Centuri Reports Second Quarter 2026 Results and Raises Full Year 2026 Guidance
Second Quarter 2026 Results and Highlights
-
Achieved company record quarterly Revenue of
$962.0 million 33% increase versus the second quarter of 2025 -
Produced Gross Profit of
$69.1 million 2% increase from the same period last year -
Delivered Base Revenue and Base Gross Profit of
$959.5 million $75.7 million 36% and21% versus the second quarter of 2025 -
Reported Net Income of
$6.1 million $24.4 million 44% higher than last year's same-period Adjusted Net Income -
Recorded Adjusted EBIT of
$40.5 million 8% increase year-over-year -
Realized Adjusted EBITDA of
$75.7 million 5% increase year-over-year -
Secured bookings of nearly
$850 million $2.2 billion -
Expanded opportunity pipeline by
23% to a record$16 billion - Closed the acquisition of JJ White, Inc ("JJ White"), adding scale and key capabilities to the Union Electric segment
First-Half 2026 Results Summary
-
Revenue of
$1.69 billion $1.65 billion 32% and33% higher than last year, respectively -
Gross Profit of
$104.9 million $103.8 million 19% and35% higher than last year, respectively
"Our second quarter results reflect tremendous year-over-year growth, including record quarterly revenue and a
"In addition to our growing organic opportunities, we are excited about the recently announced acquisition of JJ White and want to welcome the team to Centuri. Consistent with our strategy laid out earlier this year, the acquisition adds scale in our Union Electric segment, strengthens our mechanical and electrical construction services, and adds in-plant construction services across several end-markets including data centers."
"During the first half of 2026, we organically increased our workforce by approximately
Management Commentary
Second quarter 2026 revenue increased by
Net Income Attributable to Common Stock in the second quarter was
Base Revenue, Base Gross Profit, and Base Gross Profit Margin are non-GAAP measures that exclude the impact of storm restoration services, which are highly unpredictable, and the
The Company estimates that second quarter results were negatively impacted by approximately
In the second quarter of 2026, the Company wrote down all remaining accounts receivables and contract assets related to work completed for the
Centuri's Net Debt to Adjusted EBITDA Ratio was 2.6x as of June 28, 2026, which compares to 3.7x as of June 29, 2025.
Commercial Update
During the second quarter of 2026, Centuri secured nearly
Total bookings year-to-date reached approximately
As of quarter-end, Centuri had a backlog of approximately
Strategic Acquisition
As previously announced, on July 20, 2026 the Company completed the acquisition of JJ White, a leading provider of union industrial, mechanical and electrical maintenance and construction services. Total cash consideration paid was approximately
Full Year 2026 Financial Guidance
The Company has updated full year 2026 guidance, which includes anticipated contributions from JJ White and approximately
Base Revenue and Base Gross Profit do not include contributions from storm restoration services, which are highly unpredictable. While storm restoration services remain a key capability of the Company management believes these non-GAAP measures are more suitable for evaluating fundamental business performance and for comparison purposes.
-
Base Revenue of
$3.5 $3.7 billion -
Base Gross Profit of
$270 $290 million
Adjusted EBITDA and Adjusted Net Income are non-GAAP measures that include contributions from storm restoration services. Guidance for these measures and Revenue include estimated contributions from storm restoration services based on three-year (2023-2025) averages of
-
Revenue of
$3.59 $3.79 billion -
Adjusted EBITDA of
$285 $310 million -
Adjusted Net Income of
$60 $75 million
The Company also expects Net Capital Expenditures of
Please review the second quarter investor presentation for more information related to our full year 2026 Guidance and historical storm restoration services contributions.
Centuri Holdings, Inc. |
Supplemental Segment Data |
(In thousands, except percentages) |
(Unaudited) |
Segment Results
The following table summarizes our revenue and gross profit for the periods indicated by segment, as well as the dollar and percentage change from the prior year period. Gross margins are calculated by dividing gross profit by revenue.
Fiscal three months ended June 28, 2026 compared to the fiscal three months ended June 29, 2025
|
Fiscal Three Months Ended |
|
Change |
|||||||||||||||
(dollars in thousands) |
June 28, 2026 |
|
June 29, 2025 |
|
$ |
|
% |
|||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
$ |
489,520 |
|
50.9 |
% |
|
$ |
336,834 |
|
46.5 |
% |
|
$ |
152,686 |
|
|
45.3 |
% |
Canadian Operations |
|
81,438 |
|
8.5 |
% |
|
|
55,111 |
|
7.6 |
% |
|
|
26,327 |
|
|
47.8 |
% |
Union Electric |
|
224,167 |
|
23.3 |
% |
|
|
182,239 |
|
25.2 |
% |
|
|
41,928 |
|
|
23.0 |
% |
Non-Union Electric |
|
166,861 |
|
17.3 |
% |
|
|
149,868 |
|
20.7 |
% |
|
|
16,993 |
|
|
11.3 |
% |
Consolidated revenue |
$ |
961,986 |
|
100.0 |
% |
|
$ |
724,052 |
|
100.0 |
% |
|
$ |
237,934 |
|
|
32.9 |
% |
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
$ |
20,647 |
|
4.2 |
% |
|
$ |
26,424 |
|
7.8 |
% |
|
$ |
(5,777 |
) |
|
(21.9 |
%) |
Canadian Operations |
|
13,042 |
|
16.0 |
% |
|
|
9,485 |
|
17.2 |
% |
|
|
3,557 |
|
|
37.5 |
% |
Union Electric |
|
20,195 |
|
9.0 |
% |
|
|
15,355 |
|
8.4 |
% |
|
|
4,840 |
|
|
31.5 |
% |
Non-Union Electric |
|
15,258 |
|
9.1 |
% |
|
|
16,537 |
|
11.0 |
% |
|
|
(1,279 |
) |
|
(7.7 |
%) |
Consolidated gross profit |
$ |
69,142 |
|
7.2 |
% |
|
$ |
67,801 |
|
9.4 |
% |
|
$ |
1,341 |
|
|
2.0 |
% |
(1) |
This includes the impact of the |
Fiscal six months ended June 28, 2026 compared to the fiscal six months ended June 29, 2025
|
Fiscal Six Months Ended |
|
Change |
|||||||||||||||
(dollars in thousands) |
June 28, 2026 |
|
June 29, 2025 |
|
$ |
|
% |
|||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
$ |
774,019 |
|
45.9 |
% |
|
$ |
534,528 |
|
42.0 |
% |
|
$ |
239,491 |
|
|
44.8 |
% |
Canadian Operations |
|
141,466 |
|
8.4 |
% |
|
|
94,895 |
|
7.4 |
% |
|
|
46,571 |
|
|
49.1 |
% |
Union Electric |
|
428,236 |
|
25.4 |
% |
|
|
357,707 |
|
28.1 |
% |
|
|
70,529 |
|
|
19.7 |
% |
Non-Union Electric |
|
341,439 |
|
20.3 |
% |
|
|
287,003 |
|
22.5 |
% |
|
|
54,436 |
|
|
19.0 |
% |
Consolidated revenue |
$ |
1,685,160 |
|
100.0 |
% |
|
$ |
1,274,133 |
|
100.0 |
% |
|
$ |
411,027 |
|
|
32.3 |
% |
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
$ |
14,312 |
|
1.8 |
% |
|
$ |
11,568 |
|
2.2 |
% |
|
$ |
2,744 |
|
|
23.7 |
% |
Canadian Operations |
|
22,142 |
|
15.7 |
% |
|
|
16,564 |
|
17.5 |
% |
|
|
5,578 |
|
|
33.7 |
% |
Union Electric |
|
38,429 |
|
9.0 |
% |
|
|
27,168 |
|
7.6 |
% |
|
|
11,261 |
|
|
41.4 |
% |
Non-Union Electric |
|
30,017 |
|
8.8 |
% |
|
|
32,829 |
|
11.4 |
% |
|
|
(2,812 |
) |
|
(8.6 |
%) |
Consolidated gross profit |
$ |
104,900 |
|
6.2 |
% |
|
$ |
88,129 |
|
6.9 |
% |
|
$ |
16,771 |
|
|
19.0 |
% |
(1) |
This includes the impact of the |
Conference Call Information
Centuri will conduct a conference call today, Tuesday, August 4, 2026 at 10:00 AM ET / 7:00 AM PT to discuss its second quarter and other business highlights. The conference call will be webcast live on the Company’s investor relations (IR) website at https://investor.centuri.com. The conference call can also be accessed via phone by dialing (585) 542-9983 or (833) 461-5787. The meeting ID is 959 971 025. An investor presentation is also available on Centuri's IR website. A replay of the earnings call will be available on Centuri’s IR website approximately two hours after the call’s conclusion and will be active for one year.
About Centuri
Centuri Holdings, Inc. is a strategic utility and energy 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.
Investors should note that we announce material financial information in Securities and Exchange Commission ("SEC") filings, press releases and public conference calls. Based on guidance from the SEC, we may use the IR section of our website to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this press release.
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 sustaining our growth trajectory in 2026; our ability to strengthen our operating and support functions, and to achieve sustainable growth; our expectations around the North American energy infrastructure industry and the market for bid project activity; our ability to achieve a book-to-bill ratio of approximately 1.2x for the full year 2026; the number ranges, assumptions, targets and other statements presented in our Full Year 2026 Financial Guidance; expected margin improvements for the second half of 2026; and expectations regarding the acquisition of JJ White, including the accretive nature thereof. A number of important risks, uncertainties and other factors affecting the business and financial results of Centuri could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, capital market risks and the impact of general economic, political, regulatory, weather-related, or industry conditions and those detailed from time to time in Centuri’s reports filed with the SEC, including Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025. The statements in this press release are (i) made as of the date of this press release, even if subsequently made available by Centuri on its website or otherwise, and (ii) based on assumptions and assessments made by our management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Except to the extent required by applicable law, Centuri does not assume any obligation to update or revise 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. You are cautioned not to place undue reliance on these forward-looking statements.
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 Ratio
Book-to-bill ratio represents the ratio of total bookings in a period to total revenue recognized in the same period.
Opportunity Pipeline
Opportunity pipeline represents our current unweighted bids and opportunities tracked in our sales database.
Centuri Holdings, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share information) (Unaudited) |
|||||||||||||||
|
Fiscal Three Months Ended |
|
Fiscal Six Months Ended |
||||||||||||
|
June 28, 2026 |
|
June 29, 2025 |
|
June 28, 2026 |
|
June 29, 2025 |
||||||||
Revenue |
$ |
932,021 |
|
|
$ |
697,952 |
|
|
$ |
1,631,957 |
|
|
$ |
1,226,924 |
|
Revenue, related party - former parent |
|
29,965 |
|
|
|
26,100 |
|
|
|
53,203 |
|
|
|
47,209 |
|
Total revenue, net |
|
961,986 |
|
|
|
724,052 |
|
|
|
1,685,160 |
|
|
|
1,274,133 |
|
Cost of revenue (including depreciation) |
|
863,791 |
|
|
|
633,039 |
|
|
|
1,529,042 |
|
|
|
1,142,416 |
|
Cost of revenue, related party - former parent (including depreciation) |
|
29,053 |
|
|
|
23,212 |
|
|
|
51,218 |
|
|
|
43,588 |
|
Total cost of revenue |
|
892,844 |
|
|
|
656,251 |
|
|
|
1,580,260 |
|
|
|
1,186,004 |
|
Gross profit |
|
69,142 |
|
|
|
67,801 |
|
|
|
104,900 |
|
|
|
88,129 |
|
Selling, general and administrative expenses |
|
37,236 |
|
|
|
28,959 |
|
|
|
69,934 |
|
|
|
55,334 |
|
Amortization of intangible assets |
|
7,757 |
|
|
|
6,683 |
|
|
|
15,559 |
|
|
|
13,349 |
|
Operating income |
|
24,149 |
|
|
|
32,159 |
|
|
|
19,407 |
|
|
|
19,446 |
|
Interest expense, net |
|
12,107 |
|
|
|
18,247 |
|
|
|
24,542 |
|
|
|
36,109 |
|
Other (income) expense, net |
|
(261 |
) |
|
|
(353 |
) |
|
|
(181 |
) |
|
|
127 |
|
Income (loss) before income taxes |
|
12,303 |
|
|
|
14,265 |
|
|
|
(4,954 |
) |
|
|
(16,790 |
) |
Income tax expense (benefit) |
|
6,155 |
|
|
|
6,186 |
|
|
|
(1,617 |
) |
|
|
(6,945 |
) |
Net income (loss) |
|
6,148 |
|
|
|
8,079 |
|
|
|
(3,337 |
) |
|
|
(9,845 |
) |
Net income attributable to noncontrolling interests |
|
49 |
|
|
|
26 |
|
|
|
91 |
|
|
|
39 |
|
Net income (loss) attributable to common stock |
$ |
6,099 |
|
|
$ |
8,053 |
|
|
$ |
(3,428 |
) |
|
$ |
(9,884 |
) |
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share attributable to common stock: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.06 |
|
|
$ |
0.09 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.11 |
) |
Diluted |
$ |
0.06 |
|
|
$ |
0.09 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.11 |
) |
Shares used in computing earnings (loss) per share: |
|
|
|
|
|
|
|
||||||||
Weighted average basic shares outstanding |
|
100,935 |
|
|
|
88,588 |
|
|
|
100,862 |
|
|
|
88,553 |
|
Weighted average diluted shares outstanding |
|
101,476 |
|
|
|
88,823 |
|
|
|
100,862 |
|
|
|
88,553 |
|
Centuri Holdings, Inc. Condensed Consolidated Balance Sheets (In thousands, except share information) (Unaudited) |
|||||||
|
June 28,
|
|
December 28,
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
40,458 |
|
|
$ |
126,630 |
|
Accounts receivable, net |
|
391,924 |
|
|
|
314,665 |
|
Contract assets |
|
379,564 |
|
|
|
395,126 |
|
Prepaid expenses and other current assets |
|
78,073 |
|
|
|
44,954 |
|
Total current assets |
|
890,019 |
|
|
|
881,375 |
|
Property and equipment, net |
|
465,370 |
|
|
|
466,842 |
|
Intangible assets, net |
|
326,256 |
|
|
|
343,243 |
|
Goodwill, net |
|
393,321 |
|
|
|
395,671 |
|
Right-of-use assets under finance leases |
|
22,143 |
|
|
|
24,446 |
|
Right-of-use assets under operating leases |
|
189,612 |
|
|
|
176,449 |
|
Other assets |
|
116,494 |
|
|
|
119,680 |
|
Total assets |
|
2,403,215 |
|
|
|
2,407,706 |
|
LIABILITIES, TEMPORARY EQUITY AND EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
22,915 |
|
|
$ |
29,543 |
|
Current portion of finance lease liabilities |
|
7,126 |
|
|
|
7,459 |
|
Current portion of operating lease liabilities |
|
35,530 |
|
|
|
30,345 |
|
Accounts payable |
|
162,338 |
|
|
|
193,572 |
|
Accrued expenses and other current liabilities |
|
195,450 |
|
|
|
184,964 |
|
Contract liabilities |
|
66,799 |
|
|
|
50,510 |
|
Total current liabilities |
|
490,158 |
|
|
|
496,393 |
|
Long-term debt, net of current portion |
|
608,972 |
|
|
|
616,871 |
|
Line of credit |
|
85,855 |
|
|
|
91,201 |
|
Finance lease liabilities, net of current portion |
|
6,873 |
|
|
|
9,150 |
|
Operating lease liabilities, net of current portion |
|
161,949 |
|
|
|
153,540 |
|
Deferred income taxes |
|
79,214 |
|
|
|
78,365 |
|
Other long-term liabilities |
|
94,670 |
|
|
|
83,793 |
|
Total liabilities |
|
1,527,691 |
|
|
|
1,529,313 |
|
Temporary equity: |
|
|
|
||||
Redeemable noncontrolling interests |
|
6,578 |
|
|
|
5,424 |
|
Equity: |
|
|
|
||||
Common stock, |
|
1,010 |
|
|
|
1,007 |
|
Additional paid-in capital |
|
1,012,285 |
|
|
|
1,007,746 |
|
Accumulated other comprehensive loss |
|
(12,510 |
) |
|
|
(7,373 |
) |
Accumulated deficit |
|
(131,839 |
) |
|
|
(128,411 |
) |
Total equity |
|
868,946 |
|
|
|
872,969 |
|
Total liabilities, temporary equity and equity |
$ |
2,403,215 |
|
|
$ |
2,407,706 |
|
Centuri Holdings, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||||
|
Fiscal Six Months Ended |
||||||
|
June 28, 2026 |
|
June 29, 2025 |
||||
Net cash used in operating activities |
$ |
(15,012 |
) |
|
$ |
(10,983 |
) |
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(48,147 |
) |
|
|
(45,162 |
) |
Proceeds from sale of property and equipment |
|
2,632 |
|
|
|
2,521 |
|
Acquisition of business, net of cash acquired |
|
(1,362 |
) |
|
|
— |
|
Purchase of equity method investment |
|
(2,000 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(48,877 |
) |
|
|
(42,641 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from line of credit borrowings |
|
16,436 |
|
|
|
113,931 |
|
Payment of line of credit borrowings |
|
(18,614 |
) |
|
|
(59,317 |
) |
Principal payments on long-term debt |
|
(15,205 |
) |
|
|
(15,808 |
) |
Principal payments on finance lease liabilities |
|
(3,861 |
) |
|
|
(5,188 |
) |
Other |
|
(685 |
) |
|
|
(931 |
) |
Net cash (used in) provided by financing activities |
|
(21,929 |
) |
|
|
32,687 |
|
Effects of foreign exchange translation |
|
(405 |
) |
|
|
250 |
|
Net decrease in cash and cash equivalents |
|
(86,223 |
) |
|
|
(20,687 |
) |
Cash, cash equivalents, and restricted cash, beginning of period |
|
128,059 |
|
|
|
49,019 |
|
Cash, cash equivalents, and restricted cash, end of period |
$ |
41,836 |
|
|
$ |
28,332 |
|
Non-GAAP Financial Measures
We prepare and present our financial statements in accordance with GAAP. However, management believes that EBIT, Adjusted EBIT, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per share ("Adjusted EPS"), Net Debt to Adjusted EBITDA Ratio, Base Revenue, Base Gross Profit, and Base Gross Profit Margin, 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. Because these non-GAAP measures, as defined, exclude some, but not all, items that affect comparable GAAP financial measures, these non-GAAP measures may not be comparable to similarly titled measures of other companies. Management believes that, due to the non-recurring nature of the
EBIT is defined as earnings before interest and taxes. Adjusted EBIT is defined as EBIT, adjusted for (i) non-cash stock-based compensation, (ii) acquisition costs, (iii) separation-related costs, (iv) strategy implementation costs, (v) other professional fees and (vi) the
Management believes that EBIT, Adjusted EBIT, and Adjusted EBITDA help 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 EBIT and Adjusted EBITDA provide additional insight by removing certain expenses that are non-recurring 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.
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. Management believes this ratio helps investors understand our leverage. Net debt is defined as the sum of all bank debt on the balance sheet and finance lease liabilities, net of cash.
Adjusted Net Income is defined as net income (loss) adjusted for (i) separation-related costs, (ii) strategy implementation costs, (iii) amortization of intangible assets, (iv) other professional fees, (v)
Base Revenue is defined as total revenue, net adjusted to exclude revenue attributable to storm restoration services and the impact of the
Using EBIT, Adjusted EBIT, and Adjusted EBITDA as performance measures has material limitations as compared to net income (loss), or other financial measures as defined under GAAP, as they exclude certain recurring items, which may be meaningful to investors. These metrics all exclude 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, these metrics exclude income taxes; however, as we are organized as a corporation, the payment of taxes is a necessary element of our operations. Adjusted EBITDA also 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. As a result of these exclusions, the metrics from which they are excluded have material limitations compared to net income (loss). When using these metrics as a performance measure, management compensates for these limitations by comparing them to net income (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 measures: (i) non-cash stock-based compensation varies from period to period due to changes in the estimated fair value of performance-based awards, forfeitures and amounts granted; (ii) acquisition costs vary from period to period depending on the level of our acquisition activity; (iii) separation-related costs represent expenses incurred post-IPO in connection with the separation and stand up of Centuri as its own public company, including costs incurred in association with Southwest Gas Holdings' sale of its holdings of our common stock, which are not reflective of our ongoing operations and will not recur given that Centuri is fully separated from Southwest Gas Holdings; (iv) strategy implementation costs represent non-recurring consulting fees incurred in connection with implementing the Company’s new long-term strategy announced on May 6, 2026; (v) other professional fees are non-recurring costs associated with certain one-time events; and (vi) the
The most comparable GAAP financial measures and information reconciling the GAAP and non-GAAP financial measures are set forth below. We are unable to provide reconciliations for forward-looking non-GAAP measures without unreasonable efforts due to our inability to project non-recurring expenses and events. Such items could have a substantial impact on GAAP measures of the Company’s financial performance.
Centuri Holdings, Inc. |
Reconciliation of Non-GAAP Financial Measures |
(In thousands unless otherwise noted) |
(Unaudited) |
The most comparable GAAP financial measure and information reconciling the GAAP and non-GAAP financial measures are set forth below.
|
Fiscal Three Months Ended |
|
Fiscal Six Months Ended |
||||||||||||
(dollars in thousands) |
June 28, 2026 |
|
June 29, 2025 |
|
June 28, 2026 |
|
June 29, 2025 |
||||||||
Net income (loss) |
$ |
6,148 |
|
|
$ |
8,079 |
|
|
$ |
(3,337 |
) |
|
$ |
(9,845 |
) |
Interest expense, net |
|
12,107 |
|
|
|
18,247 |
|
|
|
24,542 |
|
|
|
36,109 |
|
Income tax expense (benefit) |
|
6,155 |
|
|
|
6,186 |
|
|
|
(1,617 |
) |
|
|
(6,945 |
) |
EBIT |
|
24,410 |
|
|
|
32,512 |
|
|
|
19,588 |
|
|
|
19,319 |
|
Non-cash stock-based compensation |
|
4,080 |
|
|
|
2,163 |
|
|
|
6,311 |
|
|
|
3,750 |
|
Acquisition costs |
|
1,396 |
|
|
|
— |
|
|
|
1,396 |
|
|
|
— |
|
Separation-related costs |
|
— |
|
|
|
1,564 |
|
|
|
— |
|
|
|
3,175 |
|
Strategy implementation costs |
|
1,676 |
|
|
|
— |
|
|
|
1,676 |
|
|
|
— |
|
Other professional fees |
|
— |
|
|
|
1,379 |
|
|
|
— |
|
|
|
1,379 |
|
|
|
8,953 |
|
|
|
— |
|
|
|
8,953 |
|
|
|
— |
|
Adjusted EBIT |
|
40,515 |
|
|
|
37,618 |
|
|
|
37,924 |
|
|
|
27,623 |
|
Depreciation expense |
|
27,388 |
|
|
|
27,539 |
|
|
|
54,747 |
|
|
|
55,096 |
|
Amortization of intangible assets |
|
7,757 |
|
|
|
6,683 |
|
|
|
15,559 |
|
|
|
13,349 |
|
Adjusted EBITDA |
$ |
75,660 |
|
|
$ |
71,840 |
|
|
$ |
108,230 |
|
|
$ |
96,068 |
|
Adjusted EBITDA Margin (% of revenue) |
|
7.9 |
% |
|
|
9.9 |
% |
|
|
6.4 |
% |
|
|
7.5 |
% |
|
Fiscal Three Months Ended |
|
Fiscal Six Months Ended |
||||||||||||
(dollars in thousands) |
June 28, 2026 |
|
June 29, 2025 |
|
June 28, 2026 |
|
June 29, 2025 |
||||||||
Net income (loss) |
$ |
6,148 |
|
|
$ |
8,079 |
|
|
$ |
(3,337 |
) |
|
$ |
(9,845 |
) |
Separation-related costs |
|
— |
|
|
|
1,564 |
|
|
|
— |
|
|
|
3,175 |
|
Strategy implementation costs |
|
1,676 |
|
|
|
— |
|
|
|
1,676 |
|
|
|
— |
|
Amortization of intangible assets |
|
7,757 |
|
|
|
6,683 |
|
|
|
15,559 |
|
|
|
13,349 |
|
Other professional fees |
|
— |
|
|
|
1,379 |
|
|
|
— |
|
|
|
1,379 |
|
|
|
8,953 |
|
|
|
— |
|
|
|
8,953 |
|
|
|
— |
|
Non-cash stock-based compensation |
|
4,080 |
|
|
|
2,163 |
|
|
|
6,311 |
|
|
|
3,750 |
|
Acquisition costs |
|
1,396 |
|
|
|
— |
|
|
|
1,396 |
|
|
|
— |
|
Income tax impact of adjustments(1) |
|
(5,617 |
) |
|
|
(2,948 |
) |
|
|
(8,126 |
) |
|
|
(5,414 |
) |
Adjusted Net Income |
$ |
24,393 |
|
|
$ |
16,920 |
|
|
$ |
22,432 |
|
|
$ |
6,394 |
|
(1) |
Calculated based on a blended statutory tax rate of |
Centuri Holdings, Inc. Reconciliation of Non-GAAP Financial Measures (In thousands unless otherwise noted) (Unaudited) |
|||||||||||||||
|
Fiscal Three Months Ended |
|
Fiscal Six Months Ended |
||||||||||||
(dollars per share) |
June 28, 2026 |
|
June 29, 2025 |
|
June 28, 2026 |
|
June 29, 2025 |
||||||||
Diluted earnings (loss) per share attributable to common stock |
$ |
0.06 |
|
|
$ |
0.09 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.11 |
) |
Separation-related costs |
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.04 |
|
Strategy implementation costs |
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
Other professional fees |
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.09 |
|
|
|
— |
|
|
|
0.09 |
|
|
|
— |
|
Amortization of intangible assets |
|
0.08 |
|
|
|
0.07 |
|
|
|
0.15 |
|
|
|
0.14 |
|
Non-cash stock-based compensation |
|
0.04 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.04 |
|
Acquisition costs |
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Income tax impact of adjustments |
|
(0.06 |
) |
|
|
(0.03 |
) |
|
|
(0.08 |
) |
|
|
(0.06 |
) |
Adjusted EPS |
$ |
0.24 |
|
|
$ |
0.19 |
|
|
$ |
0.22 |
|
|
$ |
0.07 |
|
(dollars in thousands, except Net Debt to Adjusted EBITDA Ratio) |
June 28,
|
|
June 29,
|
||||
Debt |
|
|
|
||||
Current portion of long-term debt |
$ |
22,915 |
|
|
$ |
28,101 |
|
Current portion of finance lease liabilities |
|
7,126 |
|
|
|
7,923 |
|
Long-term debt, net of current portion |
|
608,972 |
|
|
|
718,400 |
|
Line of credit |
|
85,855 |
|
|
|
172,230 |
|
Finance lease liabilities, net of current portion |
|
6,873 |
|
|
|
11,265 |
|
Total debt |
$ |
731,741 |
|
|
$ |
937,919 |
|
Less: Cash and cash equivalents |
|
(40,458 |
) |
|
|
(28,332 |
) |
Net debt |
$ |
691,283 |
|
|
$ |
909,587 |
|
|
|
|
|
||||
Trailing twelve month Adjusted EBITDA |
$ |
261,177 |
|
|
$ |
245,486 |
|
Net Debt to Adjusted EBITDA Ratio (1) |
|
2.6 |
|
|
|
3.7 |
|
(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. |
|
Fiscal Three Months Ended |
|
Fiscal Six Months Ended |
||||||||||||
(dollars in thousands) |
June 28, 2026 |
|
June 29, 2025 |
|
June 28, 2026 |
|
June 29, 2025 |
||||||||
Total revenue, net |
$ |
961,986 |
|
|
$ |
724,052 |
|
|
$ |
1,685,160 |
|
|
$ |
1,274,133 |
|
Less: Storm restoration services revenue |
|
(11,412 |
) |
|
|
(17,017 |
) |
|
|
(45,892 |
) |
|
|
(35,169 |
) |
Add: |
|
8,953 |
|
|
|
— |
|
|
|
8,953 |
|
|
|
— |
|
Base Revenue |
$ |
959,527 |
|
|
$ |
707,035 |
|
|
$ |
1,648,221 |
|
|
$ |
1,238,964 |
|
|
Fiscal Three Months Ended |
|
Fiscal Six Months Ended |
||||||||||||
(dollars in thousands) |
June 28, 2026 |
|
June 29, 2025 |
|
June 28, 2026 |
|
June 29, 2025 |
||||||||
Gross profit |
$ |
69,142 |
|
|
$ |
67,801 |
|
|
$ |
104,900 |
|
|
$ |
88,129 |
|
Less: Storm restoration services gross profit |
|
(2,387 |
) |
|
|
(4,978 |
) |
|
|
(10,098 |
) |
|
|
(10,992 |
) |
Add: |
|
8,953 |
|
|
|
— |
|
|
|
8,953 |
|
|
|
— |
|
Base Gross Profit |
$ |
75,708 |
|
|
$ |
62,823 |
|
|
$ |
103,755 |
|
|
$ |
77,137 |
|
Base Gross Profit Margin |
|
7.9 |
% |
|
|
8.9 |
% |
|
|
6.3 |
% |
|
|
6.2 |
% |
Centuri Holdings, Inc. Reconciliation of Non-GAAP Financial Measures (In thousands unless otherwise noted) (Unaudited) |
|||||||||||||||
|
Fiscal Three Months Ended |
|
Fiscal Six Months Ended |
||||||||||||
(dollars in thousands) |
June 28, 2026 |
|
June 29, 2025 |
|
June 28, 2026 |
|
June 29, 2025 |
||||||||
|
$ |
489,520 |
|
$ |
336,834 |
|
$ |
774,019 |
|
$ |
534,528 |
||||
Add: |
|
8,953 |
|
|
— |
|
|
8,953 |
|
|
— |
||||
|
$ |
498,473 |
|
$ |
336,834 |
|
$ |
782,972 |
|
$ |
534,528 |
||||
|
Fiscal Three Months Ended |
|
Fiscal Six Months Ended |
||||||||||||
(dollars in thousands) |
June 28, 2026 |
|
June 29, 2025 |
|
June 28, 2026 |
|
June 29, 2025 |
||||||||
|
$ |
20,647 |
|
|
$ |
26,424 |
|
|
$ |
14,312 |
|
|
$ |
11,568 |
|
Add: |
|
8,953 |
|
|
|
— |
|
|
|
8,953 |
|
|
|
— |
|
|
$ |
29,600 |
|
|
$ |
26,424 |
|
|
$ |
23,265 |
|
|
$ |
11,568 |
|
|
|
5.9 |
% |
|
|
7.8 |
% |
|
|
3.0 |
% |
|
|
2.2 |
% |
|
Fiscal Twelve Months Ended |
||||||
(dollars in thousands) |
June 28, 2026 |
|
June 29, 2025 |
||||
Total revenue, net |
$ |
3,393,808 |
|
|
$ |
2,711,264 |
|
Less: Storm restoration services revenue |
|
(50,920 |
) |
|
|
(126,263 |
) |
Add: |
|
8,953 |
|
|
|
— |
|
Base Revenue |
$ |
3,351,841 |
|
|
$ |
2,585,001 |
|
|
Fiscal Twelve Months Ended |
||||||
(dollars in thousands) |
June 28, 2026 |
|
June 29, 2025 |
||||
Gross profit |
$ |
263,337 |
|
|
$ |
235,018 |
|
Less: Storm restoration services gross profit |
|
(11,358 |
) |
|
|
(44,130 |
) |
Add: |
|
8,953 |
|
|
|
— |
|
Base Gross Profit |
$ |
260,932 |
|
|
$ |
190,888 |
|
Base Gross Profit Margin |
|
7.8 |
% |
|
|
7.4 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260804528843/en/
For Centuri investors, contact:
Nate Tetlow
(480) 851-8426
Ntetlow@centuri.com
For Centuri media information, contact:
Jennifer Russo
(602) 781-6958
JRusso@Centuri.com
Source: Centuri Holdings, Inc.