Primoris Services Corporation Investigation - PRIM
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Primoris Services Corporation (NYSE: PRIM)
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Primoris Services Corporation shares fell after the Company reported its third quarter 2026 financial results on November 3, 2026, revealing a 10.4% year-over-year revenue decline, reduced profitability across operating income and adjusted EBITDA, and a lowered full-year 2026 outlook. The weakness was concentrated in its Energy/renewables segment, where cost overruns on six renewable projects, delayed project starts, and slower work releases pushed approximately $450 million of revenue beyond 2026. In a filing on June 22, 2026, the Company had reduced its full-year GAAP net income guidance from $223-234 million to $71-101 million and adjusted EBITDA guidance from $480-500 million to $275-325 million, while describing the issues as "temporary headwinds" on a "limited number of projects." Previously, on November 5, 2024, CEO Tom McCormick had stated that "these productivity challenges are short lived." The Company formally detailed the operational delays and segment pressures in its Form 10-Q filed on November 4, 2026. The investigation concerns whether Primoris Services Corporation adequately disclosed project overruns, execution delays, and revenue deferral risks in its Energy/renewables segment ahead of its Q3 2026 earnings release on November 3, 2026.