U.S. Infrastructure Stocks Plunge 26%, Guidance Cut Again and COO Departs

On June 22, Primoris Services Corporation (NASDAQ: PRIM) closed at $74.89, down 26.07% on the U.S. stock market.

In a single day, the company’s market capitalization shrank by about $840 million (roughly KRW 1.1 trillion), while trading volume surged past 1.63 million shares. Its current market cap now stands at approximately $4.06 billion (around KRW 5.7 trillion).

The company attributed the decline to additional cost overruns in its renewable energy segment and project delays. It sharply lowered its 2026 net‐income guidance from $223 million–$234 million to $71 million–$101 million, and announced the immediate resignation of its Chief Operating Officer.

Earlier, on June 19—after a more than 45% share-price collapse on May 6 following the Q1 earnings release—the securities litigation firm Block & Leviton said it was investigating possible securities‐law violations, underscoring Primoris’s legal risks.

Headquartered in Dallas, Texas, Primoris Services is an infrastructure-construction firm serving the U.S. and Canada. It provides engineering, construction, and maintenance for gas pipelines; water and wastewater treatment; power transmission; utility-scale solar and renewable-energy projects; and data centers. In 2025, the company reported $7.6 billion in revenue and a $11.9 billion backlog—equivalent to roughly mid-KRW 10 trillion and KRW 16 trillion—earning it growth-stock status. However, in 2026, repeated cost overruns in its renewable-energy business and successive downward guidance revisions have significantly eroded both its performance visibility and investor confidence.