Stock Track | Primoris Plunges 28.20% in After-Hours Trading on Q1 Earnings Miss and Renewables Cost Pressures

Stock Track

May 06

Primoris Services Corporation's stock experienced a sharp 24-hour plunge of 28.20% in post-market trading on Tuesday, following the release of its first-quarter financial results.

The severe decline was driven by the company's Q1 2026 earnings report, which significantly missed analyst expectations. Primoris reported adjusted earnings per share of $0.59, falling short of the $0.84 consensus estimate. Revenue of $1.6 billion also missed the expected $1.732 billion, representing a 5.4% year-over-year decrease. Net income plummeted 60.6% to $17.4 million.

Company management cited significant cost pressures on a limited number of renewables projects, including project redesigns, labor productivity challenges, and unfavorable weather, which weighed heavily on the Energy segment's margins. Furthermore, the company provided full-year 2026 adjusted EPS guidance in the range of $4.80 to $5.00, which is below the analyst consensus estimate of $5.98, contributing to the negative investor sentiment.

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