Primoris Services Corporation (NYSE: PRIM) sharply reduced its full-year 2026 financial guidance and announced the departure of its Chief Operating Officer after identifying additional cost overruns in its Renewables business segment, according to a company press release.

The Dallas-based infrastructure services company now expects full-year 2026 net income of $71.0 million to $101.0 million, down from previous guidance of $223.0 million to $234.0 million. Diluted earnings per share are now projected at $1.30 to $1.85, compared with the prior range of $4.05 to $4.25. Adjusted EBITDA guidance was cut to $275.0 million to $325.0 million from $480.0 million to $500.0 million.

The company said the reductions stem primarily from cost overruns and delays on six projects in the Renewables segment, identified in part through a review by a third-party industry expert. Renewables revenue for 2026 is now expected to be approximately $2.1 billion, down from approximately $3.0 billion recorded in 2025. The company said most of the financial impact is expected to appear in second-quarter 2026 results.

Primoris also announced that Jeremy Kinch has departed from the COO role, effective immediately. President and Chief Executive Officer Koti Vadlamudi will assume most COO responsibilities while the company searches for a permanent replacement. "The management team is committed to pulling together and focusing on enhancements across the enterprise to drive consistent execution and sustainable profitable growth," Vadlamudi said.

On a more positive note, the company reported approximately $2.0 billion in new project awards during the second quarter, secured by its Energy segment and focused on natural gas generation, industrial work, and electric construction services.

Primoris also disclosed that it repurchased approximately $50 million of common stock during the second quarter at an average price of approximately $111.29 per share. As of June 22, 2026, approximately $100 million remained available under its share repurchase program, which expires April 30, 2028.