The company now projects full-year earnings per share between $1.30 and $1.85, a steep decline from the $4.05 to $4.25 range issued in May. Adjusted earnings forecasts were similarly slashed, dropping to a range of $2.05 to $2.60 from the previous $4.80 to $5 estimate. Chief Executive Koti Vadlamudi characterized the issues as temporary but acknowledged they would weigh heavily on second-quarter financial performance.

To stabilize operations, Vadlamudi is absorbing the outgoing COO's responsibilities while the firm searches for a permanent replacement. The company is currently overhauling its project management and pre-construction controls to mitigate future risks. Despite the setbacks, Primoris reported a strong pipeline, securing $2 billion in new contracts for natural gas and data center-related construction. The firm also disclosed that it repurchased $50 million of its own stock during the second quarter at an average price of $111.29 per share, leaving $100 million remaining under its current authorization.