By Kelly Cloonan

Primoris Services cut its full-year outlook, citing challenges in its renewables business.

The infrastructure services provider also said Monday its Chief Operating Officer Jeremy Kinch has left the company.

Primoris said it identified additional challenges and cost overruns primarily related to six projects in its renewables business. The company said those headwinds will be temporary, and warned that they will weigh on its second-quarter results.

For the full year, Primoris now expects earnings per share of $1.30 to $1.85, compared with its forecast from May for a range of $4.05 to $4.25. It now guides for full-year adjusted earnings per share of $2.05 to $2.60, down from $4.80 to $5 previously.

"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," Chief Executive Koti Vadlamudi said.

Shares fell by 33% to $72.50 in after-hours trading. Through Monday's close, the stock was down about 12.7% this year.

Vadlamudi said the company is working to complete the six challenging projects and has worked to strengthen its 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," Vadlamudi said.

Vadlamudi added that the company is seeing strong demand across its end markets. Primoris's energy segment secured several projects during the second quarter with a combined value of about $2 billion, primarily focused on the engineering and construction of natural gas generation, industrial, and electric construction services to support power load growth and data centers.

Vadlamudi will manage most of the chief operating officer's responsibilities as Primoris conducts a search for a permanent successor, the company said.

"The management team is committed to pulling together and focusing on enhancements across the enterprise to drive consistent execution and sustainable profitable growth," Vadlamudi said.

The company also said it purchased about $50 million of common stock during the second quarter, with an average price of approximately $111.29 per share. As of June 22, the company had about $100 million available for purchase under its share purchase program, which expires on April 30, 2028.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

June 22, 2026 16:42 ET (20:42 GMT)

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