Primoris Misses Q1 Estimates, Stock Plummets

Primoris, a New York Stock Exchange-listed infrastructure builder, missed its first quarter revenue estimates by a significant margin, pulling in $1.56 billion, down 5.4% from last year and short of analysts expectations of $1.74 billion. Adjusted earnings per share came in at 59 cents, far below the forecasted 84 cents. The company also slashed its full-year guidance, cutting the adjusted earnings per share midpoint to $4.90, a 16.9% reduction. The stock plummeted 31.1% following the announcement, wiping out its market cap to around $10.06 billion. Investors reacted harshly to the weak backlog, which plunged 99.9% year over year to $11.6 billion. Despite Primoris history of strong revenue and earnings growth, this quarters performance indicates rising costs and declining efficiency in utilities, energy, and civil work. Analysts still project 11.5% revenue growth over the next year, but the recent misses have left investors questioning whether the dip is a buying opportunity or a sign of further trouble. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/e1c74c1c15b65bf9