Primoris Services Corp (PRIM) · Nov 3, 2026 · Earnings

Primoris earnings beat, but 2026 guidance cut again

Beat — Adjusted EPS $1.20 vs ~$0.78 consensus

Primoris earnings beat Q3 EPS expectations as utilities improved, but weak renewables execution drove another 2026 guidance reset.

Primoris is a specialty infrastructure contractor trying to move past execution problems in six renewable-energy projects while shifting growth toward utilities, natural-gas generation, power delivery, and electrical work. Earlier in 2026, management had already disclosed major renewables overruns, lower volumes, and a sharp guidance reset; it was also pointing investors toward a record backlog and a stronger 2027 recovery story.

The quarter beat a very low earnings bar, but not because the core story fully recovered. Adjusted EPS was $1.20 versus published consensus of roughly $0.78, while revenue of $1.952 billion was slightly below the roughly $2.00 billion expectation. The earnings upside came as Utilities improved sharply, with operating income up 27.2%, while Energy remained the problem: revenue fell 17.6%, operating income fell 53.0%, and Energy gross margin declined to 8.5% from 10.1%. The filing says, “Operating income for the three months ended September 30, 2026, decreased by $57.6 million, or 53.0%, compared to the same period in 2025.”

	Q3 2026	Q3 2025	Consensus / prior guide
Revenue (Financial Highlights)	$1,952.4M (-10.4%)	$2,178.4M	~$2,000M
Adjusted EPS (Financial Highlights)	$1.20 (-36.2%)	$1.88	~$0.78
Adjusted EBITDA (Financial Highlights)	$134.4M (-20.3%)	$168.7M
Energy gross margin (Segment Results)	8.5%	10.1%
FY26 adjusted EPS guidance (Outlook)	$2.10-$2.25		$2.05-$2.60 prior guide
FY26 adjusted EBITDA guidance (Outlook)	$290M-$310M		$275M-$325M prior guide

The more important signal is another reset to full-year expectations. GAAP EPS guidance fell to $1.20-$1.35 from $1.30-$1.85, and adjusted EPS narrowed to $2.10-$2.25 from $2.05-$2.60. Adjusted EBITDA kept the same midpoint but lost range on both ends, which reads as containment rather than renewed confidence. The company is now effectively asking investors to accept that 2026 is a repair year and that the return to growth belongs in 2027. The filing states, “The Company is updating its estimates for the year ending December 31, 2026.” 〔0〕

There is a credible operating offset, but it is not yet enough to erase the renewables damage. Utilities revenue rose 4.5%, operating income rose 27.2%, and total backlog reached $14.1 billion, up $2.1 billion from year-end, helped by utilities MSA work and PayneCrest’s natural-gas and electrical-construction backlog. But backlog is not the same as near-term revenue, and the company still ended September with only $203.5 million of cash after $404.7 million of acquisition spending, $150 million of repurchases, and higher debt. The filing says, “Total backlog as of September 30, 2026, was $14.1 billion.”

The new $250 million buyback is supportive capital allocation, not a fix for execution. Primoris had already used the full $150 million legacy authorization, and the new program gives it additional flexibility, but it is discretionary, has no expiration date, and comes alongside materially lower cash and higher interest expense. The dividend was merely maintained at $0.08 per share, so neither capital action changes the underlying business trajectory.

Bottom line: Primoris delivered a much better quarter than the depressed EPS consensus, led by Utilities, but the business is still working through a substantial renewables execution problem. The additional guidance cut makes this a mixed quarter that leans negative for the broader recovery story, despite the headline earnings beat.

What to watch next

November 4 earnings call and 2027 outlook discussion

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Primoris earnings beat, but 2026 guidance cut again

What to watch next

More Primoris Services Corp news

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