Primoris Services earnings date
Primoris Services (1PM) Q3 2026 Earnings Report
DE:1PM Q3 2026 EPS Results
- Actual EPS
- EUR 1.07
- Consensus EPS
- EUR 0.72
- Beat/Miss
- Beat by +EUR 0.35
- One Year Ago EPS
- EUR 1.68
DE:1PM Q3 2026 Revenue Results
- Actual Revenue
- EUR 1.75B
- Expected Revenue
- EUR 1.79B
- Beat/Miss
- Missed by -EUR 44.31M
- YoY Revenue Growth
- -10.38%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- After Close
- Conference Call
- Tuesday, November 3, 2026
Primoris Services's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly optimistic, with strong backlog growth, robust demand across gas generation, power delivery, pipeline, and data center-related markets, improving execution, and confidence in a return to normalized Energy margins and profitable growth in 2027. However, the company continues to face significant 2026 headwinds from challenged renewable projects, a 10.4% year-over-year revenue decline, lower cash flow, reduced guidance, communications softness, and regulatory-related project delays.
Primoris updated 2026 guidance to EPS of $1.20 to $1.35 per fully diluted share, adjusted EPS of $2.10 to $2.25 per fully diluted share, and adjusted EBITDA of $290 million to $310 million; it expects renewables revenue of approximately $1.7 billion, Energy segment gross margins of 6% to 8% for the full year 2026 and 10% to 12% in 2027, SG&A a little over 6% of revenue, interest expense between $43 million and $47 million, an effective tax rate of approximately 33%, operating cash flow of about $100 million, and essentially breakeven free cash flow for 2026. For 2027, natural gas generation revenue has the potential to reach $1 billion, PayneCrest could contribute over $500 million, pipeline will probably be a little bit modestly up, renewables are expected to show modest growth from 26 to 27, utilities are comfortably expected to deliver kind of high single digits growth with the opportunity potentially to do a little bit better than that, and Energy segment margins are expected to be 10% to 12%, probably more back half weighted.
- Record Backlog and Strong Opportunity FunnelTotal backlog reached just under $14.1 billion at the end of Q3, increasing approximately $200 million sequentially and marking Primoris's second consecutive quarterly record. Total MSA backlog increased more than $300 million from Q2, and management expects meaningful backlog growth in Q4. The pipeline sales funnel reached a record level of more than $8 billion, while the natural gas generation opportunity pipeline exceeded $7 billion.
- Utility Segment Revenue and Gross Profit GrowthUtility revenue increased $33 million, or 4.5%, year over year, driven by higher activity in gas operations and power delivery, partially offset by slightly lower communications revenue. Utility gross profit increased $14.2 million to $100.2 million. Management cited strong gas operations performance, rapid power delivery growth, favorable work mix, and improved productivity.
- Power Delivery Gross Profit DoubledPower delivery benefited from strong activity in Texas and the Southeast, ramping MSA work, expanding EPC and design-build opportunities, improved work-order management, and a favorable mix of work. These operational improvements drove a doubling of gross profit compared with the prior year despite minimal storm restoration activity.
- Gas Operations Demand and Backlog StrengthGas operations continued to benefit from increasing utility capital expenditures and growing demand for design-build programs across the Midwest and Southern United States. The business has a strong pipeline of opportunities for the remainder of 2026 and into 2027, delivered solid margins, and is expected to see modest growth next year.
- Natural Gas Generation Growth OutlookSeveral natural gas generation projects drove strong industrial revenue growth and margin improvement. Natural gas generation revenue is expected to exceed $650 million in 2026, an increase of more than 30% compared with 2025, and management believes it has the potential to reach $1 billion in 2027. Approximately $900 million of verbal awards could book in Q4, and revenue is expected to begin burning relatively quickly after projects enter backlog.
- Pipeline Awards and Sales MomentumPrimoris was awarded a $250 million pipeline project expected to begin construction in late 2027 or early 2028. Management also expects to secure an additional $150 million pipeline job in Q4, with mobilization expected in the coming weeks. Pipeline bookings targeted for Q4 were approximately $150 million to $200 million, with more meaningful growth expected in 2028.
- PayneCrest Backlog and Revenue OutperformancePayneCrest backlog increased to nearly $600 million from approximately $260 million at the May acquisition, supported by industrial, power, data center, and hyperscale customer opportunities. Primoris now expects PayneCrest to exceed $300 million of revenue during its first eight months as part of Primoris, above the high end of the original acquisition-period range. Management indicated PayneCrest could contribute more than $500 million of revenue next year.
- Renewables Project Completion and Booking PipelineFive of the six renewable projects that experienced significant cost overruns have reached mechanical completion, and the final project is expected to reach mechanical completion in the coming weeks. Management expects renewables bookings of approximately $800 million or potentially higher in Q4 and potentially about twice that amount or higher in Q1. Most new projects are expected to begin burning revenue in Q2 and Q3.
- Renewables Margin Recovery PlanManagement expects Energy segment gross margins to be 6% to 8% for full-year 2026 and return to the normal 10% to 12% range in 2027. Management stated that, excluding the six challenged projects, renewables margins are already at historical as-sold and as-executed levels, and expects the diminishing impact of cost-overrun projects to support recovery.
- Investments in Leadership, Execution, and WorkforcePrimoris added experienced leadership and invested in project execution, support capabilities, project controls, people, and risk management. Management expects available execution teams to be fully utilized during 2027 and is continuing to attract, train, and develop talent to support growth.
- Strong Liquidity and Capital Allocation FlexibilityLiquidity was $944 million, including a little over $203 million of cash and approximately $741 million of available revolver capacity. Primoris has a new $250 million share repurchase authorization and stated that capital allocation will prioritize organic growth, attractive acquisitions, and opportunistic share repurchases.
- Permitted and Executing Gas ProjectsManagement stated that gas generation projects in backlog and the opportunity funnel are screened for permitting progress and long-lead equipment procurement. Projects currently in the portfolio have not been delayed or canceled due to moratoriums, and all are in the field and moving forward on their current schedules.
- 2027 Growth ConfidenceManagement expressed confidence in meeting or exceeding 2027 consolidated revenue expectations. The outlook includes gas generation growth from approximately $650 million to more than $1 billion, PayneCrest growth, modest renewables growth from a projected $1.7 billion 2026 base, utility growth, and pipeline growth. Utilities are expected to deliver high single-digit growth next year, with potential to perform somewhat better.
DE:1PM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2026 (Q4) | 0.66- | 0.97 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | 0.721.07 | 1.68 | -36.17% (-0.61) | |
| Aug 04, 2026 | 2026 (Q2) | -0.32-0.24 | 1.5 | -116.07% (-1.75) | |
| May 05, 2026 | 2026 (Q1) | 0.760.53 | 0.88 | -39.80% (-0.35) | |
| Feb 23, 2026 | 2025 (Q4) | 0.880.97 | 1.01 | -4.42% (-0.04) | |
| Nov 03, 2025 | 2025 (Q3) | 1.211.68 | 1.09 | 54.10% (+0.59) | |
| Aug 04, 2025 | 2025 (Q2) | 0.961.50 | 0.93 | 61.54% (+0.57) | |
| May 05, 2025 | 2025 (Q1) | 0.590.88 | 0.42 | 108.51% (+0.46) | |
| Feb 24, 2025 | 2024 (Q4) | 0.671.01 | 0.76 | 32.94% (+0.25) | |
| Nov 04, 2024 | 2024 (Q3) | 0.921.09 | 0.91 | 19.61% (+0.18) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
