Movement Alert｜Primoris Services Falls 39.54% in Regular Trading, Massive Guidance Cut and COO Departure Trigger Selloff

Market Focus06-23

On June 23, Primoris Services plunged 39.54% in regular trading, trading at $69.0 per share, with turnover of approximately $125 million.

On the news front, the company announced that Chief Operating Officer Jeremy Kinch departed effective immediately, while simultaneously issuing a dramatic downward revision to full-year guidance. Primoris now expects adjusted EPS of $2.05 to $2.60, slashed from prior guidance of $4.80 to $5.00 and well below the analyst consensus estimate of $4.85 — representing a reduction exceeding 50%.

The guidance cut was primarily driven by severe cost overruns and project delays identified within the Renewables business segment, leading to lowered revenue and gross profit expectations. KeyBanc downgraded the stock from Overweight to Sector Weight and removed its $137 price target, citing another major guidance reduction. The simultaneous executive departure and earnings pre-warning severely undermined market confidence in the company's operational capabilities and strategic stability.

Within the Construction and Engineering sector, peer stocks also declined: Comfort Systems USA down 7.49%, Sterling Construction down 8.87%, Quanta down 5.18%, EMCOR Group down 2.99%, and Argan down 8.91%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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