Latest news with #ChristianBrown
Business Wire
27-05-2025
- Business
- Business Wire
Centuri Announces $350 Million in New Awards Across the U.S.
PHOENIX--(BUSINESS WIRE)--Centuri Holdings, Inc. (NYSE: CTRI) ('Centuri' or the "Company"), a leading, North American utility infrastructure services company, today announced $350 million in new customer awards, reflecting strong demand for the company's infrastructure solutions across North America. The awards span the U.S. and include work in support of electric and gas infrastructure modernization, water relocation, utility distribution, and renewables. The awards encompass new customer work, along with significant expansion of contracts previously awarded. The scopes include 1) a major water relocation project in the Midwest, 2) two distinct awards for an electric utility customer in the Northeast, 3) a significant program of work for one of the largest utilities in the Southwest focused on metro excavation, 4) core gas distribution services, and 5) an award for complex infrastructure installations as part of a major renewable natural gas (RNG) scope of work. Today's announcement complements the previously announced $400 million in master service agreement (MSA) renewals shared on April 24. 'Centuri is a critical partner in delivering safe, reliable, and sustainable infrastructure solutions across North America,' said Centuri President and CEO Christian Brown. 'We continue to see increasing demand for our service offerings as our utility and energy customers work to upgrade aging infrastructure and meet increasing power demands. On behalf of our 8,600+ employees, we are proud to play an important role in meeting infrastructure needs across a complex and dynamic energy landscape.' Learn more about Centuri's capabilities at About Centuri Centuri Holdings, Inc. is a strategic utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada. Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can often be identified by the use of words such as 'will,' 'predict,' 'continue,' 'forecast,' 'expect,' 'believe,' 'anticipate,' 'outlook,' 'could,' 'target,' 'project,' 'intend,' 'plan,' 'seek,' 'estimate,' 'should,' 'may' and 'assume,' as well as variations of such words and similar expressions referring to the future. Forward-looking statements could include (without limitation) statements regarding our confidence in our prospects to deliver value for our stockholders as an independent standalone company and our expectation to continue to build on our track record of delivering consistent growth by serving our customers across the utility value chain. A number of important factors affecting the business and financial results of Centuri could cause actual results to differ materially from those stated in any forward-looking statements. These factors include, but are not limited to, capital market risks and the impact of general economic or industry conditions. Factors that could cause actual results to differ also include (without limitation) those discussed in Centuri's filings filed from time to time with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Centuri on its website or otherwise. Centuri does not assume any obligation to update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
Yahoo
13-05-2025
- Business
- Yahoo
Q1 2025 Centuri Holdings Inc Earnings Call
Jason Wilcock; Executive Vice President, Chief Legal and Administrative Officer & Corporate Secretary; Centuri Holdings Inc Christian Brown; President, Chief Executive Officer, Director; Centuri Holdings Inc Gregory Izenstark; Executive Vice President, Chief Financial Officer; Centuri Holdings Inc Drew Chamberlain; Analyst; JPMorgan Steven Fisher; Analyst; UBS Justin Hauke; Analyst; Baird Sangita Jain; Analyst; KeyBanc Capital Markets Sherif El-Sabbahy; Analyst; BofA Securities Operator Greetings and welcome to Centuri's first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Wilcock, Century's Chief Legal and Administrative Officer and Corporate Secretary. Please, you may begin. Jason Wilcock Thank you, Joelle, and hello, everyone. We appreciate you joining our call. This morning, we issued and posted on the Centuri Holdings website, our first-quarter 2025 earnings release. The slides accompanying today's call are also available on Centuri Holdings' website. Please note that on today's call we will address certain factors that may impact this year's earnings and provide some longer-term guidance. Some of the information that will be discussed today contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are as of today's date and based on management's assumptions on what the future holds, but are subject to several risks and uncertainties, including uncertainties surrounding the impact of future economic conditions and regulatory approval. A cautionary note as well as a note regarding non-GAAP measures is included on slides 2 and 16 of this presentation, today's press release, and our filings with the Securities and Exchange Commission, which we encourage you to review. These risks and uncertainties may cause actual results to differ materially from statements made today. We caution against placing undue reliance on any forward-looking statements, and we assume no obligation to update any such statements. Today's call is also being webcast live and will be available for replay in the Investor Relations section of our website shortly after the completion of this call. On today's call, we have from Century Holdings the following members of the leadership team: Chris Brown, President and Chief Executive Officer; Greg Izenstark, Chief Financial Officer. I'll now turn the call over to Chris. Christian Brown Thank you, Jason, and hello, everybody. We appreciate you joining us for our first-quarter 2025 earnings call. Let me start by briefly addressing the delay in the timing of our earnings announcement and the call. We had an issue arise late in the process of finalizing our financial statements for the quarter that caused the delay. The issue has now been resolved, and we do not intend to go into any further detail on this topic. We look forward to discussing our Q1 results with you today. During the quarter, we experienced a strong commercial momentum during the period and delivered results that exceeded our expectations. I'm proud of these achievements and look forward to expanding on them during our call. A big thank you to the Centuri team for their dedication and hard work in driving these outcomes. Before diving into our progress and business, I'd like to briefly address the macroeconomic uncertainty that's on everybody's mind. We currently do not anticipate significant impacts from the global trade war or the tariffs on our business during 2025. Our business model offers natural resistance during challenging times. Our MSA weighted portfolio focuses on regulatory approved utility programs, which historically are generally insulated from market fluctuations. In addition, we are actively working to expand our sales pipeline to grow our business and diversify our exposure, thereby mitigating further risk. We also note that in most cases, we do not procure our own materials. I spent a good deal of time throughout the quarter traveling to meet with customers, those whom we already do business with, as well as prospective clients. I've been extremely encouraged by these engagements, as large as they are confirming their budget commitments and express an undeterred need for infrastructure maintenance, upgrade, and expansion. Given that our fabric guidance embedded an appropriate level of caution, our outlook for full year 2025 remains unchanged. Looking ahead, we plan to consistently monitor day-to-day developments and be ready to adapt to as circumstances evolve. I think we could actually see more activity and not less based on these engagements with customers that I've had over the last four months. With that said, let's now review Centuri's strategic priorities and our progress. On the February call, I emphasize how impressed I am with Centuri's exceptional scale, reach, and capabilities. Combined with our dedicated team, these attributes position as a leading utility service provider. Our strong platform enables us to deliver critical infrastructure upgrades and maintenance to gas and electric utility and energy partners serving millions across the US and Canada. We believe this foundation also strategically positions us to expand our market presence and capitalize on generational tailwinds created by demand where opportunities are bound across our core end markets. Throughout my conversations with the investment community these past few months, I've consistently highlighted our priorities as we work towards achieving our potential as a fully scaled, integrated company with a strongly differentiated service offering. A top focus has been implemented a unified company-wide business development strategy focused on high growth pipeline development, refined market positioning, winning business strategies, and securing new awards. We must grow with our existing customers, add new customers, and continuously pursue new opportunities, all of which require both process enhancement and a fundamental mindset shift. Since the beginning of 2025, we've made significant progress on this front. On our last public call, we shared the kickoff of our comprehensive evaluation of our pipeline tool and internal sales and business development process. This review is now largely complete. Initial resulting actions have been fully implemented and are already providing tangible benefits and enhancing how we manage the business and make real-time decisions. Now institutionalizing our culture, this will remain a dynamic process that requires oversight and ongoing maintenance and is part of our organizational DNA. To support it, we have and will remain focused intensely on instilling a proactive growth mindset across the organization. We've aligned our KPIs top to bottom with company-wide growth targets and fostered broader thinking and collaboration across the organization. Moving on into the second and third quarters, we plan to take a deeper examination of our end market's long-term potential as part of a strategic planning process that will result in development of actionable, measurable initiatives to further improve profitable growth and business resilience, taking us into the next three to five years. We will plan to elaborate more on the results of this process in the fourth quarter. Turning to recent business development activity, we are very encouraged by the recent robust growth in our sales pipeline, which is now approaching $12 billion in revenue opportunities, and we remain confident in our ability to achieve a book to bill ratio exceeding 1.1 times this year as laid out in the February. Importantly, we have been working towards this at an aggressive pace with a strong start to 2025. Specifically, we've achieved a record booking quarter with new bookings totaling $1.2 billion in the first quarter. This is a significant increase over the $221 million we booked in 2024 in the fourth quarter. These bookings drove a book to bill ratio of 2.2 times and an increase in backlog to $4.5 billion as at Q1 2025 from the $3.7 billion as of the year in 2024. We have begun to keep the market apprised of our commercial achievements on a more real-time basis, demonstrating our commitment to growth targets and accountability. As such, many of the awards in our bookings number were captured in press releases we issued in late March and April. You can review those for additional color, so I won't delve too deeply into details, but do want to highlight a few key points. Consistent with our history of viewing all of our MSAs, our Q1 bookings represented approximately $700 million of anticipated $2 billion revenue from MSAs that we previously flagged up for renewal in 2025. We expect to continually successfully negotiate renewals and extensions of long-term contracts through the remainder of this year. Beyond that, we've been laser focused on expanding our customer base for exploration and pursuit of new opportunities within our end markets. This book has resulted in approximately $505 million of new MSAs and new bid awards won during the first quarter. These new bookings span our segments, regions, and end markets and include a significant new customer MSA to provide essential good resiliency for a leading US electric utility in the Southwest. A project estimated to generate tens of millions in revenue and electrical infrastructure work for data centers and two new gas MSAs in the Pacific Northwest. The new gas MSAs mark our return to a territory we exited several years ago and were made possible by our strong relationship with the customer from work performed in other territories in the more recent past. We expect the timing of renewals and varying award sizes to create some lumpiness in the magnitude of awards from quarter to quarter. However, we remain very bullish about the opportunities ahead of us as we work to win more awards within our nearly $12 billion in identified opportunities. We are excited to continue to report our progress in the months ahead. Pivot into to business trends from the first quarter and today, starting with our gas business. During the quarter, the US gas segment faced some impact from adverse early-year weather conditions compared to recent years, which had milder winters. However, significant improvements in March put us back in line with expectations and continue to improve as we enter the second quarter. Greg will provide more details shortly. In our electric business, we are pleased with the first quarter's performance and current market dynamics. Our non-union electrical segment is benefiting from strong market trends across the Sun Belt and Southeast where the widespread impact of damage and outages caused by major storms last fall seem to be driving grid resiliency and hardening programs forward. In our more bid heavy union electrical business, bidding activity remains very high, and we are winning work, particularly in some of the more industrial focused end markets where we perform substrate in infrastructure and inside electric work. This includes data centers which require significant infrastructure investment and construction time. Looking forward, we are confident about our ability to maintain the positive trajectory we have seen across segments and delivering strong growth and strong results in the coming quarters. Now over to Greg to elaborate on our results in our 2025 look. Gregory Izenstark Thank you, Chris, and good morning to those listening in. First-quarter 2025 consolidated revenues totaled $550.1 million, a 4.2% increase from the first quarter of 2024, and consolidated gross profit was $20.3 million, which is a 53.1% increase over the prior year period. Gross profit margin of 3.7% in the first quarter of 2025 was higher than the 2.5% we reported in the first quarter of 2024. As a reminder, the first quarter is historically low slowest period, primarily due to the seasonal winter weather. Revenue exceeded our expectations with most segments delivering year-over-year growth. Growth profits demonstrated improvement in the majority of our segments with particular strength in our non-union electric segments. On a GAAP basis, net loss attributable to common stock in the first quarter was $17.9 million or a diluted loss per share of $0.20, improved from a net loss attributed to common stock of $25.1 million or 35% -- or $0.35 on a per share basis in the same period last year. In the first quarter of 2025, total company adjusted EBITDA, a non-GAAP figure, was $24.2 million or approximately 20% higher from the prior year quarter's $20.2 million. Adjusted EBITDA margin was 4.4%, up from 3.8% in the first quarter of 2024. Non-GAAP adjusted net loss in the first quarter came in at $10.5 million for an adjusted diluted loss per share of $0.12, up from $14.4 million on an adjusted diluted loss per share of $0.20 in the prior year period. The difference between our GAAP and non-GAAP adjusted net loss primarily reflects the impact of amortization of intangible assets as well as separation-related costs and non-cash stock-based compensation. Turning to our reportable segments. Revenue for US gas segment totaled $197.7 million, reflecting a year-over-year decrease of 12.7%. Typically, our gas business is more impacted than our electric business segments when we experience very cold weather and snow. The majority of gas work involves digging, trenching, and boring, all of which are challenging when temperatures are below freezing. As many as you can attest, we had a much harsher winter than not only last year, but relative to the last several years. Centuri was particularly hard hit in the central and southern Great Plains and the southern portion of the mid-Atlantic. Gross profit margin in the segment decreased to negative 7.5% in the first quarter of 2025 from negative 1.8% in the prior year period. This decline was due again to the inefficiencies caused by weather disruptions and from a sluggish start to the calendar year across certain customers. As Chris mentioned, March saw significant improvement in work volume and improved margins that continued into the second quarter. As discussed on our February call, we began taking steps to structurally improve our contracts and cost structure in this segment early in the year, and we look forward to much stronger segment results in the second quarter and beyond. Our Canadian gas segment remains a steady business with strong margins. Revenue totaled $39.8 million, down 2.9% from the prior year period, while segment margin of 17.8% was more than double the prior year period's 7.5% as profitability in the prior year period was negatively impacted by performance issues on certain bid projects. In our Union Electric segment, revenue was $175.5 million, an improvement of 7.1% year over year. Our core Union Electric segment, which excludes offshore wind and storm restoration services, experienced 32.7% growth year over year, driven by increased bid project activity, particularly in industrial work around substation infrastructure. Within the segment, offshore wind revenues were down 64.1% or $22.3 million as project work winds down in line with our expectations. Gross profit in the Union Electric segment was 6.7% in the first quarter of 2025, largely in line with the first quarter of 2024. Non-union electric segment revenue in the first quarter of 2025 was $137.1 million, a 41.9% increase year over year. Core non-union work increased 27.1% during the period, primarily due to an increase in volumes on MSAs, as we deployed significantly more crews and had higher work hours during the period. Segment gross profit increased meaningfully to 11.9% in the current period compared to 2.9% in the prior year period. This reflected the favorable impact of more efficient utilization of fixed costs due to an increase in resiliency work that drove higher crew counts and higher -- and hours worked, as well as an increased contribution for more profitable storm work. Turning to capital expenditures in line with our capital efficiency program outlined in the February call, net CapEx was $23.2 million, down from $24.6 million in the prior year period, and our free cash flow in the first quarter of 2025 improved by $44.6 million compared to the first quarter of 2024. Moving into some balance sheet highlights on a trailing 12-month basis, our net debt to adjusted EBITDA ratio improved to 3.5 times at March 30, 2025, from 3.6 times at December 29, 2024. We ended the quarter with $15.3 million in cash and cash equivalents on the balance sheet. Growing our business in a capital efficient manner remains a core strategic priority. As Chris discussed in February, enhancing capital efficiency by refining our capital equipment sourcing and fleet management and reducing working capital levels through improved AR and DSO management are among the Centuri's key strategic priorities. We are progressing on all of these fronts with the goal of improving free cash flow and further strengthening our balance sheet. Finally, turning to our 2025 outlook, for revenues, we affirm we expect to deliver between $2.6 billion and $2.8 billion. For adjusted EBITDA, we retained our outlook of generating between $240 million and $275 million. And finally on CapeX, we continue to forecast our net spend to be between $65 million and $80 million dollars. Chris mentioned it, but I'll repeat it. At this time, we do not foresee a material impact from tariffs on our business. We plan to, of course, continue to follow any developments and the resulting effects on our business as we move through the weeks and months ahead. Over to Chris to conclude our prepared remarks. Christian Brown Great. Thank you, Greg. Centuri remains committed to delivering structured, profitable growth. To summarize, we are well underway in implementing a unified business development strategy. We have enhanced our pipeline management and sales strategies and are fostering a growth-oriented culture. Our business performance is off to a solid start in 2025. Awards have been very strong and diverse, and market trends are driving growth across both our gas and electrical segments. The work on the contract and the highly probable opportunities suggest that we are on track to deliver revenue at the upper end of the guidance range for the year. Simultaneously, we continue advancing our other strategic objectives, improving capital efficiency and performance by optimizing funding sources and reducing working capital. Our core end markets remain strong, with capital investments reaching double-digit growth driven by increasing demand for energy resilience, which gives us confidence to maintain our full year '25 forecasts introduced in February. Thank you very much for your time and support. We look forward to providing additional updates on our achievements. Operator, if you'd please open the Q&A session. Operator (Operator Instructions) Drew Chamberlain, JPMorgan. Drew Chamberlain Thanks for taking the questions. First one for me, can you talk a little bit about the trajectory for 2025 and how you think you're still going to get to the -- I mean, that sounds like the upper end of the revenue guidance despite the weaker 1Q in US gas there and maybe where is that other catch-up or rebalancing coming from? Is it gas being stronger throughout the rest of the year or is it the other aspects of the business? Christian Brown Thanks for the question, it's Chris. So the weather, the weather affected us in just January and February in the gas business. It bounced back and we were at the expected margins in March and continuing into April. So it was eight to nine days, I think we lost in the first two months, which caused the slower than anticipated start for the gas business, but as I say, it recovered in March and April. So for the full year, we have worked under contract. I'll just repeat what I said, as well as backlog that is pushing us towards the upper end of the guidance. All of the operating companies are well on track and forecasting that they will meet their budget expectations. So even though the gas businesses had a US gas business had a slow start in January, February, they fully anticipate about getting back to the level of performance we have budgeted for the year, and that formed the basis of our guidance. So it's across all of the business that we're expecting delivery to the expectations, Drew. Gas was just a slightly slow start. There's been an overcorrection in March and going into April, but we still feel very good about the opportunities in the gas business as well as the broader electrical, both union and non-union. Drew Chamberlain Okay, it's good to hear. Thanks, Chris. And then just maybe stepping back for a follow-up, can you just talk a little bit more about maybe some of the key findings of the strategic review? Obviously good to hear that it's nearly wrapping up here, but maybe could just talk to us a little bit about what you found as most valuable from that process? Christian Brown I think there was some -- if I break it down probably into four components, we structurally we needed to make sure the business had a top to bottom across all operating companies, detail available and live sales pipelines so we could generate analytics to provide us with the right level of information so we can make informed decisions on how we position ourselves in the market. I think we were still a little bit abstract across the five operating companies. Now we've got a fully integrated sales pipeline that basically is more forward-looking, allows us to make decisions around increasing the pipeline, decisions on pricing, decisions on positioning. So the pipeline was one. Secondly, I think cross selling is a term I think we've used in the past. We've got great capability across all the ops. We've got great scale. We've just been trying to maximize that and go to the market as one Centuri. So there's been a positioning of the broader company to our customers. The third thing is culture. I think everybody's objective in the business who faces the customer should be not only delivering the services we're contracted to provide, but also identifying more work we can do for our customers, and that's been a cultural shift and then probably the four parties, and I mentioned it in the prepared notes, is having KPIs from top to bottom on both growth as well as increasing profitability in the business. And they're the four areas. Operator Steven Fisher, UBS. Steven Fisher Thanks, and congratulations on the progress. Just on the US gas segment, curious how you would frame the loss relative to what you would have expected going into the quarter? And I guess the bigger picture question here is really, is this a business or a segment that should generate a profit in Q1? Is that your sort of ongoing strategic target? And if so, is there anything that structurally you need to do to be able to achieve that, or just every year you have to hope that the weather is going to be friendly enough to allow for a profit? Christian Brown Steven, I'll answer the question around position in the business in the future, and Greg can answer the questions on what we would normally expect. There's no doubt when you do work in certain states, in certain regions of the country, the weather comes and we can't control the weather, but what we can do is help migrate the business further south so that we've got more sales opportunities across the Sun Belt and other parts of the country, both in industrial and traditional utility clients so that we get we can get some size and scale into the pipeline in the lower states and mitigate the impacts of the weather, particularly in the Northeast, maybe even across going across the west coast. So the answer to your question is there's some work we have implemented to build up a pipeline of opportunities in states that are less affected by the weather so that we can become profitable earlier in the year. That's something we're ongoing with. Gregory Izenstark And from an expectation perspective, Steve, and good morning. What I'd say is, Q1 is the seasonally slow period, most notably for the gas business, just given the weather conditions that I articulated on in my prepared remarks, and we still remain confident that the full year will perform as expected heading into the year. Steven Fisher Okay, that's helpful. And then, I think you still have the 1.1 times book to bill target, now with over 2 times in the first quarter, I sort of should expect some pretty -- I know you mentioned lumpiness, but should there be some pretty kind of light quarters within that, what kind of visibility and cadence do we expect on the bookings from here? Thank you. Christian Brown It's a good question, Steven. The strength of the bookings has continued nicely into Q2, and we track it weekly, so we've got good visibility on the full year. We've continued into Q2 with a very strong booking quarter. And I think the 1.1 times is definitely an achievable target for the full year. I think there are months of the year where the traditional MSA renewals are slower and you then get a pickup as you move into the fourth quarter to the year, close to the year end. So to answer your question, I would foresee some lumpiness in the third quarter. The second quarter looks robust, and the fourth quarter driven by not only MSA renewals, but also some new bid work will pick up again. But we're confident we will achieve if not exceed the 1.1 target with Q3 probably being our quietest quarter, but Q2 and Q4 being pretty solid on bookings, both MSA and new bid awards. Operator Justin Hauke, Baird. Justin Hauke Great. Good morning. Thank you for taking the time. First one, just to clarify, the guidance when you say the upper end of revenue, I didn't hear you say the upper end of adjusted EBITDA as well, so I just wanted to kind of confirm what you're thinking on the EBITDA side? And then maybe some comments on kind of the cadence and the seasonality given that you had some slower starts in electric to kind of start the year last year and maybe it's a little tougher in the back half or just kind of how to think about the contribution on board? Christian Brown I can take the guidance question. Look, we've not read guidance because we're only a quarter in. We want to be cautious. As everybody knows, we've had a lot going on in the business and a lot of change, so we are cautious. So what I would say to your question is yes, the bookings, the backlog, and the very highly probable work is taking us towards the upper end of the guide as we said in our prepared notes. So that's close to the $2.8 billion of revenue for the year. We don't see any impacts and we don't see any dilution of our margins as we continue to drive growth into the business, nor do we see any margin erosion coming from competitive pressures. So we're still very happy with the EBITDA margin, to answer your question. In terms of seasonality, all of the businesses with the exception of January, February, and the eight or nine days we had that affected the gas business up in the northeast and Atlantic coast, all of the businesses are showing strong Q2, Q3, Q4 all the way to year end, so we don't see any further seasonality as we've come through the first quarter. Justin Hauke Okay, thank you. I guess my second question is, so obviously, a big part of the story this quarter was the really strong bookings, which we've already discussed, but I wanted to ask about the $505 million that's the new work and some of that is new MSA as you mentioned, the one in Pacific Northwest, but then some of them are the strategic bids, which I know Chris has been something you wanted the company to pivot towards. And I guess I was just curious to understand kind of the risk profile of that work, the strategic stuff. Are those customers you've worked with in the past and just how to get comfortable that it doesn't change kind of the the lower risk MSA profile? Thank you. Christian Brown The type of work we are performing is just sticking to the knitting. It's as simple as that. It's the same services we've been providing for the last number of years. It's nothing new, it's nothing different. The risk profile's not changing. There's no need to change it. There's plenty of opportunity doing the same thing, the same type of services, the same forms of contracts with many of the same customers. So there's no shift at all in what we're doing and how it's just how we positioned ourselves in the market and holding ourselves to account to actually find more opportunity. So I wouldn't read in the $505 million and it's continued as we've gone into the second quarter. The focus to drive businesses on these new opportunities and these new MSAs, but it's doing the same thing, the same services under the same type of risk profile that we do each year and have done so for many years. So there's no change there, no need to. Operator Sangita Jain, KeyBanc Capital Markets. Sangita Jain Great. Good morning. Thank you for taking my question. So if I can ask one more on margins, just trying to see if there are things that you will need to do as a result of the strategic review to get you to the full year EBITDA margin, especially if it's a more normal stormer versus last year? Christian Brown Thank you for the question. No, I don't -- there's nothing radical. There's nothing different we need to do from the inside, we are tracking the budget we expected to track that will deliver the full year guidance. The backlog, the type of work, the expected bookings that we see in the next few weeks basically confirmed to us we've just got to execute on delivery, execute and deliver to achieve this year's consensus. There's nothing abnormal to it. Yeah, there was a bit of disappointment in January, February with the weather, but again, we can't really change the weather. What was what was absolutely clear was the bounce back in March and April in the gas business, and that's no trending to exactly where we wanted it to be for the year. Sangita Jain Great, thank you. And if I can ask on the new MSAs that you spoke about, can you just say that in more detail if you were able to displace incumbents on those or if that was an increase in the utility scope of work that allowed you to participate in these? Christian Brown It was both, to answer clearly. We've been performing well with many of our customers. We've been spending time with our customers and asking if there are opportunities to do more and more of a stronger position in. Not all of the competition perform as well as we do, so we've seen opportunity to displace, but we're also seeing opportunity just because clients are spending more money. So it's both, and that's continued as we've gone into the second quarter also. Operator (Operator Instructions) Sherif El-Sabbahy, Bank of America. Sherif El-Sabbahy Hi, good morning. Just wanted to touch on the non-union electric. Storm was a substantial list there. Could you give us a sense of what gross margin looked like ex storm just to give an idea of how much fixed costs absorption contributed to the improvement in the quarter? Gregory Izenstark Storm, it was about 10% of their revenue. It wasn't overly material. I mean, the drive improved the EBITDA margin -- or gross margin, excuse me, was really driven by the increased crews that we added, not just the ones in the first quarter, but also the 40 or so crews that we added in the last half of 2024 that we talked about in prior calls. And then just increased work hours, especially given some of the headwinds we had last year with work hours, we've really seen those return to more normal levels. Sherif El-Sabbahy Understood. And looking at the bookings, you had good bookings in the quarter. You touched on this a bit earlier with the lumpiness of MSA renewals. Can you give us a sense of typically is Q1 the heavier renewal period for a lot of those MSAs, and can you give us a sense of what backlog looked like in the first quarter historically in '22 or '23 just to understand the typical MSA impact at the start of the year? Christian Brown MSA renewals are mainly in the fourth quarter, is what the data set tells me. We can probably do the calculation on the backlog. Greg will look into that. But the lumpiness is typically in the middle of the year in the utility clients where MSAs are renewing, but we call -- our drive is to find new opportunities, new bid work, which is less seasonal. So I did answer the question a little earlier. Q1 was busy across MSA renewals as well as MSA bidding as well as new bid work. Q2 is the same, although there are one or two MSAs that we expect to renew around about June 30, so they may go over the quarter, but we expect Q2 to be busy. Q3 does not have a lot of MSA renewals, so it will be mainly bid work, which is why I said earlier it would be somewhat quieter. And then as we get into the fourth quarter, there are some MSAs that will be renewed and there'll be also a significant amount of bid work we're anticipating. So that's how I answer the question. Operator There are no further questions at this time. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
12-05-2025
- Business
- Business Wire
Centuri Reports First Quarter 2025 Results, Affirms 2025 Outlook
PHOENIX--(BUSINESS WIRE)--Centuri Holdings, Inc. (NYSE: CTRI) ("Centuri" or the "Company") today announced financial and operating results for the first quarter, ended March 30, 2025, and affirms full year 2025 outlook. First Quarter 2025 Financial and Other Business Highlights Secured record customer awards in excess of $1.2 billion Revenue of $550.1 million versus $528.0 million in the first quarter of 2024 Net loss attributable to common stock of $17.9 million (diluted loss per share of $0.20) versus $25.1 million (diluted loss per share of $0.35) in the first quarter of 2024 Adjusted Net Loss of $10.5 million (adjusted diluted loss per share of $0.12) versus $14.4 million (adjusted diluted loss per share of $0.20) in the first quarter of 2024 Adjusted EBITDA of $24.2 million, a 20% improvement above the $20.2 million achieved in the first quarter of 2024 Completed comprehensive review to optimize opportunity pipeline, business development, and sales functions 'Our financial performance and commercial activity in the first quarter exceeded our expectations, driven by strong customer service delivery and new contract awards. These results reflect the hard work of our team to take action early in the year to focus on our growth priorities," said Centuri President & CEO Christian Brown. 'Since year end, we've made substantial progress on driving greater organizational accountability into each of our operating segments and identifying, developing, and securing new growth opportunities. Specifically, we have been focused on invigorating our sales process and procedures and institutionalizing a growth culture across the company. Our efforts are showing results, as evidenced by our growing opportunities, which are now approaching a total of $12 billion in revenue across both our Gas and Electric end markets. Based on this strong pipeline and recent customer engagements, we expect continued strength in capital spending by our customers despite recent macro uncertainty. Leveraging the strength of our entire platform is already yielding results in our ability to expand our core customer base and identify new opportunities for growth. As of March 30, 2025, our backlog and revenue coverage for fiscal year 2025 increased significantly from the prior period, which enables us to affirm our 2025 outlook while continuing to build momentum and deliver on expectations.' Management Commentary Financial results during the first quarter of 2025 increased year-over-year, with revenue increasing by $22.1 million, or 4.2%, and Adjusted EBITDA improving by $4.1 million, or 20.1%, driven by improvement in both Non-union and Union Electric segments. Non-union Electric delivered $40.5 million, or 41.9%, year-over-year revenue growth driven by higher crew counts and work hours in the core electric business. Core Union Electric revenues grew by $39.8 million year-over-year primarily due to increased bid project activity, particularly in industrial and electrical substation infrastructure. Partially offsetting these contributions were expected reductions in offshore wind revenues, which declined by $22.3 million year-over-year, and a year-over-year reduction in the U.S. Gas segment revenue. Additionally, winter weather disruptions had a more pronounced impact on our U.S. Gas business early in the quarter which impacted revenue and profitability. However, performance returned to expected levels of revenue and profitability in March. Our Canadian Gas segment continued to exceed expectations delivering solid margins for the period. During the first quarter of 2025, Centuri booked over $1.2 billion in new awards, comprised of $505 million of new customer contracts and MSA awards (42% of total) and over $700 million of MSA renewals (58% of total). This represented a significant sequential increase compared to the $221 million booked in the fourth quarter of 2024 and was a record quarter for commercial bookings. These bookings drove a book-to-bill ratio of 2.2x, and an increase in backlog to $4.5 billion as of March 30, 2025 from $3.7 billion as of year-end 2024. The Company continues to believe that it can achieve a book-to-bill ratio that is in excess of 1.1x in 2025. Centuri's net debt to adjusted EBITDA ratio was 3.5x as of March 30, 2025, which improved from 3.6x as of December 29, 2024 and is in line with expectations. Affirming Full Year 2025 Outlook Revenue outlook of $2.60 to $2.80 billion Adjusted EBITDA of $240 to $275 million Net capital expenditures of $65 to $80 million See the first quarter earnings release slides for details on certain key assumptions associated with our Full Year 2025 Outlook. Segment Results Fiscal three months ended March 30, 2025 compared to the fiscal three months ended March 31, 2024 Centuri Holdings, Inc. Supplemental Segment Data (In thousands, except percentages) (Unaudited) Fiscal Three Months Ended Change (dollars in thousands) March 30, 2025 March 31, 2024 $ % Revenue: U.S. Gas $ 197,694 35.9 % $ 226,578 42.9 % $ (28,884 ) (12.7 %) Canadian Gas 39,784 7.2 % 40,979 7.8 % (1,195 ) (2.9 %) Union Electric 175,468 31.9 % 163,851 31.0 % 11,617 7.1 % Non-Union Electric 137,135 25.0 % 96,615 18.3 % 40,520 41.9 % Consolidated revenue $ 550,081 100.0 % $ 528,023 100.0 % $ 22,058 4.2 % Gross profit: U.S. Gas $ (14,856 ) (7.5 %) $ (3,976 ) (1.8 %) $ (10,880 ) 273.6 % Canadian Gas 7,079 17.8 % 3,086 7.5 % 3,993 129.4 % Union Electric 11,813 6.7 % 11,369 6.9 % 444 3.9 % Non-Union Electric 16,292 11.9 % 2,800 2.9 % 13,492 481.9 % Consolidated gross profit $ 20,328 3.7 % $ 13,279 2.5 % $ 7,049 53.1 % Expand Conference Call Information Centuri will conduct a conference call today, Monday, May 12, 2025 at 10:00 AM ET / 7:00 AM PT to discuss its first quarter 2025 financial results and other business highlights. The conference call will be webcast live on the Company's investor relations (IR) website at The conference call can also be accessed via phone by dialing (800) 549-8228, or for international callers, (289) 819-1520. A supplemental investor presentation will also be available on the IR website prior to the start of the conference call. The earnings call will also be archived on the IR website and a replay of the call will be available by dialing (888) 660-6264 in the U.S., or (289) 819-1325 internationally and entering passcode 29379 #. The replay dial-in feature will be made available one hour after the call's conclusion and will be active for 12 months. About Centuri Centuri Holdings, Inc. is a strategic utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can often be identified by the use of words such as 'will,' 'predict,' 'continue,' 'forecast,' 'expect,' 'believe,' 'anticipate,' 'outlook,' 'could,' 'target,' 'project,' 'intend,' 'plan,' 'seek,' 'estimate,' 'should,' 'may' and 'assume,' as well as variations of such words and similar expressions referring to the future. The specific forward-looking statements made herein include (without limitation) statements regarding our belief that, in the near term, the Company is well positioned to pursue its strategic priorities, inclusive of increasing MSA and new contract awards; our estimation that awards secured in the most recent quarter represent more than $1.2 billion in potential revenue; our estimation of the value of our backlog; our expectation that there will be continued strength in capital spending by our customers despite recent macro uncertainty; our expectation that we will deliver a book-to-bill ratio in excess of 1.1x in 2025; our belief that today's energy markets offer tremendous growth potential for Centuri with both existing and new customers; and the number ranges presented in our Full Year 2025 Outlook. A number of important factors affecting the business and financial results of Centuri could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, capital market risks and the impact of general economic or industry conditions. Factors that could cause actual results to differ also include (without limitation) those discussed in Centuri's filings filed from time to time with the U.S. Securities and Exchange Commission. The statements in this press release are made as of the date of this press release, even if subsequently made available by Centuri on its website or otherwise. Centuri does not assume any obligation to update the forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. Backlog Backlog represents contracted revenue on existing bid agreements as well as estimates of revenue to be realized over the contractual life of existing long-term MSAs. The contractual life of an MSA is defined as the stated length of the contract including any renewal options stated in the contract that we believe our customers are reasonably certain to execute. Book-to-bill Book-to-bill represents the ratio of total awards won in a period to total revenue recognized in the same period. Non-GAAP Financial Measures We prepare and present our financial statements in accordance with GAAP. However, management believes that EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss, Adjusted Diluted Loss per Share, and Net Debt to Adjusted EBITDA Ratio, all of which are measures not presented in accordance with GAAP, provide investors with additional useful information in evaluating our performance. We use these non-GAAP measures internally to evaluate performance and to make financial, investment and operational decisions. We believe that presentation of these non-GAAP measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparisons of results. Management also believes that providing these non-GAAP measures helps investors evaluate the Company's operating performance, profitability and business trends in a way that is consistent with how management evaluates such matters. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for (i) non-cash stock-based compensation expense, (ii) separation-related costs, (iii) strategic review costs, (iv) severance costs, (v) securitization facility transaction fees, and (vi) CEO transition costs. Adjusted EBITDA Margin is defined as the percentage derived from dividing Adjusted EBITDA by revenue. Management believes that EBITDA helps investors gain an understanding of the factors affecting our ongoing cash earnings from which capital investments are made and debt is serviced, and that Adjusted EBITDA provides additional insight by removing certain expenses that are non-recurring and/or non-operational in nature. Management believes that Adjusted EBITDA Margin is useful for the same reason as Adjusted EBITDA, and also provides an additional understanding of how Adjusted EBITDA is impacted by factors other than changes in revenue. Because these non-GAAP metrics, as defined, exclude some, but not all, items that affect comparable GAAP financial measures, these non-GAAP metrics may not be comparable to similarly titled measures of other companies. Net Debt to Adjusted EBITDA Ratio is calculated by dividing net debt as of the latest balance sheet date by the trailing twelve months of Adjusted EBITDA. Net debt is defined as the sum of all bank debt on the balance sheet and finance lease liabilities, net of cash. Management believes this ratio helps investors understand the extent to which our business is leveraged. Adjusted Net Loss is defined as net loss adjusted for (i) separation-related costs, (ii) strategic review costs, (iii) severance costs, (iv) amortization of intangible assets, (v) non-cash stock-based compensation expense, and (vi) the income tax impact of adjustments that are subject to tax, which is determined using the incremental statutory tax rates of the jurisdictions to which each adjustment relates for the respective periods. Management believes that Adjusted Net Loss helps investors understand the profitability of our business when excluding certain expenses that are non-recurring and/or non-operational in nature. Adjusted Dilutive Loss per Share is defined as Adjusted Net Loss divided by weighted average diluted shares outstanding. Using EBITDA as a performance measure has material limitations as compared to net loss, or other financial measures as defined under GAAP, as it excludes certain recurring items, which may be meaningful to investors. EBITDA excludes interest expense net of interest income; however, as we have borrowed money to finance transactions and operations, or invested available cash to generate interest income, interest expense and interest income are elements of our cost structure and can affect our ability to generate revenue and returns for our stockholders. Further, EBITDA excludes depreciation and amortization; however, as we use capital and intangible assets to generate revenue, depreciation and amortization are necessary elements of our costs and ability to generate revenue. Finally, EBITDA excludes income taxes; however, as we are organized as a corporation, the payment of taxes is a necessary element of our operations. As a result of these exclusions from EBITDA, any measure that excludes interest expense net of interest income, depreciation and amortization and income taxes has material limitations as compared to net loss. When using EBITDA as a performance measure, management compensates for these limitations by comparing EBITDA to net loss in each period, to allow for the comparison of the performance of the underlying core operations with the overall performance of the Company on a full-cost, after-tax basis. As to certain of the items related to these non-GAAP metrics: (i) non-cash stock-based compensation expense varies from period to period due to changes in the estimated fair value of performance-based awards, forfeitures and amounts granted; (ii) separation-related costs represent expenses incurred post-Centuri IPO in connection with the separation and stand up of Centuri as its own public company, including costs incurred in connection with the establishment of Centuri's Unutilized Tax Assets Agreement with Southwest Gas Holdings and under other separation-related agreements, which are not reflective of our ongoing operations and will not recur following the full separation from Southwest Gas Holdings; (iii) strategic review costs represent costs incurred during the Centuri IPO and related costs incurred to establish Centuri as a public company leading up to the IPO; (iv) severance costs relate to non-recurring restructuring activities; (v) securitization facility transaction fees represent legal and other professional fees incurred to establish our Securitization Facility and (vi) CEO transition costs represent incremental costs incurred to find and hire a replacement CEO. The most comparable GAAP financial measure and information reconciling the GAAP and non-GAAP financial measures are set forth below. Fiscal Three Months Ended (dollars in thousands) March 30, 2025 March 31, 2024 Net loss $ (17,924 ) $ (25,233 ) Separation-related costs 1,611 — Strategic review costs — 3,877 Severance costs — 4,471 Amortization of intangible assets 6,666 6,668 Non-cash stock-based compensation 1,587 (588 ) Income tax impact of adjustments (1) (2,466 ) (3,607 ) Adjusted Net Loss $ (10,526 ) $ (14,412 ) Expand (1) Calculated based on a blended statutory tax rate of 25%. Expand Centuri Holdings, Inc. Reconciliation of Non-GAAP Financial Measures (In thousands unless otherwise noted) (Unaudited) Fiscal Three Months Ended (dollars per share) March 30, 2025 Diluted loss per share attributable to common stock (GAAP as reported) $ (0.20 ) $ (0.35 ) Separation-related costs 0.02 — Strategic review costs — 0.05 Severance costs — 0.06 Amortization of intangible assets 0.07 0.10 Non-cash stock-based compensation 0.02 (0.01 ) Income tax impact of adjustments (0.03 ) (0.05 ) Adjusted Diluted Loss per Share $ (0.12 ) $ (0.20 ) Expand (dollars in thousands, except Net Debt to Adjusted EBITDA ratio) March 30, 2025 December 29, 2024 Debt Current portion of long-term debt $ 28,932 $ 30,018 Current portion of finance lease liabilities 8,558 9,331 Long-term debt, net of current portion 724,723 730,330 Line of credit 97,820 113,533 Finance lease liabilities, net of current portion 13,135 15,009 Total debt $ 873,168 $ 898,221 Less: Cash and cash equivalents (15,255 ) (49,019 ) Net debt $ 857,913 $ 849,202 Trailing twelve month Adjusted EBITDA $ 242,282 $ 238,226 Net Debt to Adjusted EBITDA ratio (1) 3.5 3.6 Expand (1) This net debt to adjusted EBITDA ratio may differ slightly from the net leverage ratio calculated for the purposes of the revolving credit facility. Expand Centuri Holdings, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share information) (Unaudited) Fiscal Three Months Ended March 30, 2025 March 31, 2024 Revenue $ 528,972 $ 504,745 Revenue, related party - parent 21,109 23,278 Total revenue, net 550,081 528,023 Cost of revenue (including depreciation) 509,377 492,853 Cost of revenue, related party - parent (including depreciation) 20,376 21,891 Total cost of revenue 529,753 514,744 Gross profit 20,328 13,279 Selling, general and administrative expenses 26,375 28,550 Amortization of intangible assets 6,666 6,668 Operating loss (12,713 ) (21,939 ) Interest expense, net 17,862 24,099 Other expense (income), net 480 (32 ) Loss before income taxes (31,055 ) (46,006 ) Income tax benefit (13,131 ) (20,773 ) Net loss (17,924 ) (25,233 ) Net income (loss) attributable to noncontrolling interests 13 (175 ) Net loss attributable to common stock $ (17,937 ) $ (25,058 ) Loss per share attributable to common stock: Basic $ (0.20 ) $ (0.35 ) Diluted $ (0.20 ) $ (0.35 ) Shares used in computing earnings per share: Weighted average basic shares outstanding 88,518 71,666 Weighted average diluted shares outstanding 88,518 71,666 Expand Centuri Holdings, Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) March 30, 2025 December 29, 2024 ASSETS Current assets: Cash and cash equivalents $ 15,255 $ 49,019 Accounts receivable, net 206,674 271,793 Accounts receivable, related party - parent, net 441 9,648 Contract assets 270,258 235,546 Contract assets, related party - parent 2,326 2,623 Prepaid expenses and other current assets 41,126 32,755 Total current assets 536,080 601,384 Property and equipment, net 501,053 511,314 Intangible assets, net 334,277 340,901 Goodwill, net 368,378 368,302 Right-of-use assets under finance leases 31,646 33,790 Right-of-use assets under operating leases 107,922 104,139 Other assets 113,261 114,560 Total assets $ 1,992,617 $ 2,074,390 LIABILITIES, TEMPORARY EQUITY AND EQUITY Current liabilities: Current portion of long-term debt $ 28,932 $ 30,018 Current portion of finance lease liabilities 8,558 9,331 Current portion of operating lease liabilities 19,543 18,695 Accounts payable 115,977 125,726 Accrued expenses and other current liabilities 142,105 173,584 Contract liabilities 25,364 24,975 Total current liabilities 340,479 382,329 Long-term debt, net of current portion 724,723 730,330 Line of credit 97,820 113,533 Finance lease liabilities, net of current portion 13,135 15,009 Operating lease liabilities, net of current portion 94,664 91,739 Deferred income taxes 115,117 115,114 Other long-term liabilities 65,448 66,115 Total liabilities 1,451,386 1,514,169 Temporary equity: Redeemable noncontrolling interests 4,682 4,669 Equity: Common stock, $0.01 par value, 850,000,000 shares authorized, 88,517,521 shares issued and outstanding at March 30, 2025 and December 29, 2024 885 885 Additional paid-in capital 717,464 718,598 Accumulated other comprehensive loss (13,116 ) (13,209 ) Accumulated deficit (168,684 ) (150,722 ) Total equity 536,549 555,552 Total liabilities, temporary equity and equity $ 1,992,617 $ 2,074,390 Expand Centuri Holdings, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Fiscal Three Months Ended March 30, 2025 March 31, 2024 Net cash provided by (used in) operating activities $ 16,676 $ (26,451 ) Cash flows from investing activities: Capital expenditures (24,362 ) (26,261 ) Proceeds from sale of property and equipment 1,154 1,624 Net cash used in investing activities (23,208 ) (24,637 ) Cash flows from financing activities: Proceeds from line of credit borrowings 39,756 55,896 Payment of line of credit borrowings (55,544 ) (5,931 ) Principal payments on long-term debt (7,876 ) (10,557 ) Principal payments on finance lease liabilities (2,648 ) (2,914 ) Redemption of redeemable noncontrolling interest — (37 ) Other (931 ) (173 ) Net cash (used in) provided by financing activities (27,243 ) 36,284 Effects of foreign exchange translation 11 (198 ) Net decrease in cash and cash equivalents (33,764 ) (15,002 ) Cash and cash equivalents, beginning of period 49,019 33,407 Cash and cash equivalents, end of period $ 15,255 $ 18,405 Expand
Yahoo
26-04-2025
- Science
- Yahoo
The tree‑climbing amphibian with a blood‑powered grip
When you buy through links on our articles, Future and its syndication partners may earn a commission. Name: Wandering salamander (Aneides vagrans) Where it lives: Coastal redwood forests of North America What it eats: Insects, spiders, small arthropods, and snails Why it's awesome: The wandering salamander isn't an average amphibian. Instead of skulking under logs or swimming in swamps, it lives an arboreal lifestyle. Native to the redwood forests, these amphibians spend most of their lives in trees, residing in the deep bark fissures and devouring insects. With their homes over 300 feet (90 meters) off the ground, wandering salamanders glide across trees for resources and foraging, so they need a veritable grip during landing — if not, they could plummet to the forest floor. To stay safe, wandering salamanders possess a unique gliding mechanism: 18 blood-powered toes. These specialized appendages are key to the salamander's precise leaping and landing through the complex canopy. According to a study published in the Journal of Morphology, the wandering salamander controls its grip on the tree bark by pumping and draining blood in the tips of their square-shaped toes. Scientists had previously theorized that the bright blood flow beneath their translucent skin helped keep their feet oxygenated. However, no empirical evidence backed this claim. While using high-resolution video trials, biologists led by Christian Brown, a researcher at Washington State University, discovered that wandering salamanders can finely control the blood flow to each side of the toe tip asymmetrically, to increase or decrease the contact area with the surface. When the salamander prepares to jump over branches, it quickly fills the toe tip with blood. The increased blood pressure helps salamanders to detach from the tree, as the blood influx increases the pressure and causes the toe pads to expand momentarily. This slight lift reduces the contact area, making it easier to detach from the surface. RELATED STORIES —Plains viscacha: A rodent that builds vast underground cities and ovulates more than any other mammal —Dracula parrot: The goth bird whose piercing screams echo through New Guinea forests —Northern giant mouse lemur: The bug-eyed fluff ball with the biggest testicles of all known primates Equally vital is the reverse process; wandering salamanders swiftly drain the blood from their toe tips when they land. This softens the toes and increases surface contact, allowing them to conform better to the irregular and rough texture, providing a more secure and effective grip that prevents the salamander from slipping. They regulate the pressure dynamically depending on whether they're stepping, gripping, or releasing. "If you're climbing a redwood and have 18 toes gripping bark, being able to detach efficiently without damaging your toe tips makes a huge difference," Brown said in a statement.
Business Wire
24-04-2025
- Business
- Business Wire
Centuri Announces Nearly $400 Million in Customer Awards
PHOENIX--(BUSINESS WIRE)--Centuri Holdings, Inc. (NYSE: CTRI) ('Centuri' or the "Company"), a leading, North American utility infrastructure services company, today announced nearly $400 million in customer awards for its U.S. Gas business segment. The awards reflect booking and options for multiple Master Service Agreement (MSA) renewals, including expansion into new operating territory for a key gas utility client in the Northeast. The work includes 1) the replacement of existing aged natural gas infrastructure and system betterment and 2) leverages the Company's diversified union and non-union workforce. This announcement follows new awards totaling more than $850 million announced on April 1 and March 24. Centuri President and CEO Christian Brown said, 'These renewals demonstrate the confidence and trust our customers have in us to not only continue working on their behalf, but to expand our scope of work. I'm proud of our teams who work safely each day delivering projects on time and on budget, which earns us ongoing and expanded opportunities with our valued clients. These commercial wins are essential building blocks as we drive to achieve profitable growth.' Learn more about Centuri's capabilities at About Centuri Centuri Holdings, Inc. is a strategic utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada. Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can often be identified by the use of words such as 'will,' 'predict,' 'continue,' 'forecast,' 'expect,' 'believe,' 'anticipate,' 'outlook,' 'could,' 'target,' 'project,' 'intend,' 'plan,' 'seek,' 'estimate,' 'should,' 'may' and 'assume,' as well as variations of such words and similar expressions referring to the future. Forward-looking statements could include (without limitation) statements regarding our confidence in our prospects to deliver value for our stockholders as an independent standalone company and our expectation to continue to build on our track record of delivering consistent growth by serving our customers across the utility value chain. A number of important factors affecting the business and financial results of Centuri could cause actual results to differ materially from those stated in any forward-looking statements. These factors include, but are not limited to, capital market risks and the impact of general economic or industry conditions. Factors that could cause actual results to differ also include (without limitation) those discussed in Centuri's filings filed from time to time with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Centuri on its website or otherwise. Centuri does not assume any obligation to update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
