Q2 2026 Primoris Services Corp Earnings Call Transcript

Aug 5, 2026 / 02:00 PM GMT

Release Date Price: €71.9 (-8.15%)

Transcript 10-Q8-K

Key Points

Positve

Primoris Services Corp (PRIM) achieved record bookings and backlog in Q2 2026, securing over $3.9 billion in new awards, which underscores the strength and diversity of its platform.
The company's utilities segment showed strong growth, driven by favorable end-market dynamics and increased customer confidence, particularly in power delivery, transmission, and substation work.
The Paincrest acquisition has exceeded expectations, delivering stronger-than-anticipated revenue and margins, and adding $250 million in bookings during the quarter.
Pipeline operations delivered another quarter of double-digit revenue growth with substantial margin improvement, and the recovery from the 2025 cyclical trough is gaining momentum.
The company maintains a strong liquidity position of $959 million and expects leverage to trend lower as earnings grow and cash flow improves in Q4 2026 and into 2027.
Management is confident in returning to revenue growth and margin expansion in 2027, supported by a robust project funnel and a favorable multi-year investment cycle in the energy segment.

Negative

Primoris Services Corp (PRIM) experienced significant margin pressure in its renewables business, leading to a substantial decrease in gross profit and gross margin to 4.9% from 12.3% in the prior year.
The company's Q2 revenue decreased by 10.7% year-over-year, driven primarily by lower revenue in the Energy segment due to decreased renewable activity.
The communications business saw lower revenue and margin due to a decrease in fiber-to-the-home activity as customers transition to BEAD-funded projects, impacting the utilities segment.
Cash used in operations was $8.7 million in Q2, a significant decline from the $78 million provided by operations in the prior year, largely driven by lower net income.
The company's net debt to EBITDA ratio increased to 1.6 times, primarily due to the Paincrest acquisition and lower Q2 EBITDA, with expectations of a slight uptick in Q3.
The full-year 2026 guidance remains weak, with adjusted EPS expected between $2.05 and $2.60, reflecting the ongoing challenges and cost overruns in the renewables portfolio.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PRIM.N - Primoris Services Corporation
Q2 2026 Primoris Services Corp Earnings Call
Aug 05, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello, everyone.

Thank you for joining us and welcome to Primoris' Q2 2026 earnings conference call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Blake Holcomb, SVP of Investor Relations. Blake, please go ahead.

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Unidentified_2 [2]
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Good morning. And welcome to the Remoris Second Quarter 2026 Earnings Conference Call.

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