Centuri Holdings Inc Stock Price, News & Analysis

Southwest Gas Holdings (NYSE: SWX) has announced a secondary public offering of Centuri Holdings (NYSE: CTRI) common stock, offering 9,000,000 existing shares with an option for underwriters to purchase an additional 1,350,000 shares. Additionally, Icahn Partners and Icahn Partners Master Fund LP, affiliated with Carl C. Icahn, will purchase $50 million worth of Centuri shares in a concurrent private placement at the same price as the public offering.

The private placement is expected to close immediately after the public offering, subject to customary conditions. The offering will be made through an effective shelf registration statement filed with the SEC, with a preliminary prospectus supplement to be filed.

["Potential significant cash influx from the sale of 9 million shares plus possible 1.35 million additional shares", "Secured $50 million private placement deal with Icahn Partners", "Strategic divestment aligns with company's portfolio optimization"]

Centuri Holdings (NYSE: CTRI) reported its Q1 2025 financial results, showing improved performance despite some challenges. Revenue increased 4.2% to $550.1M compared to Q1 2024. The company secured record customer awards exceeding $1.2B, with a significant book-to-bill ratio of 2.2x. While still reporting losses, the company improved its position with net loss narrowing to $17.9M ($0.20 per share) from $25.1M ($0.35 per share) in Q1 2024. Adjusted EBITDA improved 20% to $24.2M. Non-union Electric segment showed strong growth with 41.9% revenue increase, while U.S. Gas segment faced weather-related challenges. The company's backlog grew to $4.5B and maintained its 2025 outlook, projecting revenue of $2.60-2.80B and Adjusted EBITDA of $240-275M.

Centuri Holdings (NYSE: CTRI) has rescheduled its first quarter 2025 earnings release and conference call from May 7 to Monday, May 12, 2025. The conference call will be held at 10:00 AM ET / 7:00 AM PT and will be accessible via webcast on the company's IR website or by telephone at (800) 549-8228.

Importantly, Centuri has affirmed its full year 2025 outlook, which includes:

• Revenue projection of $2.60 to $2.80 billion
• Adjusted EBITDA of $240 to $275 million
• Net capital expenditures of $65 to $80 million

Centuri Holdings (NYSE: CTRI) has secured nearly $400 million in customer awards for its U.S. Gas business segment. The awards include Master Service Agreement (MSA) renewals and territory expansion for a key gas utility client in the Northeast.

The scope of work encompasses the replacement of existing aged natural gas infrastructure and system betterment, utilizing the company's diversified union and non-union workforce. This announcement follows recent awards totaling over $850 million announced on April 1 and March 24.

Centuri Holdings (NYSE: CTRI), a North American utility infrastructure services company, has scheduled its 2025 first quarter financial results announcement for Wednesday, May 7, 2025. The company will host an earnings conference call at 10:00 AM ET / 7:00 AM PT featuring President & CEO Christian Brown and CFO Greg Izenstark.

Investors can access the live webcast through Centuri's investor relations website at investor.centuri.com. A dial-in option is available at (800) 549-8228, and a replay will be accessible at (888) 660-6264 with passcode 29379#. The replay feature will remain active for one month after the call.

Centuri Holdings (NYSE: CTRI) has secured over $360 million in new project awards across utility, energy, and data center markets in the US and Canada. The projects include construction of substation and underground electrical infrastructure for data centers, grid resiliency work for a major U.S. electric utility, industrial and mechanical work in the Northeast, and utility distribution infrastructure modernization.

This announcement follows nearly $500 million in multi-year customer awards announced on March 24, 2025. The new awards include a significant Master Service Agreement (MSA) and span diverse end markets, focusing on the company's core capabilities in gas, electric, and energy infrastructure solutions.

The projects address increasing demands for electric power, natural gas resources, and grid resiliency, driven by surging consumer usage, technological innovation including AI, and ongoing extreme weather events.

Centuri Holdings (NYSE: CTRI) has secured customer awards exceeding $490 million for early 2025, marking significant expansion in its utility infrastructure services. The agreements include renewals of two multi-year contracts with existing utility customers in the Northeast and Midwest, plus two new Master Service Agreements (MSAs) in the Pacific Northwest, representing geographical expansion.

The contracted work encompasses maintenance, repair, expansion, and upgrade of electric and gas systems for investor-owned utilities across the U.S. The company highlights that their customer relationships average 24 years, demonstrating long-term collaborative partnerships.

Centuri (NYSE: CTRI) reported Q4 2024 financial results with revenue of $717.1 million and net income of $10.3 million ($0.12 per share). Q4 Adjusted EBITDA reached $70.7 million with a 9.9% margin. Full-year 2024 revenue totaled $2.64 billion with a net loss of $6.7 million and Adjusted EBITDA of $238.2 million (9.0% margin).

The company's backlog stands at $3.7 billion, with 90% related to MSA revenue. Net debt to Adjusted EBITDA ratio improved to 3.6x from 4.0x year-over-year. Q4 saw increased emergency restoration services revenue, particularly from Hurricanes Helene and Milton, and improved crew counts in Non-Union Electric business.

For 2025, Centuri projects revenue between $2.60-2.80 billion, Adjusted EBITDA of $240-275 million, and net capital expenditures of $65-80 million.

Southwest Gas Holdings (NYSE: SWX) reported strong financial results for Q4 and full-year 2024. The company achieved consolidated net income of $92.5M ($1.28 per share) in Q4 and $198.8M ($2.76 per share) for the full year. The utility segment delivered an 8.1% ROE and approximately 8% year-over-year earnings growth.

Key highlights include:

• Utility net income grew to $261.2M in 2024 from $242.2M in 2023
• Added 41,000 new meter sets (1.8% growth rate)
• Achieved full-year utility gross margin of $0.7B and record annual operating margin of $1.3B
• Completed Centuri Holdings IPO in April 2024
• Maintained flat O&M expenses per customer year-over-year
• Invested $859M in capital expenditures, up ~15% from 2023

The company secured regulatory approvals including a $59M annual revenue increase in Nevada with 9.5% ROE. Additional rate cases are pending in Arizona ($126M), Great Basin (~$13M), and California (~$50M).