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PRIM-News
PRIM-Events
Primoris Services Updates Solar Project Progress and Appoints New President
Primoris Services "provided a series of business updates, including progress toward the completion of several utility-scale solar projects. The Company announced it continues to make meaningful progress toward completing the limited number of utility-scale solar projects that have experienced margin pressure and impacted its 2026 financial results. Five of the six projects have achieved mechanical completion with the remaining project on track for mechanical completion in the fourth quarter. The Company also announced that Matt Tetrault has been named President, Renewables, effective September 28, 2026. Mr. Tetrault joins Primoris from Apex Clean Energy, where he served as Executive Vice President leading engineering, procurement, and construction activities for the company's renewable energy portfolio. Prior to Apex, he held senior leadership positions with NextEra Energy and MasTec Renewables, building extensive experience in utility-scale renewable energy development, construction, project execution, and operations. Mr. Tetrault succeeds Tim Healy who served as Interim President, Renewables since June 8, 2026. The Company also announced that it purchased approximately $100 million of common stock during the third quarter, with an average price of approximately $75.15 per share. As of September 28, 2026, the Company had purchased $150 million of stock, with an average price of approximately $84.27 and exhausted the capacity available under its share purchase program authorized by its Board of Directors on April 30, 2025."
Primoris Q2 Revenue at $1.69B, Below Consensus
Reports Q2 revenue $1.69B, consensus $1.74B. "Despite the challenges on a limited number of renewables projects that impacted our earnings during the quarter, Primoris delivered record bookings and achieved the highest total backlog in our history," said Koti Vadlamudi, President and Chief Executive Officer of Primoris. "These awards reflect the strength of our end markets, the increasing demand for critical infrastructure investment, and the trust our customers place in Primoris to deliver our services safely, efficiently, and with the highest standards of quality."
Company Expects Adjusted EBITDA of $275M to $325M for 2026
Adjusted EBITDA for the full year 2026 is expected to range from $275 million to $325 million. The Company is targeting SG&A expense as a percentage of revenue to be in the low 6% range for the full year 2026. The Company's targeted gross margins by segment are 10% to 12% for the Utilities and 6% to 8% in Energy segments for the full year 2026. The Company expects its effective tax rate for 2026 to be approximately 30% to 32.0%, but it may vary depending on the mix of states in which the Company operates.
Fermi Signs Major Agreement with Primoris
Fermi (FRMI) announced a major agreement with Primoris Energy Services, part of Primoris (PRMI), to engineer and construct the balance of plant for the first six SGT-800 gas turbines anchoring Fermi's phase one power buildout. The agreement covers the engineering, procurement, and construction scope for the simple cycle phase of Fermi's Siemens 6x1 combined cycle generating facility, rising adjacent to the Project Matador hyperscale computing and data center campus in Amarillo, Texas.
Nasdaq Sinks Amid Broad Tech Selloff
The S&P closed lower and Nasdaq sunk amid a broad tech selloff that continued from yesterday. Markets in Asia took a hit overnight as chip names including Micron and Nvidia were in sharp decline. Investors appear increasingly focused on whether enormous capital spending commitments across AI infrastructure, data centers and chips can justify current valuations.Interest rates are also back in focus. Markets have become more sensitive to the possibility of tighter monetary policy expectations, which tends to hit long-duration growth assets the hardest. Higher rates reduce the present value of future earnings, making richly valued technology stocks especially vulnerable to sentiment shifts.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Major AI names Micronand Nvidiaare leading aCarnivalreportedand provided its outlook for Q3 and FY26Edgewell Personal Carehas rejected an unsolicited offer from Yellow Wood,Domino's Pizza, with the current Chief Operating Officer named as his successorAlibabaisto fight its designation as a "Chinese military company"2. WALL STREET CALLS:JPMorganIBMto Overweight into software accelerationNikeat Evercore ISI on potential for another resetSusquehannaSpaceXat Neutral, says wait for lower priceWolfeTargetto Outperform, named as top-pick into year-endRoss Storesto Equal Weight at Wells Fargo on valuation3. AROUND THE WEB:Walmartis paying $1.4B to acquire Vibe.co, WSJ reportsMetahas tasked a team with creating a prediction markets mobile app, NY Times reportsChina is adding 10 U.S. companies, including MP Materialsand Teal Drones, to its export controls and is banning government purchases from 46 US companies, including Anduril, Nikkei Asia reportsWorkdaymust defend claims that its AI-powered hiring software unlawfully screened out job applicants, after a federal judge ruled that California anti-discrimination laws may apply even to applicants outside the state seeking jobs elsewhere, Reuters reportsShopifyplans to ban vapes from its platform following pressure from a group of U.S. state attorneys general aiming to reduce the sales of illegal e-cigarettes online, Reuters says4. MOVERS:Blackblazeincreased after entering awith CoreWeaveBed Bath & Beyondgained after Wedbushcoverage with an Outperform ratingInfleqtionwas higher after President Trump signedAMCwas lower after announcing the pricing of aQualcommfell after Bloombergthe company is in advanced discussions to acquire Modular5. EARNINGS/GUIDANCE:Primoris, citing "additional challenges and cost overruns" identified as a result of projects in the company's renewables businessSunbelt Rentalsand provided guidance for FY27Interactive Strengthreaffirmed itsKorn Ferry, with CEO Gary Burnison "very pleased" with the quarterly performanceKeurig Dr Pepperreaffirmed itsINDEXES:The Dow fell 45.87, or 0.089%, to 51,666.84, the Nasdaq lost 579.56, or 2.21%, to 25,587.04, and the S&P 500 declined 107.33, or 1.44%, to 7,365.46.
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