Home / Business and Economy / Primoris Faces Renewables Setback, COO Departs
Primoris Faces Renewables Setback, COO Departs
23 Jun
Summary
- Renewables business revenue forecast slashed significantly for 2026.
- Full-year 2026 net income and EPS guidance reduced due to project issues.
- Chief Operating Officer Jeremy Kinch has departed the company, effective immediately.
Primoris Services Corporation has announced the immediate departure of its Chief Operating Officer, Jeremy Kinch. The company is adjusting its full-year 2026 financial outlook, citing ongoing challenges and cost overruns within its Renewables business.
These issues primarily affect six specific projects, with two now substantially completed and others expected to finish later in 2026. The company now anticipates lower revenue and gross profit in the Renewables segment, with projected revenue for 2026 at approximately $2.1 billion, down from $3.0 billion in 2025.
As a result of these headwinds, which are largely expected to impact second-quarter 2026 results, Primoris has updated its full-year guidance. The company now forecasts net income between $71.0 million and $101.0 million, with earnings per share projected between $1.30 and $1.85. President and CEO Koti Vadlamudi will assume most COO responsibilities while a search for a permanent successor is underway.
