First Read: Primoris Services Corp "Further material guidance reduction..."

研报英文原文证据摘录

First Read: Primoris Services Corp "Further material guidance reduction..."

Global Research

22 June 2026ab

First Read

EquitiesPrimoris Services Corp

Further material guidance reduction from United States

Renewables Heavy Construction

12-month rating Buy

12m price target US$186.00

Further charges and revenue not materializing in Renewables; COO departure

PRIM cut adj EBITDA guidance by $190m (39%) on further Renewables projects charges

and a reduction in revenues. They also announced the departure of the COO. Price (22 Jun 2026) US$108.34

RIC: PRIM.N BBG: PRIM US

We view this guidance reduction and operational update as negative for PRIM. We

were hopeful two weeks ago that while there was some further guidance cut risk, Trading data and key metrics

it wouldn't be this material. 52-wk range US$202.92-76.23

In addition to the project charges, PRIM reduced Renewables revenue expectations Market cap. US$5.86b

for 2026 by ~$200m to ~$2.1b. While much of the EBITDA guidance reduction Shares o/s 54.1m (COM)

relates to elements contained within 2026 (cost overruns), there could be some Free float 94%

potential impacts to 2027 (e.g. related to the $200m revenue reduction). Avg. daily volume ('000) 410

Avg. daily value (m) US$51.1

At this time, potential net impacts for 2027 remain unclear. There could be some

Common s/h equity (12/26E) US$1.90b

revenue pushed from 2026 into 2027 on delays to bookings, but there could also

P/BV (12/26E) 3.1x

be some projects that no longer meet PRIM’s standards that will now not

Net debt to EBITDA (12/26E) 0.4x

materialize in 2027.

EPS (UBS, diluted) (USD)

On the positive side, PRIM announced $2b of Energy segment bookings quarter to

12/26E

date. We believe these projects are weighted towards gas projects, not

UBS Cons.

renewables.

Q1E 0.59 0.59