PRIM SHAREHOLDER ALERT: Investors Encouraged to Contact Kirby McInerney LLP About Potential Securities Laws Violations

NEW YORK, July 01, 2026 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors of its investigation on behalf of Primoris Services Corporation (“Primoris” or the “Company”) (NYSE:PRIM) investors concerning the Company’s and/or members of its senior management’s possible violation of the federal securities laws or other unlawful business practices.

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What Happened?

On May 5, 2026, Primoris reported its first quarter 2026 financial results and updated its full-year outlook. Among other things, the Company disclosed revenue of $1.6 billion, down 5.4% compared to the prior-year period, and net income of $17.4 million, compared to $44.2 million in the prior-year period. Primoris further disclosed that Energy segment operating income decreased by $49.1 million, or 62.2%, compared to the prior-year period, due to decreased revenue and increased costs on certain renewable energy projects. The Company stated that these higher costs were driven in part by project redesign efforts, changes in project sequencing, labor productivity challenges, and unfavorable weather conditions. Energy gross profit as a percentage of revenue declined to 7.6%, compared to 10.7% in the prior-year period. On this news, the price of Primoris shares declined by $101.69 per share, or approximately 50%, from $202.92 per share on May 5, 2026 to close at $101.23 on May 6, 2026.

Then on June 22, 2026, Primoris issued a Business Update revealing additional challenges and cost overruns in its Renewables business. The Company disclosed that the expected cost overruns were primarily related to six previously discussed projects, with several of those projects now expected to reach substantial completion during the third and fourth quarters of 2026. Primoris also disclosed that it anticipated lower revenue and gross profit for full-year 2026, primarily driven by lower expected revenue and gross profit in the Renewables business. The Company stated that it now expects full-year 2026 Renewables revenue of approximately $2.1 billion, compared to approximately $3.0 billion for full-year 2025. As a result, Primoris again reduced its full-year 2026 outlook. The Company now expects net income of $71 million to $101 million, EPS of $1.30 to $1.85, adjusted EPS of $2.05 to $2.60, and adjusted EBITDA of $275 million to $325 million. This compares to its prior May 2026 guidance of net income of $223 million to $234 million, EPS of $4.05 to $4.25, adjusted EPS of $4.80 to $5.00, and adjusted EBITDA of $480 million to $500 million. Primoris also announced the departure of Jeremy Kinch from the Chief Operating Officer role, effective immediately. On this news, the price of Primoris shares declined by $23.39 per share, or approximately 22%, from $108.34 per share on June 22, 2026 to close at $84.95 on June 23, 2026.

What Should I Do?

At this stage, no lawsuit has been filed. The investigation is ongoing to determine whether claims may be brought under federal securities laws.

If you purchased or otherwise acquired Primoris securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

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Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP
Lauren Molinaro, Esq.
212-699-1171
https://www.kmllp.com
https://securitiesleadplaintiff.com/
investigations@kmllp.com

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