trend lower as earnings grow and cash flow improves in Q4 2026 and into 2027. Management is confident in returning to revenue growth and margin expansion in 2027, supported by a robust project funnel and a favorable multi-year investment cycle in the energy segment. Primoris Services Corp (NYSE:PRIM) experienced significant margin pressure in its renewables business, leading to a substantial decrease in gross profit and gross margin to 4.9% from 12.3% in the prior year. The company's Q2 revenue decreased by 10.7% year-over-year, driven primarily by lower revenue in the Energy segment due to decreased renewable activity. The communications business saw lower revenue and margin due to a decrease in fiber-to-the-home activity as customers transition to BEAD-funded projects, impacting the utilities segment. Cash used in operations was $8.7 million in Q2, a significant decline from the $78 million provided by operations in the prior year, largely driven by lower net income. The company's net debt to EBITDA ratio increased to 1.6 times, primarily due to the Paincrest acquisition and lower Q2 EBITDA, with expectations of a slight uptick in Q3. The full-year 2026 guidance remains weak, with adjusted EPS expected between $2.05 and $2.60, reflecting the ongoing challenges and cost overruns in the renewables portfolio. Warning! GuruFocus has detected 3 Warning Sign with PRIM. Is PRIM fairly valued? Test your thesis with our free DCF calculator. Q: Regarding the renewables projects, does the statement that the remainder are performing "on average" within expectations imply some are above and some are below, and are there risks of more charges?A: Cody Badlamudi, President and CEO, confirmed that of the over two dozen projects in the portfolio, many are delivering more than the as-sold margin, while some are slightly below. He clarified that the six projects previously identified with cost overruns remain the focus, with two now complete, three expected to reach substantial completion in Q3, and the final one by year-end. Q: Can you confirm that returning to growth in renewables in 2027 is the base case, and are there risks of projects being delayed or rebid to others?A: Cody Badlamudi stated that the funnel for renewables remains strong, particularly in Q4, and while they expect modest growth in 2027 off a reset year, there have been no significant changes to project timing. He noted one project signing anticipated in Q3 moved to Q4, but this is not a significant shift, and the total opportunity funnel remains over $16 billion. Q: With the $1.4 billion in natural gas power generation bookings added this quarter, what is the current backlog and how do you see the revenue slope over the next couple of years?A: Ken Dodgen, CFO, explained that they expect growth in the back half of 2026 relative to the front half, with full-year revenue in the $500 million to $600 million range for natural gas generation. Looking ahead, he sees revenue growing to $800 million to comfortably $1 billion in 2027 based on signed backlog and potential additional signings. Q: How should we think about the cadence of Energy segment margins in the second half of 2026?A: Ken Dodgen indicated that margins will improve sequentially but will not return to the 10% to 12% range this year. He expects Q3 margins to be in the 6% to 8% range, Q4 in the 8% to 10% range, with a full return to the 10% to 12% range in 2027. Q: Can you provide an update on the Paincrest integration and its performance?A: Cody Badlamudi noted that Paincrest's performance has exceeded expectations, with stronger-than-anticipated revenue and margins during the two months it was part of Primoris in Q2. He highlighted that Paincrest added $250 million in bookings on top of the backlog acquired, and the relationship with a key hyperscaler customer is driving further opportunities, with growth primarily constrained by labor resources. Q: What is the outlook for the Utilities segment, particularly regarding communications and power delivery?A: Cody Badlamudi stated that while communications is experiencing a slowdown as fiber-to-the-home programs transition to BEAD-funded projects, they see line of sight to a few hundred million dollars in BEAD funding. Power delivery remains very strong with improved margins, and customers are shifting focus from distribution to transmission and substation work, driving significant backlog growth. Q: What is the total expense for the third-party consultants engaged on the renewables projects, and will they be needed after these projects are complete?A: Cody Badlamudi clarified that the expense is insignificant, as it involves compensation for one consultant focused on the final project completing at year-end. He noted the consultant, along with leadership, was on-site recently and is providing weekly updates to ensure milestones are met. Q: Can you quantify the lower incentive compensation and how it affects SG&A for the year?A: Ken Dodgen estimated the change in incentive compensation is in the $5 million to $10 million range. He noted that this is offset by increased SG&A from amortization related to the Paincrest acquisition, which is non-cash and will continue into next year. Q: Are the $1.4 billion in natural gas generation awards all simple cycle, and what does the geographic and funnel breakdown look like?A: Cody Badlamudi confirmed all the awards are simple cycle, driven by time-to-market considerations, with a few combined cycle projects in the funnel but not yet in backlog. Geographically, the projects are in Texas, Missouri, and Nevada, and the overall funnel for this market has grown to over $8 billion. Q: How should we think about the free cash flow framework for the second half of 2026?A: Ken Dodgen explained that the original forecast was $350 million to $400 million in free cash flow, but they have subtracted approximately $200 million due to the impact from the renewables projects. The revised expectation is now $150 million to $200 million for the full year, with a significant catch-up expected in the second half, primarily in Q4. For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Investor releaseQuarter not tagged2026-08-05Primoris Services (PRIM) Reports Q2 Earnings: What Key Metrics Have to Say
Zacks
Primoris Services (PRIM) Reports Q2 Earnings: What Key Metrics Have to Say
Primoris Services (PRIM) reported $1.69 billion in revenue for the quarter ended June 2026, representing a year-over-year decline of 10.7%. EPS of -$0.27 for the same period compares to $1.68 a year ago. The reported revenue represents a surprise of -0.51% over the Zacks Consensus Estimate of $1.7 billion. With the consensus EPS estimate being -$0.35, the EPS surprise was +22.86%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Primoris Services performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Total Backlog: $13.86 billion versus the three-analyst average estimate of $12.72 billion. Total Backlog - Energy: $6.19 billion compared to the $5.81 billion average estimate based on two analysts. Total Backlog - Utilities: $7.67 billion compared to the $6.95 billion average estimate based on two analysts. Revenue- Energy: $999.9 million versus the two-analyst average estimate of $932.21 million. The reported number represents a year-over-year change of -19.2%. Revenue- Utilities: $712.6 million versus the two-analyst average estimate of $730.77 million. The reported number represents a year-over-year change of +2.8%. Gross Profit- Energy: $-2.7 million versus the two-analyst average estimate of $-13.46 million. Gross Profit- Utilities: $85.1 million versus the two-analyst average estimate of $85.14 million. View all Key Company Metrics for Primoris Services here>>> Shares of Primoris Services have returned -2.6% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Primoris Services Corporation (PRIM) : Free Stock Analysis Report This article originally published on Zacks Investment R…Read full documentShow less
Primoris Services (PRIM) reported $1.69 billion in revenue for the quarter ended June 2026, representing a year-over-year decline of 10.7%. EPS of -$0.27 for the same period compares to $1.68 a year ago. The reported revenue represents a surprise of -0.51% over the Zacks Consensus Estimate of $1.7 billion. With the consensus EPS estimate being -$0.35, the EPS surprise was +22.86%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Primoris Services performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Total Backlog: $13.86 billion versus the three-analyst average estimate of $12.72 billion. Total Backlog - Energy: $6.19 billion compared to the $5.81 billion average estimate based on two analysts. Total Backlog - Utilities: $7.67 billion compared to the $6.95 billion average estimate based on two analysts. Revenue- Energy: $999.9 million versus the two-analyst average estimate of $932.21 million. The reported number represents a year-over-year change of -19.2%. Revenue- Utilities: $712.6 million versus the two-analyst average estimate of $730.77 million. The reported number represents a year-over-year change of +2.8%. Gross Profit- Energy: $-2.7 million versus the two-analyst average estimate of $-13.46 million. Gross Profit- Utilities: $85.1 million versus the two-analyst average estimate of $85.14 million. View all Key Company Metrics for Primoris Services here>>> Shares of Primoris Services have returned -2.6% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Primoris Services Corporation (PRIM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
TranscriptFY2026 Q22026-08-05FY2026 Q2 earnings call transcript
Earnings source - 158 paragraphs
FY2026 Q2 earnings call transcript
Hello, everyone. Thank you for joining us, and welcome to Primoris' Q2 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Blake Holcomb, VP of Investor Relations. Blake, please go ahead.
Good morning. Welcome to the Primoris second quarter 2026 earnings conference call. Joining me today with prepared comments are Koti Vadlamudi, President and Chief Executive Officer, and Ken Dodgen, Chief Financial Officer. Before we begin, I would like to make everyone aware of certain language contained in our safe harbor statement. The company cautions that certain statements made during this call are forward-looking and are subject to various risks and uncertainties. Actual results may differ materially from our projections and expectations. These risks and uncertainties are discussed in our reports filed with the SEC. Our forward-looking statements represent our outlook only as of today, August 5th, 2026. We disclaim any obligation to update these statements except as may be required by law. In addition, during this conference call, we will make reference to certain non-GAAP financial measures.
A reconciliation of these non-GAAP financial measures are available on the investors section of our website and in our second quarter 2026 earnings press release, which was issued yesterday. I would now like to turn the call over to Koti Vadlamudi.
Thank you, Blake. Good morning. Thank you for joining us today to discuss our second quarter 2026 financial and operational results. As we noted in our June operational update, our second quarter results reflect the majority of the impact from the limited number of renewable energy projects that have experienced margin pressure. Since that update, we have achieved mechanical completion on one additional project and will be submitting for mechanical completion on another this week. Importantly, we continue to expect that three projects will reach substantial completion during the third quarter of 2026. The sixth and final project remains aligned with our revised estimates, and we currently expect to achieve mechanical completion in early November, followed by substantial completion by year-end. I also want to emphasize that following our portfolio review, the remainder of the renewables projects, on average, are performing within our expectations.
While these projects have presented challenges, we are making meaningful progress toward completing them and reducing their impact on our business. I am particularly encouraged by the commitment, resilience, and execution of our teams across Primoris. Their focus and determination have been instrumental in advancing these projects toward completion while continuing to deliver the high-quality generation assets our customers expect and that have helped establish Primoris as a trusted leader in the renewables marketplace. As we move forward, our priorities are clear. Successfully complete these projects, maintain disciplined pre-construction planning and risk posture across the portfolio, and position the business for profitable, sustainable growth. As we have stated previously, the opportunity set within our renewables business remains substantial.
Today, we see more than $16 billion of opportunities for solar and battery storage across our core geographic markets, where we benefit from longstanding customer relationships, a proven track record, and deep operational expertise. We remain selective in the opportunities we pursue, maintaining a disciplined approach to risk assessment, contract structure, and project execution. Our strong customer base, experienced teams, and history of successfully delivering high-quality generation assets positions us well to compete for and win attractive work in these markets. Looking ahead, we remain confident in the long-term fundamentals of the renewables business and in Primoris' ability to leverage its market leadership, operational capabilities, and customer partnerships to drive profitable growth. In addition to our focused efforts to restore a positive trajectory in renewables, Primoris delivered record bookings and backlog in the second quarter, underscoring the strength and diversity of our platform.
During the quarter, we secured more than $3.9 billion of new awards, including approximately $1.5 billion in the utility segment and $2.4 billion in the energy segment. The growth in our utilities backlog reflects both the favorable dynamics of our end markets and the confidence our customers place in our ability to execute critical infrastructure projects. Demand remains particularly strong in power delivery, and we are strategically expanding our workforce in key markets to support strategic customer relationships while also engaging with new customers seeking experienced partners for transmission, substation, and distribution work. We see growing opportunities to build upon our established track record in transmission and substation work. At the same time, we are investing in process improvements, operational rigor, and talent development to enhance execution, improve profitability, and expand our workforce of qualified field leadership, project management, and supervisory personnel.
Growth in our energy segment backlog was primarily driven by natural gas power generation, which accounted for approximately $1.4 billion of the sequential increase during the quarter. In addition, we benefited from roughly $200 million of backlog associated with the PayneCrest acquisition as of quarter end and secured new awards across electrical construction services, industrial infrastructure, and utility-scale solar. We are still expecting renewables backlog to build in the H2 of the year, with the majority of awards coming in the fourth quarter. Looking beyond this year, we also see the potential for strong first quarter of 2027 for renewables awards, which would further support our confidence in returning the business to growth next year. Beyond renewables, we continue to see encouraging opportunities across several energy end markets.
As we look to the H2 of 2026, we see additional upside potential in both pipeline and natural gas power generation opportunities, particularly for projects expected to ramp up in late 2027 and early 2028. Taken together, the strength of the customer demand, the breadth of opportunities across our end markets, and the quality of our project funnel support our view that Energy Segment is positioned to benefit from a favorable multi-year investment cycle. Our focus remains on pursuing the right opportunities, maintaining disciplined project selection, and converting this robust set of opportunities into profitable growth. I'll now turn to our segment performance for the quarter. The Utility Segment was up from the prior year, driven by growth in gas operations and power delivery. While Communications revenue and margin were lower year-over-year, as expected.
As we discussed in our Q1 call, we anticipated a softer near-term environment in Communications as traditional fiber-to-the-home program build-outs transition toward BEAD-funded projects. While this affected activity levels in Q2, we continue to believe these opportunities will begin to ramp up later this year. In the meantime, data center fiber and connectivity work remain an important growth driver for the business. We are also encouraged by the level of bidding activity we are seeing, which has the potential to materialize in late 2026 and extending into 2027. Our gas operations business continues to perform well, exceeding market revenue growth expectations in the quarter. We are also actively pursuing new programs in the Midwest and Southern regions that would further support revenue in the business. While a lower level of higher-margin project work impacted margins compared to the prior year, the business delivered another solid quarter.
Strong productivity, effective execution, and high equipment utilization continue to support healthy operating performance and have us well-positioned as we move through the remainder of the year. In the Energy Segment, operational performance during the quarter was solid outside of the previously discussed challenges within renewables. Pipeline delivered another quarter of double-digit revenue growth with substantial margin improvement. The recovery from the cyclical trough experienced in 2025 continues to gain momentum and market activity remains constructive. Furthermore, we believe that the larger diameter opportunities are still on the horizon with a multi-year addressable project funnel that now exceeds $7 billion in total contract value. In electrical construction services acquired through the PayneCrest transaction, performance has already exceeded our expectations. During the two months the business was part of Primoris in the quarter, it delivered stronger than anticipated revenue and margins.
We are encouraged by the strategic and cultural fit, as well as the early operating results. We are already seeing positive momentum through backlog growth and a robust pipeline of opportunities with existing customers. Several of these pursuits could convert into awards by year-end, further enhancing our growth outlook for this business. In Industrial, which includes our natural gas power generation activities, revenue was modestly lower year-over-year, primarily due to the timing of project completions and the commencement of new work. Despite this temporary timing impact, demand remains strong and project activity continues to develop as expected. As a result, we remain on track to exceed our expectations for the full year, supported by a meaningful ramp in activity during the H2 of 2026.
Overall, despite the challenges we experienced in renewables during the quarter, Primoris continues to benefit from strong underlying performance and favorable market fundamentals across multiple end markets, including power generation, pipeline infrastructure, and electrical services. The strength of our record backlog, expanding opportunity pipeline, and disciplined approach to project selection reinforces our confidence in the business. I'll now turn it over to Ken for more on our financial results.
Thanks, Koti, and good morning, everyone. Our Q2 revenue was just under $1.7 billion, a decrease of about $200 million or 10.7% from the prior year, driven by lower revenue in the energy segment. The energy segment was down $236.9 million, or 19.2% from the prior year due to decreased renewable activity. This was partly offset by increased natural gas generation and pipeline activity and the addition of PayneCrest for May and June. The utility segment was up $19.6 million, or 2.8% from the prior year, driven by higher activity in gas operations and power delivery, partially offset by lower communications revenue. Gross profit for the second quarter was $82.4 million, a decrease of $149.3 million compared to the prior year. This was driven by lower revenue and margins in the energy segment and lower margins in the utility segment.
Gross margin was 4.9% for the quarter, compared to 12.3% in the prior year. Looking at our segment results, utility segment gross profit was $85.1 million, down $12.4 million compared to the prior year. This was driven primarily by lower revenue and margin in the communications business and lower margins in our gas operations business. This was partially offset by increased revenue and margins in power delivery. The decline in revenue and margin in communications was due to a decrease in fiber-to-the-home activity as customers transitioned to BEAD programs, which we referenced in our first quarter call. It was also due to a shift in revenue mix toward more maintenance work. For gas operations, the lower margins were due to strong project closeouts in 2025 that didn't repeat in Q2 of this year.
Gross margin declined to 11.9%, compared to 14.1% in the prior year. We continue to see strong performance in power delivery driven by improved productivity and a favorable mix of work, including substation and transmission scopes. This led to higher revenue and margins year-over-year. In the energy segment, gross profit declined $136.9 million from the prior year due to lower revenues and margins in renewables. Gross margins in the segment were slightly negative, which was down from 10.8% in the prior year. The decrease in margin was driven by project cost overruns and lower revenues in renewables, partially offset by improved revenue and margins in pipeline and the contributions from PayneCrest. We believe revenue and margins will trend up in the H2 of 2026 as we complete the four remaining renewables projects and begin to ramp up on new solar and natural gas projects.
For the full year 2026, we are expecting gross margins in the energy segment to be in the 6%-8% range. SG&A expenses in the second quarter were $106.3 million, an increase of only $1.7 million compared to the prior year. As a percent of revenue, SG&A increased to 6.3% from 5.5% in the prior year due to lower revenue and increased amortization expense of the intangibles from the PayneCrest acquisition. SG&A is expected to trend higher in the H2 of the year due to this increased amortization expense. As a result, we expect SG&A will be a little over 6% of revenue for the full year 2026. Net interest expense in the quarter was $10.6 million, up $3.1 million from the prior year, due to higher average debt balances attributable to the PayneCrest acquisition, partially offset by lower interest rates.
Based on current debt levels, we are updating our guidance for interest expense to be between $43 million and $47 million for the full year. Our effective tax rate was elevated for the first six months of 2026, reflecting lower pre-tax profit and the impact of some discrete items in the first half of the year. Despite these impacts, we expect our full-year effective tax rate to be in the 30%-32% range. Moving to cash flow, Q2 cash used in operations was $8.7 million, which improved from the first quarter of 2026, but down from around $78 million provided by operations in the prior year. The decrease in cash from operations was largely driven by our lower net income.
Transitioning over to the balance sheet, we maintained strong liquidity of $959 million, which includes a little over $218 million of cash and approximately $741 million in available borrowing capacity on our revolver. Our trailing 12-month net debt to EBITDA ratio increased to 1.6x EBITDA at the end of Q2, primarily due to the acquisition of PayneCrest and the lower Q2 EBITDA. We expect our leverage ratio to tick up slightly in Q3, but should trend lower as we grow earnings and improve cash flow in Q4 and in 2027. We remain in a very good position with respect to our financial covenants and have substantial liquidity to continue investing organically as well as to pursue opportunistic share repurchases or tuck-in M&A in our key focus areas.
Total backlog at the end of Q2 was just under $13.9 billion, an increase of approximately $2.2 billion sequentially from Q1 and a record for Primoris. Total fixed backlog was up $1.5 billion from Q1, primarily due to strong energy segment bookings for natural gas generation, industrial and electrical construction services from PayneCrest. As Koti mentioned, we have also started Q3 with additional bookings in natural gas generation and pipeline that should support growth in 2027. While we were awarded a solar project in the second quarter, we continue to expect renewables bookings of $1.5 billion-$2 billion in the H2 of the year, primarily in Q4. Total MSA backlog increased about $700 million from Q1, driven primarily by increased activity in power delivery.
Our growing funnel of opportunities across our services and our ability to win and execute on behalf of our customers gives us confidence we will return to revenue growth and margin expansion in 2027. Before turning it back over to Koti, I'll close with guidance. We are maintaining the guidance we provided in our operational update in June. EPS of $1.30-$1.85 per fully diluted share, adjusted EPS of $2.05- $2.60 per fully diluted share, and adjusted EBITDA of $275-$325 million for the full year 2026. We expect our second quarter results to represent the low point for the year, as we have recognized the cost impacts associated with the challenged renewable projects during the quarter.
Looking ahead, we anticipate sequential improvement in revenue and earnings through the remainder of 2026, with adjusted EBITDA expected in the range of $90-$110 million for the third quarter and $100- $120 million in the fourth quarter. As Koti mentioned, we continue to make solid progress in completing the remaining obligations on the renewables projects that have experienced cost overruns. At the same time, we expect activity to accelerate on several solar and natural gas generation projects during the H2 of the year. Based on the momentum we are seeing and the opportunities ahead, we are encouraged by our outlook. I'll now turn it back over to Koti.
Thanks, Ken. Prior to opening the call for questions, I'd like to recap the key takeaways from the quarter. First, the financial impact from the renewables business in the quarter, and in 2026 overall, is not representative of the performance standards we have historically defined at Primoris, nor is it acceptable to me as CEO. In response, we have taken decisive actions to strengthen our operational oversight, enhance our pre-construction planning and risk management processes, and sharpen accountability throughout the organization. Our reputation, long-standing customer relationships, and the attractive end markets we serve are too valuable to compromise by taking unnecessary risks or deviating from the disciplined execution that has differentiated Primoris. While project risk will always be part of our business, accountability starts with leadership, and I am committed to ensuring that we learn from these challenges and emerge as a stronger organization.
That said, we are progressing as expected to substantially complete the challenged projects by year-end. As we move toward completion, we expect to see the impacts on our financial results continue to diminish in the back half of the year. Second, I want to emphasize that the underlying fundamentals of our business remain exceptionally strong, as evident by our record bookings and backlog. I also want to recognize the teams across our organization who are working closely with our customers to plan and secure future projects, as well as the men and women in the field whose dedication, expertise, and execution make our success possible every day.
As we move through the balance of 2026 and into 2027, we will work to successfully complete the remaining renewables projects, execute with discipline across our portfolio, convert our growing backlog into profitable results, and position Primoris to capitalize on the significant infrastructure investment opportunities ahead. I remain confident in our team, confident in our strategy, and confident in our ability to create long-term value for our customers, employees, and shareholders. We will now open up the call for your questions.
We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Steven Fisher with UBS. Steven, your line is now open. Please go ahead.
Thanks. Good morning. Just to follow up on the renewables projects. It sounds like, I think you said the remainder of those renewable projects, on average, are performing within expectations. Does the on average imply that some are above and some are below? I guess really the root question is, are there risks that we have more charges here? If so, is that already captured in guidance? I guess I'm curious what some of the key assumptions you've made going forward about weather and labor productivity for the rest of these. Thanks.
Yeah. Thanks, Steve, for the question. Yeah, that comment is correct. On average, in the portfolio, there's probably over two dozen projects. Many of them are delivering more than an as sold margin, and some are not material, but a little below their as sold margin. We identified the six that had the cost overruns, and those remain the six that we continue to be focused on. As I said, two of those are now complete, three completing this quarter, and the last one at the end of the year.
You mentioned about returning to growth in 2027 in renewables. Can you confirm that's just your base case at the moment? If so, it sounds like the fourth quarter bookings there are going to be quite important. We're hearing that some of the projects in this planning stage might be running a bit behind and may be at risk of being even rebid to others. Can you just sort of set the record straight on the confidence in 2027 and what's happening with those projects as you're in the planning stages on renewables? Thank you.
Yeah. Thanks, Steve. Back half of the year, in particular Q4, the funnel for renewables remains strong, we'll give very prescriptive color on 2027, where revenue burn will be on the top line. Very strong indication On the opportunity list in front of us for Q4, it sets us up for significant backlog going into 2027. What we would say is modest growth for 2027 coming off of a reset year.
Just any comments on the work in the planning stages? Any comments on things being behind or being rebid to others?
Yeah. Thanks. I'm sorry I didn't answer that piece. No significant changes. As the year has evolved, we'd previously articulated some projects did move to the right, even in this quarter, one project signing that we anticipated happening in Q3 moved to Q4. It isn't a significant shift in terms of our projected backlog. No significant pushes to the right other than what we articulated previously.
Okay. Thank you.
Still a strong demand market for us. As I mentioned before, the funnel of opportunities is still significant, total over $16 billion in renewables.
Appreciate that. Sounds good. Thanks.
Your next question comes from the line of Sean Milligan with Needham & Company. Sean, your line is now open. Please go ahead.
Hey, thank you for taking the questions. I guess first off, in the gas power side, you added $1.4 billion in bookings this quarter. Just curious, kind of current backlog in gas power and sort of how you see the slope of that over the next couple of years.
I don't know that I have the exact backlog on gas generation. Blake, do you have that?
Yeah. Sorry, Sean. I don't have that in front of me right now. What was the rest of your question?
Just that was obviously a big bookings number. I think gas power is accelerating for you, but just curious kind of how the slope looks for you kind of back half of this year at 2027, 2028. When you talk about the $1.4 billion.
Yeah.
In bookings, how does that flow through?
Yeah. No, good question. We're expecting growth in the back half of the year relative to the front half of the year. I think we're still on track for the full year to be kind of in the $500 million-$600 million range for nat gas generation. Comfortably growing next year based on the backlog we've signed so far and our view to potentially other signings in the back half of the year, $800 million to comfortably $1 billion in revenue next year.
Okay. Great. Just a follow-up question on sort of Texas exposure. There was a, I guess, press release by Greg earlier this week around pausing data centers. That seems to put more of an emphasis on bringing your own power. Just curious for you all, in terms of the addressable market, One, do you think that slows down anything for you in Texas? How much of the revenue is coming from Texas currently? Or as bring your own power becomes more important, does your revenue opportunity per data center go up?
Yeah. Thanks for the question, Sean. We saw that memo from the governor. First, I think it's not surprising that an elected official is trying to guard against their constituencies paying more for utilities, whether it's water or power. It's a trend that we're seeing across the country. The first thing I'd say is there is a strong demand environment created by AI data centers. We're seeing that CapEx play out, and we have a skill set that affords us the opportunity to grow there. Of our portfolio, it's not huge. At any given time, it's probably 10%-15% of the total portfolio. Our exposure, we're not wedded completely to that, but we are tracking it.
Most of the opportunities that we see anecdotally with the data center development are on-premise generation, so would address some of the concerns in the governor's memo instruction to ERCOT.
Great. Thank you for the time.
Your next question comes from the line of Julien Dumoulin-Smith with Jefferies. Julien?
Yeah. Julien.
You may go ahead.
Yeah. Hi, it's Brian Russo on for Julien. Good morning.
Morning.
Hello?
Brian, you there? Do you have a question? Brian must be.
Yes. Good morning.
Good.
I was just-
Yeah, go ahead, Brian.
Can you hear me now?
We can hear you.
Okay. I apologize. Just on the PayneCrest integration, you said it's exceeding expectations. I'm just curious as to the core region in Missouri. We've seen a lot of activity with, I believe, a fairly significant customer of PayneCrest, Ameren. I was also wondering about the relationship with Meta. I believe you had done work on a Nebraska data center project. I'm wondering if any of those customers are active right now in your backlog or soon to be.
Yeah. Thanks, Brian. We typically don't call out individual customers, but I will say the hyperscaler CapEx and PayneCrest's resume in doing that work for customers is very relevant. The relationship that they have with one hyperscaler in particular, given their track record in the region, is what's allowing them to capture further work. Their meaningful gate to growth is resources. Just like any of the end markets, most of the end markets we're in, they are labor resource-constrained. They're looking at the opportunity funnel in front of them, and the hyperscaler gives them visibility to their projects and doing well to add that to backlog. Just in the quarter, PayneCrest, in addition to the backlog we acquired with the acquisition, on top of that, they added $250 million in bookings in the quarter. A positive signal and trend for them.
Okay, great. Just to follow up on the gas gen opportunity, seems like a nice bookings quarter and more to come to what is a nice step up in 2027 revenue. Just curious, how many crews do you have currently, or how many projects can you handle in any given year? What's the long-term target to scale up that end market?
Yeah. When I started last year, I think we were saying a half a dozen teams. We've invested in that in the last several months. We're up to eight or nine unique teams, we'll continue to. It is a meaningful question given the demand for that expertise. We continue to look for opportunities to add talent and create teams. The funnel is, again, as I said, the demand is outstripping supply there. It's about eight to nine teams today.
Okay, great. Thank you very much.
Your next question comes from the line of Sangita Jain with KeyBanc Capital Markets. Sangita, your line is open. Please go ahead.
Great. Thank you so much for taking my questions. If I can ask one on renewables, actually energy margins. Appreciate the updated margin range. I'm just trying to think of how we should think about the cadence in the H2. Should we assume that energy margins go back to the 10%-12% range by the fourth quarter, or is it going to be more of an even split between 3Q and 4Q?
Sangita, we're not going to get back up to 10%-12%. It'll be sequential, I think. I think Q3, and I'm kind of going off the top of my head right now, is going to be kind of in that 6%-8% range. I think Q4 is going to be more kind of 8%-10% range, and then we'll get back to full 10%-12% next year.
Got it. Thank you. Then on pipelines, appreciate Koti's comments that you're looking at a lot of projects that could start bringing revenue in late 2027, early 2028. I'm just trying to understand better on what's kind of guiding that outlook. Is it pipeline pipe availability? Is it permitting, or is it just you guys waiting for the right projects to come in?
Yeah, I'd say, Sangita, the customer's procurement, knowing that they're in an environment where resources are scarce and labor availability, they're just doing their procurements early in the cycle. I'd say from what we've seen historically, doing tender processes a year and a half and potentially two years in advance is probably a longer cycle we've seen historically. I think it's them just being more proactive on securing those resources well in advance. It is a competitive environment.
Got it. Appreciate the insight. Thank you.
Yep, you bet. It is a differentiated market for us based on the larger diameter and longer spreads.
Your next question comes from the line of Lee Jagoda with CJS Securities. Lee, your line is now open. Please go ahead.
They'll get all this right eventually. Good morning, guys.
Hey, good morning, Lee.
Hello? Hey, how are you?
Hey, good morning, Lee.
I guess I'll start with utility because nobody seems to be going there yet. In terms of, obviously you mentioned the communications business, and that's the reason for the slowdown. Any color around growth, either sequentially or year-over-year for the utility business and the balance of 2026? Bigger picture, just given the levels of demand that you see over a multi-year period for the utilities business, how should we think or how are you thinking about organic growth in the utility segment over the medium term beyond this year?
Yeah. On the comms side, first just that piece of it, we do see BEAD programs and line of sight to few hundred million dollars that we're tracking in BEAD funding. There might be a little bit of a slowdown as programs switch to that BEAD funding. Overall, utilities, we're very optimistic, particularly around power delivery. We're seeing nice margin improvement. The demand side of that is very high. Customers are shifting their focus from distribution to transmission substation. You saw the positive trend in backlog in our MSA movement, which is almost all utilities. Last quarter, we had, and I think from memory, a half billion dollar add, and this quarter another $1.5 billion addition. I think we see strength in that market, and again, it's another area where resources are tight.
We're seeing customers that have current relationships with some of our peer set, and they're tapped out, and they're looking for additional help and assistance. I think we see organic opportunity with existing customers as well as business acquisition opportunities with new customers.
In terms of this year, should we assume a normal seasonal cadence where Q3 is probably the peak and then kind of drops back down seasonally in Q4?
Yes. Absolutely. That's what we're seeing this year as well, just like we have in previous years.
Okay. Koti, I know you had engaged some third-party consultants, and at least last update, they were still engaged to kind of go through the process with the remaining projects here. Couple of questions there. One, how much is the total expense from that expected in 2026? Is it your expectation that once these projects are done, you no longer need these third-party consultants to kind of be there?
Lee, it's compensation for one consultant, so it's insignificant to what we're talking about here. The focus is really on the one project that completes at the end of the year. That person, along with our leadership team, was on site last week, so they're giving me sort of the weekly updates. Not a significant expense and very good investment of the skill set and expertise to give us better surety on hitting our milestones.
One more if I can sneak it in. SG&A, you were commenting, one of the, I guess, tailwinds is just lower incentive comp. Can you quantify that and then kind of give us a sense of incentive comps for the year or the variance year-over-year, just so we can understand what may be added back to next year's number?
Yeah. I don't know that I have the exact number for the change in incentive comp this year. It's probably in the $5 million-$10 million range, would be a rough guess. Just remember the offset increase, SG&A, is a pretty significant amount of amortization related to PayneCrest this year that's driving it higher. A lot of that will continue into next year, but it's non-cash.
Thanks.
Your next question comes from the line of Adam Thalhimer with Thompson Davis. Adam, your line is now open. Please go ahead.
Hey, good morning, guys. Also wanted to ask about the Nat Gas Generation Awards, the $1.4 billion. Two questions on that. Is it all simple cycle? Geographically, where are those awards? What does the funnel look like?
Yeah. Thanks for the question, Adam. These all happen to be simple cycle. Most of the portfolio, as I said before, is simple cycle, and it's basically informed by time to market. I think we have a handful of projects that are combined cycle that are in the funnel, but not in backlog. The geographies are Texas, Missouri, Nevada, and various sizes of capacity.
The funnel piece? What do you think-
Yeah, the funnel is very strong. Sorry. Yeah. Funnel in that market's gone up. I think last quarter, it was a little over $6 billion. I think now it's over $8 billion. 8 point-
$7 billion-$8 billion. Yeah.
It's over $8 billion that we're tracking. Importantly, because the market is constrained in terms of resources, we're very diligent in customer selection and project selection. We're remaining very disciplined in terms of risk posture and overall making sure our value proposition is understood.
Okay, last one real quick. On the fiber side, you alluded to some big potential awards. How much revenue could those generate?
There's like $300 million or so in pursuits. We won't win all that work. Given the size of the portfolio today, I think we have aptitude for it to grow. The BEAD Funding Project specifically that we're tracking, I think amount to $300 million. As a business today, we do around $400 million+. It does give us a line of sight to some projects. There's the BEAD funding and there's also the fiber that interconnects data centers that's also a meaningful CapEx that we're trying to pursue, this is how these data center clusters need to operate together, requiring low latency. That fiber spend is also something we're tracking.
Perfect. Thanks, guys.
Your next question comes from the line of Brent Thielman with Oppenheimer. Brent, your line is now open. Please go ahead.
Yeah, thanks. The pipeline of new award potential you talked about in renewables, are those more aligned with your traditional sort of markets and geographies? Is the company still kind of evaluating and pursuing newer geographies? Koti, if you could just talk about the risk parameters you've embedded in the pursuit process going forward for that piece of the business.
Yeah. To the first part of your question, the answer is yes. All of our pursuits are in geographies where we have a resume, understand the labor posture, understand the jurisdictions having authority, and so very comfortable with those pursuits. The going forward, from learnings from the past, it's to remain disciplined, and not pursue work in areas or geographies, where we don't have understanding of the local labor market or local conditions. As well in terms is remaining disciplined on risk posture. I had mentioned before, I think it was in Q1, we did pass on an opportunity where terms and conditions didn't comport with our overall risk posture. That's really just a compass going forward to maintain that rigid discipline. Again, demand environment is very strong for our services, so we can be very disciplined and stick to our overall risk-reward balance.
Okay. On PayneCrest, any strategic initiatives you're pursuing there now that it's a few more months under your ownership? I'm thinking along the lines of a refocus of those operations away from any legacy pursuits that could be lower margin or something that doesn't align with your risk profile.
Yeah, it's a good question, Brent, and actually from our due diligence and then as we've done a couple of months of integration, it's actually the opposite. We call it a light touch integration and not getting in the way. They have been run historically as a conservative company and been very conservative in their approach in new acquisitions of customers. Their exposure to the data center market, we like. It's not a majority of their portfolio. They have other industrial clients in their backyard, where they have long-term relationships and good contract terms. It's a little bit of make sure they're integrated with the system. There are some revenue synergies in parts of our portfolio where we use subs. They have that expertise in-house, so we'll have the opportunity to bring them into the fold.
Right now, I would describe it as a light touch integration and so far exceeding our expectations from performance.
Okay. Thank you.
Your next question comes from the line of Manish Somaiya with Cantor. Manish, your line is open. Please go ahead.
Thank you so much. Good morning, gentlemen. Ken, in terms of the EBITDA framework that you laid out, I get to an EBITDA of $282 million, vis-à-vis the guidance of $275 million-$325 million. Did I miss something, in terms of add backs? Are we kind of saying we're more comfortable with the low end and leaving room for upside?
Yeah, it's the latter. We're just giving ourselves plenty of room to make sure we are comfortable with the numbers, that we can make those numbers, and potentially have some upside as we execute through Q3 and Q4.
Related to that, how should we think about the free cash flow framework in the H2?
Yeah, look, our forecast for the year was like $350 million-$400 million of free cash flow. I think basically you can just subtract $200 million out of it. That's essentially the impact from the renewables projects. Right now we're looking at probably $150 million-$200 million for the full year.
Basically, big catch-up in the H2. Principally in the fourth, I would imagine.
Yes.
Koti, I had a question for you on the telecom side. With BEAD funding moving to more technology neutral framework, are you seeing customers re-scoping projects away from fiber towards fixed wireless or satellite, or is fiber still the primary opportunity in your core markets? Thank you.
For where we play, it's fiber. We're tracking the BEAD funding, I also mentioned, Manish, there's a lot of opportunity in the interconnects between these AI data centers.
Your next question comes from the line of Philip Shen with ROTH Capital Partners. Philip, your line is now open. Please go ahead.
Hey, guys. Thanks for taking my questions. First one's a bit of a housekeeping one. Can you share what the backlog was for renewables, at the end of Q2?
Yeah, it was $2 billion.
Great. Okay. Thanks, Ken. As it relates to back on renewables, how have compensation or incentive structures for project executives and estimators been adjusted, if at all? So that the more stringent risk-reward criteria are not undermined by traditional volume or booking-driven bonuses. What leading indicators do you think the board and management will use in the next year to demonstrate that the new processes are actually improving bid quality and execution consistency? Thanks, guys.
Yeah. Phil, there's discretion in compensation at my level, and what we've done is incent the project teams, in particular field leadership. Some of their comp is cash, but some of their comp is also going forward in RSUs, restricted stock that vests over time. The theory is we want them to be aligned to value creation that the company creates in project execution. I'd say for leading indicators going forward, the compensation mechanisms that are in place today do have both long-term mechanisms around value creation, I think they're aligned from an accountability standpoint. I think from a go-forward standpoint, what we do with the field teams in deeper reaching in RSUs and stock ownership is a lever for us to maybe draw down a little bit harder driving forward.
Thanks, Koti. Just to be clear, these are changes that have been made since the problems surfaced?
Yeah. What I was looking at there, Phil, in particular, is that some of these teams were not the people that caused the problems. These are the people we're relying on in the face of adversity, are now being so resilient and driving under the reforecast, the predictable execution month to month, week to week. Want to make sure they're incented appropriately. It's more along those lines around the changes.
Great. Okay. Thank you for taking these questions.
You bet. Thanks, Phil.
Your next question comes from the line of Maheep Mandloi with Mizuho Securities. Maheep, your line is now open. Please go ahead.
Hey, thanks for taking the questions. Just a question on the renewables business, given the backlog visibility you have and potential for new growth on bookings this year and later next year. How should I think about the 2027 growth versus 2026 or 2025, compared to what you've said in the past? Thanks.
Maheep, I'm trying to make sure I understood the question. Are you looking at revenue growth into 2027 relative to 2026?
I think what we said in our earlier Q&A there is that historically we've grown exponentially in the renewables segment. When I look at 2024 to 2025, I think it was $2 billion-$3 billion. 2026 is a bit of a reset year. We're looking at H2 of this year, in particular Q4. The funnel for renewables opportunities is pretty strong and where we sit at backlog and I look at burn, then we factor in what we're going to be potentially awarded, that will inform our 2027 guide for the renewable segment. At this time, right now, just being pragmatic, we think it could potentially be a modest growth off of 2026. We'll give more prescriptive color as we see that trend in backlog.
No, sir, that's helpful. On the balance sheet side, we kind of talked about the internals on the free cash flow and the renewable impact, how should we think about leverage for next year and potential capital for additional M&A going forward? Thanks.
I touched on this a little bit in my comments. We're about 1.6x EBITDA right now. We'll trip up to probably a little under two, I'm guessing right now, in Q3. From there, we'll start declining back down, both based on debt payoff and EBITDA growth. I expect us to probably comfortably be back down to 1.5x by the end of the year. Over the course of 2027, trend down to 1x again. Which between that and availability on our revolver and our cash balances, gives us plenty of capital to continue to support organic growth, to do opportunistic acquisitions, and to the extent the board wants to pull that lever to do additional stock buyback.
Thank you.
Your next question comes from the line of Joseph Osha with Guggenheim. Joseph, your line is now open. Please go ahead.
Thanks. Good morning, guys. I have two questions. First, returning to the single-cycle gas business. Obviously, that's doing great. One risk factor there that does pop up every once in a while is whether your customers actually do have those turbine slots secured. I did want to check to understand if you've gone out and talked to your customers and made sure that that process is de-risked. I do have a follow-up. Thanks.
Yeah, Joe, I'll answer that. It is one of the criteria for us. We evaluate customers and project selection is that they're in the queue. Our relationships with those OEMs is pretty significant. In some cases, they're actually the ones that are making the market for us. They'll pair us with a potential client. Yeah, we have visibility of that, and the other piece of that is purchase power agreements, and seeing where they are with respect to that piece of it too.
Okay. Because there's a bit of a gold rush going on there at the moment, obviously, you're confident that that pipeline's been de-risked for you guys?
That's correct. Yes.
Okay.
When we do the limited notice to proceed with the client and building the project schedule, obviously, we have full visibility to the delivery of that piece of equipment. We're focused on the balance of plant, but we're definitely working with the customer and have line of sight to the orders.
Okay, thanks. Then to return to renewables, sorry to ask yet another question. Just if I hear what you're saying, you've got this $2 billion backlog you're going to burn. It sounds like you're kind of reopening the funnel to booking as we get into the H2 of the year. Just timing-wise, anything you book late this year probably isn't going to start to burn until late 2027, 2028. It sounds like, I heard what you said earlier, moderate growth, but it sounds like the business doesn't really kind of get back onto a more normal cadence relative to history until 2028. Is that a fair observation?
I would disagree, Joe, with that observation. I think we're probably being a little bit conservative. We have seen some projects move to the right, so predicting that timing is probably weighing in. I think when there is a significant funnel for us and irrespective of timing, I think it shapes well for us. Trying to predict in each quarter when we land this stuff in backlog is sometimes a little tricky. I looked at historical quarters over the last year, where we sat with backlog and what we burned, and there is a general track record there, which is why I think we're looking at the opportunity in Q4. As we sit at the end of the year, it'll give us a good projection on 2027.
Okay. Thank you very much.
Your next question comes from the line of Adam Bubes with Goldman Sachs. Adam, your line is now open. Please go ahead.
Yeah. Hi. Good morning. This is Anuj on behalf of Adam. In light of recent cost overruns and renewables, should we expect any changes to the contract structures or targeted margin profile on future projects? Thank you.
No, I think what I said before is just more rigidity and discipline in risk identification and the contract terms we take on. That's about the pursuits, making sure we've done good discrimination in the portfolio and not gone into geographies that are uncertain for us, or we don't have experience. That's that piece. On the contract terms, there are some learnings. We'll probably be stricter in some terms in the contract from a language standpoint that allow us a more favorable climate for recovery if we've given reasonable methods from a construction execution approach. Nothing specific to comment here. It's probably just more discipline going forward.
Got it. On the energy segment, pretty strong bookings in this quarter. Can you please parse out the awards by end market? Thank you.
Could you repeat the question? I didn't hear it.
On the energy segment, bookings were strong in this quarter. Was hoping if you can shed some light on the awards by different end markets within the energy segment.
Thanks. I got it. It was $3.9 billion was additional backlog, $2.4 billion of that was energy, $1.5 billion utilities. Your question is of the $2.4 billion, how does that break down? $1.4 billion of that was in the gas power generation, which we talked about. Those are all simple cycle projects that were awarded. The balance, the $1 billion is comprised of about $450 million from PayneCrest. Some of that backlog came with the acquisition, but what I'd importantly note, they had $250 million on top of that they booked in the quarter. Nice significant contribution from PayneCrest. The balance would be in the rest of energy industrial, including pipeline.
Oh, that helps. Thank you.
Your next question comes from the line of Jerry Revich with Wells Fargo. Jerry, your line is now open. Please go ahead.
Hi. Good morning, everyone. This is Andrew Azzi on for Jerry Revich. Appreciate you taking my questions. I just wanted to hone in. It sounds like there's some modest growth baked in for the base case next year. With the full year guide and all the 2027 commentary so far, I'm trying to think what that might imply for energy segment margins off the 4Q exit rate and what might be a reasonable starting point for 2027. Any color there would be much appreciated. Thank you.
Yeah. Look, on the margins we will have the last of these renewables projects done in Q4. Our full expectation as of right now is that the cadence for 2027 is going to be in that normal 10%-12% range that we previously occupied. Was there a follow-up or is that it?
Oh, so sorry. I was on mute. A lot of technical issues this call. I think last quarter you guys referenced something like $1 billion in renewables verbal awards and close to $3 billion expected to sign in the H2 Would love to kind of get an update on that and see how much of that's converted or what's subject to close and how that might translate to next year's revenue.
Yeah, I think it was $2 billion, not $3 billion. That cadence is, we're still on track for, I think we mentioned, kind of one and a half to $2 billion, just as things have kind of moved around a little bit. As we mentioned in our scripted notes, I think most of that's going to be in Q4 this year.
We did have one in Q2 that was a couple hundred million dollars.
Okay. Thank you very much. That is all for me.
Okay.
We have reached the end of the Q&A session. I will now turn the call back to Koti Vadlamudi for closing remarks.
Thank you, and thank you all for joining and your engagement in Q&A. I want to close by thanking our employees, the men and women in the field that are, on behalf of our customers, driving execution. Really pleased with the quarter's trend and backlog and looking forward to engaging with you all going forward. Thank you.
This concludes today's call. Thank you for attending. You may now disconnect.
Investor releaseQuarter not tagged2026-08-04Primoris Services: Q2 Earnings Snapshot
Associated Press
Primoris Services: Q2 Earnings Snapshot
DALLAS (AP) — DALLAS (AP) — Primoris Services Corp. (PRIM) on Tuesday reported a loss of $24.2 million in its second quarter. On a per-share basis, the Dallas-based company said it had a loss of 45 cents. Losses, adjusted for one-time gains and costs, came to 27 cents per share. The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 35 cents per share. The construction contractor posted revenue of $1.69 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $1.7 billion. Primoris Services expects full-year earnings in the range of $2.05 to $2.60 per share. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PRIM at https://www.zacks.com/ap/PRIM
Investor releaseQuarter not tagged2026-08-04Primoris Services Corporation Reports Second Quarter 2026 Results
Business Wire
Primoris Services Corporation Reports Second Quarter 2026 Results
DALLAS, August 04, 2026--(BUSINESS WIRE)--Primoris Services Corporation (NYSE: PRIM) ("Primoris" or the "Company") today announced financial results for its second quarter ended June 30, 2026 and provided comments on the Company’s operational performance and outlook for the remainder of 2026. For the second quarter of 2026, Primoris reported the following highlights(1): Revenue of $1,688.2 million, down $202.5 million, or 10.7%, compared to the second quarter of 2025 driven by lower revenue in the Energy segment; Net loss of $24.2 million, or $0.45 per diluted share, a decrease of $108.5 million from the second quarter of 2025; Adjusted net loss of $14.6 million, or $0.27 per diluted share, a decrease of $106.7 million from the second quarter of 2025; Adjusted earnings before interest, income taxes, depreciation, and amortization ("Adjusted EBITDA") of $11.4 million, down $143.2 million, or 92.6%, from the second quarter of 2025; and Record total backlog of $13.9 billion, including $8.2 billion of total master service agreement ("MSA") backlog. "Despite the challenges on a limited number of renewables projects that impacted our earnings during the quarter, Primoris delivered record bookings and achieved the highest total backlog in our history," said Koti Vadlamudi, President and Chief Executive Officer of Primoris. "These awards reflect the strength of our end markets, the increasing demand for critical infrastructure investment, and the trust our customers place in Primoris to deliver our services safely, efficiently, and with the highest standards of quality." "We are making meaningful progress toward completing the challenged renewables projects we previously disclosed, while continuing to demonstrate strong execution across the rest of our businesses. At the same time, demand for our services remains strong, supported by favorable market fundamentals and expanding opportunities across renewable energy, natural gas generation, pipeline, and power delivery markets. We remain focused on disciplined execution and are well-positioned to capitalize on the significant opportunities ahead. "Although our first-half 2026 financial performance fell short of our expectations, we are encouraged by the momentum we see across the business. With a record backlog, improving project mix, and continued operational focus, we expect revenue growth and margin improvement in…Read full documentShow less
DALLAS, August 04, 2026--(BUSINESS WIRE)--Primoris Services Corporation (NYSE: PRIM) ("Primoris" or the "Company") today announced financial results for its second quarter ended June 30, 2026 and provided comments on the Company’s operational performance and outlook for the remainder of 2026. For the second quarter of 2026, Primoris reported the following highlights(1): Revenue of $1,688.2 million, down $202.5 million, or 10.7%, compared to the second quarter of 2025 driven by lower revenue in the Energy segment; Net loss of $24.2 million, or $0.45 per diluted share, a decrease of $108.5 million from the second quarter of 2025; Adjusted net loss of $14.6 million, or $0.27 per diluted share, a decrease of $106.7 million from the second quarter of 2025; Adjusted earnings before interest, income taxes, depreciation, and amortization ("Adjusted EBITDA") of $11.4 million, down $143.2 million, or 92.6%, from the second quarter of 2025; and Record total backlog of $13.9 billion, including $8.2 billion of total master service agreement ("MSA") backlog. "Despite the challenges on a limited number of renewables projects that impacted our earnings during the quarter, Primoris delivered record bookings and achieved the highest total backlog in our history," said Koti Vadlamudi, President and Chief Executive Officer of Primoris. "These awards reflect the strength of our end markets, the increasing demand for critical infrastructure investment, and the trust our customers place in Primoris to deliver our services safely, efficiently, and with the highest standards of quality." "We are making meaningful progress toward completing the challenged renewables projects we previously disclosed, while continuing to demonstrate strong execution across the rest of our businesses. At the same time, demand for our services remains strong, supported by favorable market fundamentals and expanding opportunities across renewable energy, natural gas generation, pipeline, and power delivery markets. We remain focused on disciplined execution and are well-positioned to capitalize on the significant opportunities ahead. "Although our first-half 2026 financial performance fell short of our expectations, we are encouraged by the momentum we see across the business. With a record backlog, improving project mix, and continued operational focus, we expect revenue growth and margin improvement in the second half of 2026, providing a solid foundation for stronger performance and long-term value creation in 2027 and beyond," he added. Second Quarter 2026 Results Overview Revenue was $1.7 billion for the three months ended June 30, 2026, a decrease of $0.2 billion, or 10.7% compared to the same period in 2025. The decrease was primarily due to lower renewables revenue in the Energy segment. Operating loss was $26.8 million for the three months ended June 30, 2026, a decrease of $153.4 million, or 121.2%, compared to the same period in 2025. The decrease was primarily due to a decrease in Energy segment revenue and margins and a decrease in Utilities segment margins. Gross profit as a percentage of revenue decreased to 4.9% for the three months ended June 30, 2026, compared to 12.3% for the same period in 2025, primarily driven by lower margins in the Energy and Utilities segments. During the second quarter of 2026, net loss was $24.2 million compared to net income of $84.3 million in the prior year period. Diluted loss per share ("EPS") was $0.45 for the second quarter of 2026 compared to $1.54 earnings per diluted share for the same period in 2025. The decrease in net income and earnings per share was primarily driven by lower revenue and margins and higher interest expense. Adjusted net loss was $14.6 million for the second quarter of 2026, compared to $92.1 million of adjusted net income for the same period in 2025. Adjusted loss per diluted share was $0.27 for the second quarter of 2026, compared to $1.68 adjusted earnings per diluted share for the second quarter of 2025. Adjusted EBITDA was $11.4 million for the second quarter of 2026, compared to $154.6 million for the same period in 2025. Operating performance by segment for the three and six months ended June 30, 2026, and 2025 were as follows: Utilities Segment ("Utilities"): Revenue increased by $19.6 million, or 2.8%, for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to increased activity in our gas operations and power delivery businesses, partially offset by decreased activity in our communications business. Operating income for the three months ended June 30, 2026, decreased by $11.0 million, or 16.8% compared to the same period in 2025 due to lower gross margins, partially offset by revenue growth. Gross profit as a percentage of revenue was 11.9% for the three months ended June 30, 2026, down from 14.1% for the same period in 2025 primarily due to the impact of favorable project closeouts in our gas operations business in 2025, and a decrease in higher margin storm restoration work in 2026. Energy Segment ("Energy"): Revenue decreased by $236.9 million, or 19.2%, for the three months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily attributable to decreased renewable energy activity, due to slower than anticipated start of new projects, release of new work, and slower than expected financial close associated with certain projects. The decrease was partially offset by the incremental impact from the acquisition of PayneCrest. Operating income for the three months ended June 30, 2026, decreased by $149.0 million, or 160.9%, compared to the same period in 2025, primarily due to lower revenue and gross margins. Gross loss as a percentage of revenue was (0.3%) during the three months ended June 30, 2026, compared to gross profit as a percentage of revenue of 10.8% in the same period in 2025. The decrease in gross margin was primarily due to cost overruns in 2026 associated with six renewable energy projects. These higher costs were driven in part by project redesign efforts, changes in project sequencing, labor productivity challenges, sub-surface issues, and unfavorable weather conditions. Two of the six projects were substantially complete in the second quarter of 2026, three are expected to be substantially complete in the third quarter of 2026, and the remaining project is expected to be substantially complete in the fourth quarter of 2026. In addition, we have had lower than anticipated volumes in 2026, which led to higher relative carrying costs for equipment and personnel. Other Income Statement Information Selling, general and administrative ("SG&A") expenses were $106.3 million during the quarter ended June 30, 2026, an increase of $1.7 million compared to the second quarter of 2025. The increase was primarily driven by the acquisition of PayneCrest, partially offset by lower incentive compensation costs. SG&A expense as a percentage of revenue increased to 6.3% in the second quarter of 2026, compared to 5.5% in the second quarter of 2025, primarily due to lower revenue. Interest expense, net for the quarter ended June 30, 2026, was $10.6 million compared to $7.5 million for the quarter ended June 30, 2025. The increase of $3.1 million was primarily due to higher average debt balances, partially offset by lower average interest rates. Interest expense for the full year 2026 is expected to be between $43 million and $47 million. The effective tax rate on income for the six months ended June 30, 2026, of 59.5% differs from the U.S. federal statutory rate of 21.0% primarily due to discrete tax benefits for equity compensation paid in the first six months, partially offset by state income tax expense and nondeductible components of per diem expenses. We recorded an income tax benefit for the six months ended June 30, 2026, of $9.9 million compared to income tax expense $52.5 million for the six months ended June 30, 2025. The $62.4 million change is primarily driven by a $197.7 million decrease in pretax income and an increase in the effective tax rate. Outlook The Company is maintaining its estimates for the year ending December 31, 2026, that were updated on June 22, 2026. Net income is expected to be between $71.0 million and $101.0 million, or $1.30 and $1.85 per fully diluted share. Adjusted EPS is estimated in the range of $2.05 to $2.60 per fully diluted share. Adjusted EBITDA for the full year 2026 is expected to range from $275 million to $325 million. The Company is targeting SG&A expense as a percentage of revenue to be in the low 6% range for the full year 2026. The Company’s targeted gross margins by segment are 10% to 12% for the Utilities and 6% to 8% in Energy segments for the full year 2026. The Company expects its effective tax rate for 2026 to be approximately 30% to 32.0%, but it may vary depending on the mix of states in which the Company operates. Adjusted EPS and Adjusted EBITDA are non-GAAP financial measures. Please refer to "Non-GAAP Measures" and Schedules 1, 2, 3, and 4 below for the definitions and reconciliations. The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting or unusual items. Supplemental information relating to the Company’s financial outlook is posted in the Investor Relations section of the Company’s website at www.prim.com. Total Backlog as of June 30, 2026, was $13.9 billion, including Utilities backlog of approximately $7.7 billion and Energy backlog of $6.2 billion. The increase in Total Backlog of $1.9 billion from year end 2025 was driven by fixed backlog awards in the Energy segment, including natural gas power generation, industrial and electrical construction, backlog from PayneCrest, and an increase in MSA backlog in Utilities segment. Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue. Revenue from certain projects where scope, and therefore contract value, is not adequately defined, is not included in Fixed Backlog. At any time, any project may be cancelled at the convenience of the Company’s customers. Balance Sheet and Capital Allocation At June 30, 2026, the Company had approximately $958.9 million in liquidity including $218.2 million of unrestricted cash and cash equivalents and $740.7 million of available borrowing capacity under the Company’s revolving credit facility. In the second quarter of 2026, capital expenditures were $22.5 million, including $12.4 million in construction equipment purchases and $6.6 million on facilities. Capital expenditures for the six months ended June 30, 2026, were $50.3 million, including $28.4 million in construction equipment purchases and $13.1 million on facilities. For the remaining six months of 2026, capital expenditures are expected to total between $70.0 million and $90.0 million, which includes $60.0 million to $80.0 million for equipment. The Company also announced that on July 31, 2026, its Board of Directors declared a $0.08 per share cash dividend to stockholders of record on September 30, 2026, payable on approximately October 15, 2026. During the three months ended June 30, 2026, the Company purchased 449,287 shares for an aggregate purchase price of $50.0 million, at a weighted average purchase price per share of $111.29. As of June 30, 2026, the Company had $100.0 million available for purchase under the share purchase program. The share purchase plan expires on April 30, 2028. Conference Call and Webcast As previously announced, management will host a conference call and webcast on Wednesday, August 5, 2026, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time). Koti Vadlamudi, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will discuss the Company’s results and business outlook. Investors and analysts are invited to participate in the call by phone at +1 833-461-5787, Meeting ID: 505 018 791. For those outside of the US dial-in at +1 585-542-9983 or +44 808 196 8935, Meeting ID: 505 018 791. A link to the webcast will be accessible from the "Investors" section of the Company’s website at www.prim.com. Presentation slides to accompany the conference call are available for download under "Events & Presentations" in the "Investors" section of the Company’s website at www.prim.com. Non-GAAP Measures This press release contains certain financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"). Primoris uses earnings before interest, income taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as important supplemental measures of the Company’s operating performance. The Company believes these measures enable investors, analysts, and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. The non-GAAP measures presented in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, Primoris’ method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similarly titled measures as calculated by other companies that do not use the same methodology as Primoris. Please see the accompanying tables to this press release for reconciliations of the following non‐GAAP financial measures for Primoris’ current and historical results: EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS. About Primoris Primoris Services Corporation is a leading provider of critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. We deliver a range of engineering, construction, and maintenance capabilities that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, power generation, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media @PrimorisServicesCorporation. Forward Looking Statements This press release contains certain forward-looking statements, including the Company’s outlook, that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipates", "believes", "could", "estimates", "expects", "intends", "may", "plans", "potential", "predicts", "projects", "should", "targets", "will", "would" or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, customer timing, project duration, weather, and general economic conditions; changes in our mix of customers, projects, contracts and business; regional or national and/or general economic conditions and demand for our services; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; inflation, tariffs and other increases in construction costs that we may be unable to pass through to our customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; increases in interest rates and slowing economic growth or recession; the instability in the banking system; costs we incur to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in our operations; the results of the review of prior period accounting on certain projects and the impact of adjustments to accounting estimates; governmental investigations and/or inquiries; intense competition in the industries in which we operate; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of our partners, suppliers or subcontractors to perform their obligations; failure to maintain safe worksites; risks or uncertainties associated with events outside of our control, including conflicts in the Middle East, war between Russia and Ukraine, and tension between China and Taiwan and other geopolitical tensions, severe weather conditions, public health crises and pandemics, political crises or other catastrophic events; client delays or defaults in making payments; the cost and availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments, including risks arising from the inability to successfully integrate acquired businesses; possible information technology interruptions, cybersecurity breaches and threats, and inability to protect intellectual property; disruptions related to artificial intelligence; the Company’s failure, or the failure of our agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing political conditions and legal and regulatory requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company's revenues; and asset impairments. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A "Risk Factors" of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company’s other filings with the U.S. Securities and Exchange Commission ("SEC"). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804313426/en/ Contacts Company Contacts Ken DodgenExecutive Vice President, Chief Financial Officer(214) [email protected] Blake HolcombVice President, Investor Relations(214) [email protected]
Investor releaseQuarter not tagged2026-08-04What To Expect From Primoris’s (PRIM) Q2 Earnings
StockStory
What To Expect From Primoris’s (PRIM) Q2 Earnings
Infrastructure construction company Primoris (NYSE:PRIM) will be reporting earnings this Tuesday after market hours. Here’s what to expect. Primoris missed analysts’ revenue expectations last quarter, reporting revenues of $1.56 billion, down 5.4% year on year. It was a disappointing quarter for the company, with full-year EBITDA guidance missing analysts’ expectations and a significant miss of analysts’ EBITDA estimates. Is Primoris a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members. This quarter, the market is expecting Primoris’s revenue to decline 7.7% year on year, a reversal from the 20.9% increase it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Primoris rarely misses Wall Street’s revenue estimates. Looking at Primoris’s peers in the construction and maintenance services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. MYR Group delivered year-on-year revenue growth of 20.1%, beating analysts’ expectations by 8.3%, and Comfort Systems reported revenues up 50.3%, topping estimates by 9.9%. MYR Group traded up 2.7% following the results while Comfort Systems was down 5.3%. Read our full analysis of MYR Group’s results here and Comfort Systems’s results here. Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the construction and maintenance services stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5% on average over the last month. Primoris is down 7.6% during the same time and is heading into earnings with an average analyst price target of $127.50 (compared to the current share price of $84.06). WHILE YOU’RE HERE: The Next Palantir? One satellite company captures images of every point on Earth. Every single day. The Pentagon wants it. Hedge funds are using it to beat earnings. You’ve probably never heard of it. This is what the early days of Palantir looked like before it became a giant. Same playbook. Different technology. If you missed P…Read full documentShow less
Infrastructure construction company Primoris (NYSE:PRIM) will be reporting earnings this Tuesday after market hours. Here’s what to expect. Primoris missed analysts’ revenue expectations last quarter, reporting revenues of $1.56 billion, down 5.4% year on year. It was a disappointing quarter for the company, with full-year EBITDA guidance missing analysts’ expectations and a significant miss of analysts’ EBITDA estimates. Is Primoris a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members. This quarter, the market is expecting Primoris’s revenue to decline 7.7% year on year, a reversal from the 20.9% increase it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Primoris rarely misses Wall Street’s revenue estimates. Looking at Primoris’s peers in the construction and maintenance services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. MYR Group delivered year-on-year revenue growth of 20.1%, beating analysts’ expectations by 8.3%, and Comfort Systems reported revenues up 50.3%, topping estimates by 9.9%. MYR Group traded up 2.7% following the results while Comfort Systems was down 5.3%. Read our full analysis of MYR Group’s results here and Comfort Systems’s results here. Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the construction and maintenance services stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5% on average over the last month. Primoris is down 7.6% during the same time and is heading into earnings with an average analyst price target of $127.50 (compared to the current share price of $84.06). WHILE YOU’RE HERE: The Next Palantir? One satellite company captures images of every point on Earth. Every single day. The Pentagon wants it. Hedge funds are using it to beat earnings. You’ve probably never heard of it. This is what the early days of Palantir looked like before it became a giant. Same playbook. Different technology. If you missed Palantir, you need to see this. Claim The Stock Ticker for Free HERE.
Investor releaseQuarter not tagged2026-07-28Earnings Preview: Primoris Services (PRIM) Q2 Earnings Expected to Decline
Zacks
Earnings Preview: Primoris Services (PRIM) Q2 Earnings Expected to Decline
The market expects Primoris Services (PRIM) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 4. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This construction contractor is expected to post quarterly loss of $0.35 per share in its upcoming report, which represents a year-over-year change of -120.8%. Revenues are expected to be $1.7 billion, down 10.3% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 30.05% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power…Read full documentShow less
The market expects Primoris Services (PRIM) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 4. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This construction contractor is expected to post quarterly loss of $0.35 per share in its upcoming report, which represents a year-over-year change of -120.8%. Revenues are expected to be $1.7 billion, down 10.3% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 30.05% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Primoris Services, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -50.00%. On the other hand, the stock currently carries a Zacks Rank of #4. So, this combination makes it difficult to conclusively predict that Primoris Services will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Primoris Services would post earnings of $0.87 per share when it actually produced earnings of $0.59, delivering a surprise of -32.18%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Primoris Services doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Primoris Services Corporation (PRIM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-07-23Primoris (PRIM): Buy, Sell, or Hold Post Q1 Earnings?
StockStory
Primoris (PRIM): Buy, Sell, or Hold Post Q1 Earnings?
Primoris has gotten torched over the last six months - since January 2026, its stock price has dropped 39.3% to $89.91 per share. This was partly due to its softer quarterly results and may have investors wondering how to approach the situation. Following the pullback, is now a good time to buy PRIM? Find out in our full research report, it’s free. Listed on the NASDAQ in 2008, Primoris (NYSE:PRIM) builds, maintains, and upgrades infrastructure in the utility, energy, and civil construction industries. Investors interested in Construction and Maintenance Services companies should track backlog in addition to reported revenue. This metric shows the value of outstanding orders that have not yet been executed or delivered, giving visibility into Primoris’s future revenue streams. Primoris’s backlog punched in at $11.6 billion in the latest quarter, and over the last two years, its year-on-year growth averaged 86.5%. This performance was fantastic and shows the company has a robust sales pipeline because it is accumulating more orders than it can fulfill. Its growth also suggests that customers are committing to Primoris for the long term, enhancing the business’s predictability. Analyzing the long-term change in earnings per share (EPS) shows whether a company’s incremental sales were profitable — for example, revenue could be inflated through excessive spending on advertising and promotions. Primoris’s spectacular 16.8% annual EPS growth over the last five years aligns with its revenue performance. This tells us it maintained its per-share profitability as it expanded. All else equal, we prefer higher gross margins because they usually indicate that a company sells more differentiated products and commands stronger pricing power. Primoris has bad unit economics for an industrials business, signaling it operates in a competitive market. As you can see below, it averaged a 10.7% gross margin over the last five years. That means Primoris paid its suppliers a lot of money ($89.29 for every $100 in revenue) to run its business. Primoris’s positive characteristics outweigh the negatives. With the recent decline, the stock trades at 36.8× forward P/E (or $89.91 per share). Is now a good time to buy? See for yourself in our in-depth research report, it’s free. ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast…Read full documentShow less
Primoris has gotten torched over the last six months - since January 2026, its stock price has dropped 39.3% to $89.91 per share. This was partly due to its softer quarterly results and may have investors wondering how to approach the situation. Following the pullback, is now a good time to buy PRIM? Find out in our full research report, it’s free. Listed on the NASDAQ in 2008, Primoris (NYSE:PRIM) builds, maintains, and upgrades infrastructure in the utility, energy, and civil construction industries. Investors interested in Construction and Maintenance Services companies should track backlog in addition to reported revenue. This metric shows the value of outstanding orders that have not yet been executed or delivered, giving visibility into Primoris’s future revenue streams. Primoris’s backlog punched in at $11.6 billion in the latest quarter, and over the last two years, its year-on-year growth averaged 86.5%. This performance was fantastic and shows the company has a robust sales pipeline because it is accumulating more orders than it can fulfill. Its growth also suggests that customers are committing to Primoris for the long term, enhancing the business’s predictability. Analyzing the long-term change in earnings per share (EPS) shows whether a company’s incremental sales were profitable — for example, revenue could be inflated through excessive spending on advertising and promotions. Primoris’s spectacular 16.8% annual EPS growth over the last five years aligns with its revenue performance. This tells us it maintained its per-share profitability as it expanded. All else equal, we prefer higher gross margins because they usually indicate that a company sells more differentiated products and commands stronger pricing power. Primoris has bad unit economics for an industrials business, signaling it operates in a competitive market. As you can see below, it averaged a 10.7% gross margin over the last five years. That means Primoris paid its suppliers a lot of money ($89.29 for every $100 in revenue) to run its business. Primoris’s positive characteristics outweigh the negatives. With the recent decline, the stock trades at 36.8× forward P/E (or $89.91 per share). Is now a good time to buy? See for yourself in our in-depth research report, it’s free. ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.
Investor releaseQuarter not tagged2026-07-22Primoris Services Corporation Schedules Second Quarter 2026 Earnings Conference Call and Webcast
Business Wire
Primoris Services Corporation Schedules Second Quarter 2026 Earnings Conference Call and Webcast
DALLAS, July 22, 2026--(BUSINESS WIRE)--Primoris Services Corporation (NYSE: PRIM) ("Primoris" or the "Company") today announced it will report second quarter 2026 financial results on Tuesday, August 4, 2026, after market close. The Company’s press release will be available on the Primoris website at www.prim.com. In conjunction with the press release, management will host a conference call and webcast on Wednesday, August 5, 2026, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company’s second quarter 2026 results and business outlook. Interested parties are invited to dial-in at +1 833-461-5787, Meeting ID: 505 018 791. For those outside of the US dial-in at +1 585-542-9983 or +44 808 196 8935, Meeting ID: 505 018 791. A link to the webcast will be accessible from the "Investors" section of the Company’s website at www.prim.com. About PrimorisPrimoris Services Corporation is a premier specialty contractor providing critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Built on a foundation of trust, we deliver a range of engineering, construction, and maintenance services that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media at @PrimorisServicesCorporation. View source version on businesswire.com: https://www.businesswire.com/news/home/20260722053103/en/ Contacts For additional information, contact: Blake HolcombVice President, Investor [email protected]
Investor releaseQuarter not tagged2026-07-15Can Argan's Record Q1 Results Keep the Stock on Its Winning Path?
Zacks
Can Argan's Record Q1 Results Keep the Stock on Its Winning Path?
Argan, Inc. AGX has emerged as one of the strongest performers in the engineering and construction space, riding a wave of accelerating investments in power generation, industrial infrastructure and data centers. Following an outstanding first-quarter fiscal 2027 report, investors are wondering whether the company's remarkable stock momentum still has room to run.The quarter certainly strengthened the investment case. Argan delivered record revenues of $291 million, up 50.2% year over year, while gross profit surged 65.8% to $61.1 million. Gross margin expanded 200 basis points to 21%, reflecting a favorable project mix, exceptional execution and the ahead-of-schedule completion of the Midwest Solar and Battery Project. Earnings per share more than doubled to $3.24, while adjusted EBITDA climbed 79.2% to $56.4 million, with adjusted EBITDA margin improving to 19.4%.Beyond the headline numbers, AGX’s long-term growth outlook remains compelling. The company exited the quarter with a robust $2.77 billion backlog, underpinned by large combined-cycle natural gas projects, industrial fabrication contracts and growing opportunities tied to data center expansion. Rising electricity demand, manufacturing reshoring, AI-driven data center construction and aging grid infrastructure continue to create a favorable environment for engineering, procurement and construction (EPC) contractors with proven execution capabilities.Equally impressive is Argan's financial strength. The company ended the quarter with $973.6 million in cash, cash equivalents and investments, net liquidity of $421.4 million and no debt. This fortress balance sheet provides ample flexibility to invest in strategic initiatives, including the new North Carolina fabrication facility, while continuing to reward shareholders through dividend increases and an expanded $200 million share repurchase authorization.Admittedly, execution risk remains inherent in large EPC contracts, and the business still depends heavily on a relatively concentrated portfolio of power-generation projects. However, AGX’s disciplined project selection, strong customer relationships, rising earnings estimates and specialized expertise in complex power infrastructure significantly mitigate these concerns. With secular demand drivers firmly in place, record financial performance, expanding industrial opportunities and one of the stron…Read full documentShow less
Argan, Inc. AGX has emerged as one of the strongest performers in the engineering and construction space, riding a wave of accelerating investments in power generation, industrial infrastructure and data centers. Following an outstanding first-quarter fiscal 2027 report, investors are wondering whether the company's remarkable stock momentum still has room to run.The quarter certainly strengthened the investment case. Argan delivered record revenues of $291 million, up 50.2% year over year, while gross profit surged 65.8% to $61.1 million. Gross margin expanded 200 basis points to 21%, reflecting a favorable project mix, exceptional execution and the ahead-of-schedule completion of the Midwest Solar and Battery Project. Earnings per share more than doubled to $3.24, while adjusted EBITDA climbed 79.2% to $56.4 million, with adjusted EBITDA margin improving to 19.4%.Beyond the headline numbers, AGX’s long-term growth outlook remains compelling. The company exited the quarter with a robust $2.77 billion backlog, underpinned by large combined-cycle natural gas projects, industrial fabrication contracts and growing opportunities tied to data center expansion. Rising electricity demand, manufacturing reshoring, AI-driven data center construction and aging grid infrastructure continue to create a favorable environment for engineering, procurement and construction (EPC) contractors with proven execution capabilities.Equally impressive is Argan's financial strength. The company ended the quarter with $973.6 million in cash, cash equivalents and investments, net liquidity of $421.4 million and no debt. This fortress balance sheet provides ample flexibility to invest in strategic initiatives, including the new North Carolina fabrication facility, while continuing to reward shareholders through dividend increases and an expanded $200 million share repurchase authorization.Admittedly, execution risk remains inherent in large EPC contracts, and the business still depends heavily on a relatively concentrated portfolio of power-generation projects. However, AGX’s disciplined project selection, strong customer relationships, rising earnings estimates and specialized expertise in complex power infrastructure significantly mitigate these concerns. With secular demand drivers firmly in place, record financial performance, expanding industrial opportunities and one of the strongest balance sheets in the industry, Argan appears well-positioned to sustain its operational momentum. Argan competes with Primoris Services Corporation PRIM and MasTec, Inc. MTZ in benefiting from growing investments in utility, energy and renewable infrastructure.While Primoris Services and MasTec operate across diversified end markets, including utilities, pipelines, communications and renewables, Argan differentiates itself through its specialized EPC expertise in large-scale natural gas-fired and renewable power plants.Primoris Services and MasTec also maintain sizable backlogs supported by broad infrastructure spending, but Argan's focused project portfolio and disciplined execution have translated into strong profitability. As electricity demand accelerates alongside grid modernization and renewable investments, AGX remains well-positioned to capitalize on favorable market trends while strengthening its competitive standing in the utility and energy infrastructure market. AGX stock climbed 61.8% in the past six months, significantly outperforming the Zacks Building Products - Miscellaneous industry, the broader Zacks Construction sector and the S&P 500 Index. Image Source: Zacks Investment Research AGX stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 43.02, as the trend lines suggest below. Image Source: Zacks Investment Research AGX’s earnings estimates for fiscal 2027 and fiscal 2028 have moved upward over the past 60 days to $12.60 and $16.66 per share, respectively. The revised estimates for fiscal 2027 and fiscal 2028 imply year-over-year growth of 29.4% and 32.2%, respectively. Image Source: Zacks Investment Research Argan currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Argan, Inc. (AGX) : Free Stock Analysis Report Primoris Services Corporation (PRIM) : Free Stock Analysis Report MasTec, Inc. (MTZ) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research