Primoris expects Energy segment margins to return to 10%-12% range in 2027 as 2026 EPS guidance resets to $1.20-$1.35 (NYSE:PRIM)

Primoris Services (PRIM) reported a 17.6% decline in Energy segment revenue to $1.47 billion, with gross margin falling to 8.5%. The company expects Energy margins to recover to 6-8% in 2026 and 10-12% in 2027, driven by natural gas generation. Utilities revenue grew 4.5%, and PayneCrest acquisition added $600 million in backlog. Total backlog reached a record $14.1 billion. Operating cash flow was $140.2 million, with full-year expectations of $100 million.

Primoris Services Corp (PRIM) reported Q3 2026 revenue of $2B, down 10.4% YoY, with Energy segment declining 17.6%. Record backlog reached $14.1B, up $200M sequentially. Utility revenue grew 4.5% YoY, while renewables outlook was cut to $1.7B. Natural gas revenue is expected to exceed $650M in 2026. The company maintains $944M in liquidity and a $250M share repurchase program. CEO Koti Vadlamudi expressed confidence in meeting 2027 consensus expectations.

Needham reduced its price target for Primoris Services (PRIM) to $110 from $172, citing caution in data center spending. The firm now values the stock at 12 times fiscal 2027 EBITDA of $542.8M. PRIM reported Q3 adjusted EBITDA of $134.4M, beating estimates, but stock is down 66% over six months. Management expects $800M in Q4 2026 renewables awards and potentially $1.6B in Q1 2027.

Primoris Services (PRIM) reported Q3 2026 earnings, revising full-year renewables revenue down to $1.7B from $2B due to regulatory volatility and project delays. Despite this, the company expects profitable growth in 2027, driven by strong backlog and operational improvements. Utility and power delivery segments showed growth, while communications remained soft. The company secured significant pipeline and industrial projects, with PayneCrest acquisition outperforming expectations.

Primoris (PRIM) reported Q3 2026 revenue of $1.95B, missing estimates by 3.8% YoY. Adjusted EPS of $1.20 beat estimates by 53.4%. Management cited renewables project delays and cost overruns, lowering full-year EPS guidance to $2.18. EBITDA guidance was raised to $300M. Backlog grew 27.2% YoY to $14.07B. Utilities and Power Delivery segments showed resilience.

Primoris Services (PRIM) reported Q3 2026 revenue of $1.95B, down 10.4% YoY, with adjusted EPS of $1.20 beating estimates. Stock fell 12.6% to $69.56 due to Energy segment challenges and weak cash flow guidance. Record backlog of $14.1B and strong Utilities performance were highlighted.