On June 23, Primoris Services fell 34.42% in pre-market trading, trading at $71.05/share, with turnover of $834,100. The steep decline was triggered by the company simultaneously announcing the immediate departure of Chief Operating Officer Jeremy Kinch and a dramatic reduction in full-year earnings guidance.

Primoris now expects adjusted EPS of $2.05 to $2.60, a sharp cut from the prior outlook of $4.80 to $5.00, and significantly below the analyst consensus estimate of $4.85. The downward revision of more than 50% was primarily driven by its Renewables business segment, where severe cost overruns and project delays were identified, leading to lowered revenue and gross profit expectations for the full year.

The simultaneous disclosure of a major operational setback and the sudden exit of a key executive has severely undermined market confidence in the company's operational capabilities and strategic stability. Investors rapidly repriced both short-term earnings prospects and long-term strategic direction.

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