Primoris Services announced a series of business updates, including the departure of Chief Operating Officer Jeremy Kinch, effective immediately.
The company also updated its financial outlook for full-year 2026, citing additional challenges and cost overruns in its Renewables business.
Primoris said the expected cost overruns are primarily related to six projects that the company previously discussed. Two of those projects were substantially completed in the second quarter, one is expected to be substantially completed early in the third quarter, two are expected to reach substantial completion later in the third quarter, and one is expected to be substantially completed in the fourth quarter of 2026.
The company now expects full-year 2026 Renewables revenue of approximately $2.1 billion, compared to approximately $3 billion for full-year 2025.
Primoris updated its full-year 2026 guidance to reflect the temporary headwinds. The company now expects net income of $71 million to $101 million, diluted EPS of $1.30 to $1.85, adjusted EPS of $2.05 to $2.60, and adjusted EBITDA of $275 million to $325 million.
While Primoris conducts a search for a permanent COO successor, President and CEO Koti Vadlamudi will manage most of the COO responsibilities.
The company also announced that it secured several projects during the second quarter of 2026 with a combined value of approximately $2 billion. These awards were secured by the company’s Energy segment and primarily focus on engineering and construction services for natural gas generation, industrial work, and electrical construction supporting power load growth and data centers.
Primoris also purchased approximately $50 million of common stock during the second quarter at an average price of approximately $111.29 per share. As of June 22, 2026, the company had approximately $100 million remaining under its authorized share purchase program, which expires on April 30, 2028.
Primoris provides critical infrastructure services to the utility, energy, and renewables markets across the U.S. and Canada.
KEY QUOTES:
“The Company thanks Jeremy for his contributions and wishes him well on his future endeavors. The management team is committed to pulling together and focusing on enhancements across the enterprise to drive consistent execution and sustainable profitable growth.”
Koti Vadlamudi, President and Chief Executive Officer of Primoris
“While we are disappointed by the additional costs experienced on a limited number of projects in our Renewables business, we remain confident in the long-term growth opportunities in our Renewables business and Primoris broadly. We are actively bringing the six challenging projects to completion and have taken action to strengthen our pre-construction planning, project management, and project controls processes in the Renewables business. These enhancements position us to better mitigate risk and improve visibility essential for successful project execution going forward.”
“Importantly, we are seeing strong demand across our end markets, highlighted by the approximately $2.0 billion in new awards in the Energy segment during the second quarter. We continue to benefit from durable secular tailwinds driving investment in essential infrastructure across North America. Reflecting our confidence in the business and in the future of Primoris, we purchased $50 million of stock during the quarter, and we will continue to be opportunistic in purchasing shares as part of our capital allocation strategy.”
Koti Vadlamudi, President and Chief Executive Officer of Primoris
