Primoris Delays Third-Quarter Figures Amid Earlier Revenue and Energy-Margin Pressure
Key Facts
Primoris was scheduled to report its 2026 third-quarter results after the market close on November 3, according to a company notice. But revenue and net income figures could not be verified from a reliable public source. It therefore cannot be confirmed whether revenue declined or whether the company remained profitable during the quarter. The date follows a period in which the company said first-half performance fell short of its expectations. It had pointed to anticipated revenue growth and margin improvement in the second half of the year.
In the last trading session before the results date, Primoris shares closed at $73.79 on November 2, according to EL7 data. Verified prices for the session high or low are not available in the data provided. The closing price alone is also insufficient to determine investors’ reaction to results that were due after the market close the following day. The November 2 session remains a pre-announcement reference point, not subsequent trading activity. The company is scheduled to discuss its results and business outlook on the following day’s call.
The background to the operating pressure dates to the second quarter, when Primoris revenue fell 10.7% year over year to $1,688.2 million. The company attributed the decline to lower revenue in its energy segment. Revenue in that segment fell 19.2% year over year, while utilities revenue rose 2.8% over the same period. The company reported a net loss of $24.2 million, or $0.45 per diluted share, compared with net income of $84.3 million and earnings of $1.54 per share in the second quarter of 2025. The comparison reflects the divergence between the two segments’ second-quarter performance, with energy continuing to weigh on overall revenue.
The company said the decline in gross profit margin was primarily linked to cost overruns in 2026 across six renewable energy projects. The reasons it cited included project redesigns, labor productivity challenges, subsurface issues and unfavorable weather. In an update issued on September 28, Primoris said five of the six projects had reached mechanical completion, while the remaining project was on track for its targeted completion in the fourth quarter. The update sets a target date for the final project but does not state whether it was actually completed. The company also announced that Matt Tietro’s appointment as president of its renewable energy segment took effect on September 28.
On future business, the total backlog reached a record $13.9 billion at the end of the second quarter, up $1.9 billion from the end of 2025. The company had maintained its full-year guidance at net income of between $71 million and $101 million, adjusted earnings per share of between $2.05 and $2.60, and adjusted earnings before interest, taxes, depreciation and amortization of between $275 million and $325 million. Chief Executive Koti Vadlamudi said at the time that the company expected revenue growth and margin improvement in the second half, following first-half performance below expectations. The information provided contains no subsequent update to that guidance. The company also said it repurchased about $100 million of common stock in the third quarter, at an average price of about $75.15 a share.
Primoris scheduled a call to discuss results and its business outlook for November 4 at 9 a.m. Central time. The call is the announced occasion to discuss the third-quarter results and the company’s direction, following the results’ scheduled release after the market close on November 3. The previous annual guidance and record backlog provide context for management’s presentation on the business outlook. Completion of the remaining one of the six renewable energy projects also remains within the target timing set out in the September update. The available information contains no details on the market’s reaction after the results were released.