Primoris issued a negative business update due to renewables cost overruns and the unexpected departure of its COO. Consequently, the firm significantly lowered its 2026 EBITDA and EPS guidance.
Key Takeaways
- 1.Primoris announced the immediate departure of its COO, Jeremy Kinch.
- 2.Renewables business faces cost overruns on six problem projects, leading to substantial guidance revisions.
- 3.2026 EBITDA guidance lowered by approximately 39% at the mid-point.
Table of Contents
- Management transition
- Update on Renewables cost overruns
- Renewables delays
- Guidance update
- Valuation and risks
- Disclosure Appendix
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Adam Bubes, CFAAnuj Khandelwal
Securities
PRIM
Themes
Management TransitionProject Cost OverrunsGuidance Revision
Regions
North AmericaUnited States