CTRI
Centuri Holdings, Inc.25.99
-0.41-1.55%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms guidance, details data centers
Q&A largely reaffirmed the scripted story of robust backlog coverage and margin levers, but fleshed out Q1 gas seasonality progress—on track for YoY improvement toward a three-year elimination—and nonunion electric crew efficiencies gaining traction. Data center wins slowed YTD versus expectations, yet $1.3 billion in funded pipeline tenders now, with bookings eyed in H1. Management touted institutionalized sales cadences and 12-15% headcount ramps unlocking capacity upside, plus tuck-in M&A for Midwest and electric T&D footprints. Free cash flow targets 50% EBITDA conversion via DSO cuts. Confident tone prevails; watch data center awards and hiring momentum.
Key Stats
Market Cap
2.59BP/E (TTM)
649.75Basic EPS (TTM)
0.04Dividend Yield
0%Recent Filings
8-K
Icahn adds board seat
Centuri Holdings expanded its board to eight and appointed Dustin DeMaria, Icahn Enterprises senior analyst, effective November 10, 2025, via a Director Appointment and Nomination Agreement with the Icahn Group. Icahn commits to standstill provisions and board support through 2026 while holding 10.8M shares; DeMaria joins key decisions on M&A and C-suite hires. Icahn Group resigns if shares drop below 5.4M.
8-K
Parent sells full stake
8-K
Southwest Gas sells Centuri stake
Southwest Gas completed a public offering of 17.25 million Centuri shares at $19.50 on August 11, 2025, netting ~$325 million, while selling 1.57 million more to Icahn Investors for ~$31 million in a private placement. Post-sale, Southwest Gas holds 27.4 million shares, or 30.9% of Centuri. Centuri granted Icahn resale rights by November 2025. Ownership shifted sharply.
8-K
Q2 revenue beats, guidance up
Centuri Holdings reported Q2 2025 revenue of $724.1M, up 7.7% year-over-year, with Adjusted EBITDA rising 4.7% to $71.8M on electric segment strength. Record $1.8B bookings drove 2.3x book-to-bill and $5.3B backlog. Revenue guidance lifted to $2.70-2.85B; debt refinanced post-quarter for flexibility. Bookings crushed targets.
10-Q
Q2 FY2025 results
Centuri's Q2 revenue hit $725M, up 7.7% y/y, with gross profit climbing 12.1% to $68M as Electric segments surged—Union up 11%, Non-Union 24%—while margins held at 9.4%. Operating income dipped 3% to $32M amid higher SG&A, yet Q2 net income of $8M ($0.09 diluted EPS) beat prior $12M ($0.14), confirmed against 88,823 diluted shares. Cash fell to $28M, operating cash used $11M, FCF used $56M (derived), backed by $929M debt (6.94% term loan to 2028, 5.79% revolver) and $171M availability. Subsequent July 2025 refinancing extends terms to 2032/2030 at lower rates. Backlog stands at $5.3B. Customer project delays pose risks.
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