Welcome to our dedicated page for Centuri Holdings news (Ticker: CTRI), a resource for investors and traders seeking the latest updates and insights on Centuri Holdings stock.
Centuri Holdings, Inc. (NYSE: CTRI) is a premier North American utility infrastructure services company specializing in maintaining, upgrading, and expanding the energy networks that power millions of homes and businesses. The company operates through two primary segments: Gas Utility Services and Electric Utility Services. By partnering with regulated utilities, Centuri ensures the modernization of utility infrastructure through the maintenance, retrofitting, and installation of electric and natural gas distribution networks. This preparation is pivotal for the transition to clean energy sources and meeting future demands.
Recently, Centuri achieved a significant milestone with its IPO, raising approximately $329.3 million. These proceeds are set to repay outstanding amounts under the company’s revolving credit and term loan facility, with the remainder allocated for general corporate purposes. Centuri's common stock now proudly trades on the NYSE under the symbol 'CTRI'.
In the first quarter of 2024, Centuri's utility infrastructure services segment recorded a net loss of $36.2 million, including an adjusted net loss of $27.6 million. This performance contrasts with the first quarter of 2023, which benefited from higher-than-normal storm restoration services and the timely completion of significant offshore wind projects.
Noteworthy achievements also include Centuri’s successful partnerships and collaborations. These collaborations are instrumental in ensuring the smooth operation and expansion of electric and natural gas networks across North America. The company remains committed to its strategic priorities and disciplined business management approach, underscored by recent positive outcomes in regulatory rate cases.
As Centuri continues its journey, it is well-positioned to contribute significantly to the evolving energy landscape, driving innovation and sustainability in utility infrastructure services. Stakeholders can look forward to Centuri's ongoing efforts in supporting clean energy transitions and enhancing the reliability of energy networks.
Centuri Holdings (NYSE:CTRI) announced a significant milestone in the construction of Ørsted's Sunrise Wind project, New York's largest offshore wind initiative. Riggs Distler, a Centuri company, has completed over half of the specialized wind turbine foundation components at the Port of Coeymans. The project, set to deliver 924 megawatts of renewable energy, will power nearly 600,000 homes in New York, supporting the state's goal of 70% renewable energy by 2030.
The construction has created 125 union labor jobs and stimulated local businesses around Albany. Additionally, Riggs Distler's partner, LJUNGSTRӦM, has over 225 employees working on pre-fabricating steel components. This project showcases the impact of public-private partnerships in advancing clean energy initiatives and local economic development.
Centuri Holdings, Inc. (NYSE: CTRI) has announced two key leadership appointments to support its commercial strategy and growth objectives. Dylan Hradek has been appointed as President, US Gas, while Jim Connell has assumed the role of Executive Vice President, Chief Commercial & Strategy Officer. These appointments, effective at the end of the second quarter, aim to optimize Centuri's organizational structure for meeting near and long-term business goals.
Hradek will lead Centuri's US Gas segment, overseeing customer operations and pursuing strategic growth opportunities. Connell will be responsible for enterprise-wide commercial efforts, including developing strategic action plans for growth in key markets and emerging sectors. Both leaders bring extensive industry experience to their new roles, with Hradek's 35-year utility background and Connell's nearly 20-year tenure at Centuri.
Southwest Gas Holdings (NYSE: SWX) reported Q2 2024 consolidated net income of $18.3 million ($0.25 per diluted share) and adjusted net income of $22.5 million ($0.31 per share). This reflects a decrease from Q2 2023's net income of $28.9 million ($0.40 per share) and adjusted net income of $38.8 million ($0.54 per share). The company's utility segment saw a 44.5% increase in net income to $27.6 million for the quarter.
Southwest Gas raised its full-year 2024 utility net income guidance by $5 million, now ranging between $233 million and $243 million. The company completed an IPO of Centuri Holdings, generating net proceeds of $328 million, primarily used to reduce Centuri's debt. Southwest Gas ended Q2 with nearly $600 million in cash and expects minimal capital market needs through 2026.
Key drivers included a $10.8 million increase in operating margin due to rate relief in Nevada and California, a 2% increase in O&M expenses, and a $13.2 million decrease in depreciation and amortization expenses.
Centuri Holdings, Inc. (NYSE: CTRI) reported its Q2 2024 financial results and provided guidance for 2024. Key highlights include:
- Revenue of $672.1 million
- Net income of $11.7 million (EPS of $0.14)
- Adjusted EBITDA of $68.6 million with a 10.2% margin
- Completed IPO raising $328 million in net proceeds
- Secured new contracts with $400 million potential revenue
- Implemented cost-saving measures expected to generate $29 million in annual savings by 2025
The company faced challenges due to reduced customer spending and project delays. For full-year 2024, Centuri expects revenue of $2.5-$2.7 billion and an Adjusted EBITDA margin of 9.0-9.6%.
Centuri Holdings, a leading North American utility infrastructure services company, will report its second-quarter 2024 results on July 29, 2024. A conference call to discuss the earnings, business highlights, and leadership transition will be held at 12:00 PM ET / 9:00 AM PT. The call will feature CEO Bill Fehrman, CFO Greg Izenstark, and other management members. Investors can access the live webcast and an archived replay on Centuri's investor relations website. Additionally, a replay of the call will be available via dial-in for 12 months.
Centuri Holdings (NYSE: CTRI), a top utility infrastructure services company in North America, has been added to the Russell 2000® Index as of July 1, 2024. This reconstitution includes the 4,000 largest U.S. stocks based on market capitalization as of April 30. Membership in the Russell 2000® Index, effective for one year, ensures automatic inclusion in growth and value style indexes, enhancing Centuri's visibility among investment managers and institutional investors. Approximately $10.5 trillion in assets are benchmarked against these indexes.
Centuri Holdings (NYSE: CTRI) announced that Bill Fehrman will step down as President and CEO to become CEO of American Electric Power (Nasdaq: AEP). Fehrman will continue in his current role until July 31, 2024, and remain on Centuri’s Board of Directors until a permanent CEO is appointed. Paul Caudill, former CEO of NV Energy and a Centuri advisory board member, will serve as Interim CEO. The transition comes after Centuri’s successful launch as a public company earlier this year, positioning it for growth in the utility infrastructure services market. Centuri remains focused on customer growth, cost optimization, and strategic capital allocation.
Centuri Holdings has announced that its President and CEO, Bill Fehrman, will ring the NYSE opening bell on June 5, 2024. This event follows Centuri's successful Initial Public Offering (IPO) on April 18, 2024. The company, listed under the stock symbol CTRI, is a leading utility infrastructure services provider in North America. The ceremony, which can be viewed online, symbolizes Centuri's commitment to growth in gas and electric infrastructure and energy transition projects across North America.
Southwest Gas Holdings, Inc. reported first quarter 2024 consolidated net income of $87.7 million, or $1.22 per diluted share, compared to $45.9 million, or $0.67 per diluted share, in the first quarter of 2023. The Centuri IPO was successful, generating net proceeds of $329.3 million used to reduce Centuri debt. Southwest Gas expects to benefit from the Nevada rate case outcome and aims for 2024 utility net income towards the upper half of the range.
Centuri Holdings, Inc. (NYSE: CTRI) reported first-quarter results for 2024, marking a major milestone as a public company post-IPO. The company completed an IPO and private placement, raising $329.3 million, used to pay down debt. Revenue was $528.0 million, with a net loss of $(25.1) million, adjusted net loss of $(14.4) million, and adjusted EBITDA of $20.2 million. The results were impacted by lower revenue compared to the previous year, driven by weather conditions and project timing. The company remains confident in its growth prospects.
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