Groowe Groowe BETA / Newsroom
⏱ News is delayed by 15 minutes. Sign in for real-time access. Sign in

Primoris Services Corporation Shareholders Are Encouraged to Reach Out to Johnson Fistel for More Information About Potentially Recovering Their Losses

globenewswire.com
PRIM The article details significant financial challenges for Primoris, including decreased revenue, lower net income, and substantial cost overruns on renewable energy projects. This led to a sharp reduction in the company's full-year outlook and a decline in stock price, prompting an investigation into potential investor losses.

Primoris Services Corporation Shareholders Are Encouraged to Reach Out to Johnson Fistel for More Information About Potentially Recovering Their Losses SAN DIEGO, June 23, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP is investigating potential claims on behalf of investors of Primoris Services Corporation (NYSE: PRIM). The investigation focuses on Primoris’s executive officers and whether investor losses may be recovered under federal securities laws.

What if I purchased Primoris securities?

If you purchased Primoris securities and suffered losses on your investment, join our investigation now: Click here to join the investigation.

Or for more information, contact Jim Baker at jimb@johnsonfistel.com or (619) 814-4471.

There is no cost or obligation to you.

Background of the investigation

On May 5, 2026, Primoris reported its first quarter 2026 financial results and updated its full-year outlook. Among other things, the Company disclosed revenue of $1.6 billion, down 5.4% compared to the prior-year period, and net income of $17.4 million, compared to $44.2 million in the prior-year period.

Primoris further disclosed that Energy segment operating income decreased by $49.1 million, or 62.2%, compared to the prior-year period, due to decreased revenue and increased costs on certain renewable energy projects. The Company stated that these higher costs were driven in part by project redesign efforts, changes in project sequencing, labor productivity challenges, and unfavorable weather conditions. Energy gross profit as a percentage of revenue declined to 7.6%, compared to 10.7% in the prior-year period.

Then, on June 22, 2026, Primoris issued a Business Update revealing additional challenges and cost overruns in its Renewables business. The Company disclosed that the expected cost overruns were primarily related to six previously discussed projects, with several of those projects now expected to reach substantial completion during the third and fourth quarters of 2026.

Primoris also disclosed that it anticipated lower revenue and gross profit for full-year 2026, primarily driven by lower expected revenue and gross profit in the Renewables business. The Company stated that it now expects full-year 2026 Renewables revenue of approximately $2.1 billion, compared to approximately $3.0 billion for full-year 2025.

As a result, Primoris again sharply reduced its full-year 2026 outlook. The Company now expects net income of $71 million to $101 million, EPS of $1.30 to $1.85, adjusted EPS of $2.05 to $2.60, and adjusted EBITDA of $275 million to $325 million. This compares to its prior May 2026 guidance of net income of $223 million to $234 million, EPS of $4.05 to $4.25, adjusted EPS of $4.80 to $5.00, and adjusted EBITDA of $480 million to $500 million.

Primoris also announced the departure of Jeremy Kinch from the Chief Operating Officer role, effective immediately. The Company stated that while it searches for a permanent successor, President and Chief Executive Officer Koti Vadlamudi will manage most of the COO responsibilities.

Following this news, Primoris’s stock price declined sharply, damaging investors.

In light of these disclosures, Johnson Fistel is investigating whether Primoris complied with the federal securities laws. If you suffered losses from your investment in Primoris stock, contact Johnson Fistel.

About Johnson Fistel, PLLP | Securities Fraud & Investor Rights

Johnson Fistel, PLLP is a nationally recognized shareholder-rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits and also assists foreign investors who purchased shares on U.S. exchanges. To learn more, visit www.johnsonfistel.com.

Achievements

In 2024, Johnson Fistel was ranked among the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services, reflecting the firm’s effectiveness in advocating for investors and recovering approximately $90,725,000 for clients in cases where it served as lead or co-lead counsel.

Attorney advertising.

Past results do not guarantee future outcomes.

Services may be performed by attorneys in any of our offices.

Johnson Fistel, PLLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content.

Contact

Johnson Fistel, PLLP

501 W. Broadway, Suite 800

San Diego, CA 92101

James Baker, Investor Relations – or – Frank J. Johnson, Esq.

(619) 814-4471 | jimb@johnsonfistel.com | fjohnson@johnsonfistel.com