What Spooked Investors About Primoris This Quarter?

• Primoris reported quarterly revenue of $1.6 billion, down 5.4% year-over-year and missed analyst estimates of approximately $1.72 billion.
• Primoris has also lowered its adjusted earnings per share guidance for 2026, now expecting it to be in the range of $4.80 to $5.00.  
• The company completed a $399.5 million acquisition of PayneCrest Electric on May 1, 2026, expanding its exposure to the high-growth data center services market and electrical construction capabilities.

Shares of Primoris Services Corp (PRIM) slid 28% premarket on Wednesday after the company reported quarterly earnings that missed Wall Street expectations and lowered its full-year guidance.

Primoris reported quarterly revenue of $1.6 billion, down 5.4% year-over-year and missing analyst estimates of approximately $1.72 billion. Adjusted earnings per share of $0.59 was also well below the $0.84 consensus.

The company stated that the decline in quarterly revenue was driven by lower energy segment revenue.

“Our first quarter financial results reflected cost pressures on a limited number of renewables projects,” said Koti Vadlamudi, President and Chief Executive Officer at Primoris.

Impact Of Renewable Energy Segment On PRIM’s Quarter

The renewable energy segment in the quarter felt pressure, declining about 13.8% in the first quarter. This decline was attributed to lower renewable energy activity due to delays in starting new projects, release of new work, and slower than expected financial close associated with certain projects.

The company CEO stated that,  “We are actively managing these projects and expect them to reach substantial completion during 2026. Importantly, the majority of our renewables portfolio continues to perform in line or ahead of expectations.”

PRIM Completed PayneCrest Acquisition

Primoris also stated that it completed a $399.5 million acquisition of PayneCrest Electric on May 1, 2026, expanding its exposure to the high-growth data center services market and electrical construction capabilities.

PayneCrest is a leading electrical construction and services provider supporting industrial, manufacturing, and advanced facilities.

PRIM Lowered Its Full Year Guidance

For the year 2026, the company now expects adjusted earnings per share to be in the range of $4.80 to $5.00 while earlier it expected to be in the range of $5.80 to $6.00. The new estimation also misses analysts expectation of $5.81 to $5.9.

Primoris did not provide its revenue outlook for 2026. The company also noted it expects its tax rate to trend higher in the remainder of the year at about 28% to 29%, further pressuring net income. 

What Retail Traders Think About PRIM

On Stocktwits, retail sentiment surrounding the stock has improved to ‘extremely bullish’ from ‘bullish’ while message volumes also followed suit, improving to ‘high’ from ‘normal’.

The retail chatter on Stocktwits surrounding the stock has shot up more than 1000% in the past 24 hours.

One user on Stocktwits expects the new acquisition to bring new contracts in the pipeline. 

Shares of Primoris Services have risen more than 55% year-to-date, outpacing the iShares Core S&P Small-Cap ETF (IJR), which is up roughly 13% over the same period.

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