Primoris cuts 2026 guidance on Renewables cost overruns; COO Kinch departs
Primoris lowered its full-year 2026 outlook, citing additional cost overruns and delays on six Renewables projects, and now expects net income of $71.0 million to $101.0 million, down from $223.0 million to $234.0 million. The company also said Chief Operating Officer Jeremy Kinch left on June 22, 2026, with CEO Koti Vadlamudi covering the role during a search, and it reported about $2.0 billion in second-quarter Energy segment awards and about $50 million of share repurchases.
- Full-year 2026 net income now expected at $71.0 million to $101.0 million, down from $223.0 million to $234.0 million
- Diluted EPS now $1.30 to $1.85 (previously $4.05 to $4.25); Adjusted EBITDA now $275.0 million to $325.0 million (previously $480.0 million to $500.0 million)
- Renewables revenue for 2026 expected at about $2.1 billion versus about $3.0 billion in 2025
- COO Jeremy Kinch departed June 22, 2026; the company said it was not related to any financial or accounting issue