Legence Corp. (LGN) shares plummeted 5.92% during intraday trading on Thursday, reversing earlier pre-market gains that followed the company's raised full-year guidance.

The sharp decline came after the company reported first-quarter earnings that significantly missed analyst expectations. While Legence's quarterly sales of $1.038 billion beat the consensus estimate of $930.098 million by 11.60%, its earnings per share of $0.13 fell short of the $0.21 estimate by 38.1%.

Investors initially reacted positively to the company's raised FY2026 revenue guidance to $4.1-$4.3 billion and non-GAAP adjusted EBITDA guidance of $470-$490 million, pushing shares higher in pre-market trading. However, the substantial earnings miss overshadowed the revenue beat and guidance increase, leading to the intraday sell-off as market participants digested the mixed financial results.