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Primoris Services Corporation (PRIM) Presents at J.P. Mor...
SA Transcripts · 2026-06-24 · via All Articles on Seeking Alpha

Primoris Services Corporation (PRIM) J.P. Morgan Natural Resources Conference 2026 June 24, 2026 9:10 AM EDT

Company Participants

Koti Vadlamudi - CEO, President &Director
Ken Dodgen - Executive VP & CFO

Conference Call Participants

Mark W. Strouse - JPMorgan Chase & Co, Research Division

Presentation

Mark W. Strouse
JPMorgan Chase & Co, Research Division

All right. Good morning, everybody. This is day 2 of the JPMorgan Natural Resources Conference. My name is Mark Strouse. I cover clean energy and power infrastructure at the firm. This next session is with Primoris. So we've got Koti Vadlamudi, President and CEO; and Ken Dodgen, CFO. Gentlemen, welcome. Thanks for coming.

Koti Vadlamudi
CEO, President &Director

Thanks, Mark.

Question-and-Answer Session

Mark W. Strouse
JPMorgan Chase & Co, Research Division

So I imagine there's a lot of questions in the audience. I promise you we will have plenty of time. Koti, maybe let's just start with kind of the elephant in the room, kind of the press release that you guys put out on Monday. We'll come back to the gas business, but maybe starting with renewables. Just kind of give us an update on that press release.

Koti Vadlamudi
CEO, President &Director

Yes. Thanks, Mark, for the opportunity of hosting us. And -- so I guess what I'd start with is, first, and I said this in the press release, very disappointed in the results and in a short period of time, a fairly dramatic revision to the guidance. What drove the changes was as we remobilized site, encountered field rework, remediation, weather impacts that manifested itself in cost and productivity impacts that previously were not forecasted. With those changes, had to take some accountability measures and previously announced a leadership change. With the leadership change also utilized the expert of an outside consultant with 50 years' experience to do a review of the portfolio. I suppose one silver lining is that we had