Overview
- Primoris reported adjusted EPS of $0.59 versus $0.84 expected and revenue of $1.56 billion versus $1.73 billion, with sales down 5.3% from a year ago.
- The stock fell about 48.6% intraday to $104.37, according to Benzinga Pro.
- The company lowered its full‑year adjusted EPS target to $4.80 to $5.00 from $5.80 to $6.00, and the update already includes the recent PayneCrest Electric acquisition.
- CEO Koti Vadlamudi said a small set of renewables projects faced higher costs, and he expects those jobs to be largely finished during 2026.
- Profitability deteriorated, with operating margin down to 1.6% from 4.3% and operating income down to $24.4 million.