Centuri Holdings Inc Stock Price, News & Analysis

Centuri Holdings (NYSE: CTRI) has announced its 2025 Annual Meeting of Stockholders will be held on April 16, 2025, with the exact location and time to be determined. The company outlined key deadlines for stockholder proposals: submissions must be made between December 17, 2024, and January 16, 2025. Stockholders wishing to include proposals in proxy materials under Rule 14a-8 must submit by December 17, 2024. Those planning to solicit proxies for director nominees must comply with Rule 14a-19(b) requirements.

Centuri Holdings (NYSE: CTRI) reported Q3 2024 financial results with revenue of $720.1 million and a net loss of $3.7 million ($0.04 loss per share). The company secured $350 million in new business awards and maintained a $4.3 billion backlog. Q3 performance was marked by improved electric business and increased storm restoration services, generating $41.4 million in revenue. Despite quarterly declines, management reiterated 2024 guidance with expected revenue of $2.5-2.7 billion and Adjusted EBITDA margin of 9.0-9.6%.

Centuri Holdings (NYSE: CTRI) has appointed Christian ('Chris') Brown as President and CEO, effective December 3, 2024. Brown, who brings over three decades of experience in energy and infrastructure sectors, succeeds Interim President and CEO Paul Caudill. As former CEO of EnerMech and Kentz Engineers & Constructors, Brown demonstrated success in driving revenue growth and implementing strategic changes. At Kentz, he achieved a nearly sixfold revenue increase over five years. The appointment aligns with Centuri's focus on expanding its utility infrastructure services platform and capitalizing on opportunities in aging infrastructure replacement and clean energy initiatives.

Centuri Holdings (NYSE: CTRI) has released its 2024 Sustainability Report, marking its first ESG report as a public company. The report, themed 'Energy. Impact. Innovation.,' showcases progress across four ESG pillars: World-Class Safety, Clean Energy, Empowering Communities, and Inclusion for All.

Key achievements include over 1 million leadership safety observations, support for 13+ RNG projects, powering 1.7 million homes through wind projects, and $304 million spent with diverse suppliers. The company established 14 KPIs, aligned with six UN Sustainable Development Goals, and included SASB disclosure. Notable community initiatives include nearly $1 million in donations, graduation of 50+ apprentices, and $275,000 in employee children scholarships.

Centuri Holdings (NYSE: CTRI) announced it will release its third quarter 2024 financial results on November 6, 2024. The company will host an earnings conference call at 10:00 AM ET / 7:00 AM PT to discuss results and business highlights. The call will be webcast live on Centuri's investor relations website, with replay options available via telephone for one month after the event.

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%.