Primoris Services Reports Q3 2026 Results with Record Backlog Amid Renewables Slowdown
Primoris Services (PRIM) reported third-quarter 2026 revenue of $2.0 billion, a 10.4% decrease year-over-year, driven largely by declining activity in the renewables sector within its Energy segment. Adjusted EBITDA fell 20.3% to $134.4 million, and adjusted EPS dropped to $1.20 from $1.88 in the prior year period. The decline is attributed to regulatory volatility and project award delays in solar energy. Despite the revenue contraction, the company achieved a record total backlog of $14.1 billion, increasing by $200 million sequentially. Growth in the Utilities segment, particularly in gas operations and power delivery, helped offset some losses. The company also highlighted strong performance from its recent acquisition, PayneCrest, which exceeded initial estimates. To support shareholder value, the board approved a new $250 million share repurchase authorization.
Tickers: $PRIM
Topics: EBITDA decrease Record backlog Renewables guidance revision Revenue decline
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Part of the story Fintech Sector Reports Strong Q3 2026 Results and Raised Annual Guidance (26 articles)