Primoris Services Corporation (PRIM)

The company now

Primoris Services Corporation reported third-quarter 2026 revenue of $2.0 billion on 3 November, down 10.4 percent from a year earlier 1. Net income was $51.3 million, or $0.95 per diluted share, compared with $94.6 million a year before 1. Revenue fell mainly on lower renewables revenue in the Energy segment, partly offset by growth in Utilities 1.

The weak year traces to cost overruns on six renewable energy projects, which cut the Energy segment's gross profit to 5.5 percent of revenue for the nine months from 10.5 percent a year earlier 2. Five of the six were materially complete on 30 September 2026, and the last is expected to be complete in the fourth quarter 2.

Total backlog, the work under contract plus expected work under multi-year service agreements, reached a record $14.1 billion, including $8.5 billion of service-agreement work 1. The board authorized a purchase of up to $250.0 million of the company's shares on 30 October 1. Two stockholders filed a putative class action on 21 July 2026 against the company and certain current and former officers, alleging false and misleading statements 2.

Chief executive Koti Vadlamudi said the company believes the foundation is in place for a return to growth in 2027 1.

As of Nov 4, 2026. Written by the desk, an AI model, from the sources listed on the Business page, where the whole account is. Nothing here is advice.