Primoris Services Corporation's stock experienced a sharp decline of 44.26% during intraday trading on Wednesday. The severe drop followed the release of the company's first-quarter financial results, which significantly disappointed investors.

The company reported Q1 adjusted earnings per share of $0.59, falling well short of the consensus estimate of $0.84 and representing a 39.8% year-over-year decline. Revenue of $1.56 billion also missed the expected $1.732 billion. More critically, Primoris lowered its full-year adjusted EPS guidance to a range of $4.80 to $5.00, which is approximately 20% below the analyst consensus estimate of $5.98.

Management cited cost pressures on a limited number of renewables projects, including project redesigns and labor challenges, which weighed on the Energy segment's margins. The dual disappointment in both current-quarter performance and forward-looking guidance triggered a massive selloff among investors.