Centuri Holdings Inc Stock Price, News & Analysis

Centuri Holdings (NYSE: CTRI) has announced the pricing of an upsized secondary public offering of 9.75 million shares of common stock by Southwest Gas Holdings. The offering size was increased from the originally proposed 9.5 million shares, with underwriters having a 30-day option to purchase an additional 1.46 million shares. Additionally, Southwest Gas has agreed to sell $22 million worth of Centuri shares to Carl Icahn-affiliated investment entities in a concurrent private placement at the same price as the public offering. The private placement must close by July 9, 2025, and is subject to antitrust approvals. J.P. Morgan and Wells Fargo Securities are leading the offering as joint book-running managers, with several other firms participating. Centuri will not receive any proceeds from either the public offering or private placement, as all shares are being sold by Southwest Gas.

Centuri Holdings (NYSE: CTRI) has announced a secondary public offering of 9.5 million shares of common stock by Southwest Gas Holdings. The underwriters will have a 30-day option to purchase an additional 1.425 million shares. Concurrent with the offering, Southwest Gas plans to sell $22 million worth of Centuri shares to Icahn Investors in a private placement, subject to HSR Act requirements and other conditions. The private placement must close by July 9, 2025, or it will terminate. J.P. Morgan and Wells Fargo Securities are leading the offering as joint book-running managers, with several other firms serving as book-running managers. Centuri will not receive any proceeds from either the public offering or private placement as it is not selling any shares.

Southwest Gas Holdings (NYSE: SWX) has announced a secondary public offering of Centuri Holdings (NYSE: CTRI) common stock, offering 9.5 million existing shares with an additional 30-day option for underwriters to purchase up to 1.425 million more shares. Additionally, SWX has agreed to sell $22 million worth of Centuri shares to Carl Icahn-affiliated investment entities in a concurrent private placement, subject to antitrust approvals and other conditions. The private placement must close by July 9, 2025, and will be priced equal to the public offering. The offering will be made through an effective shelf registration statement filed with the SEC, with the public offering not being contingent on the private placement's completion.

Centuri Holdings (NYSE: CTRI) has appointed Behzad Kazerani as Senior Vice President of Sales and Business Development for its U.S. Gas and Special Projects business. With over 30 years of experience in energy infrastructure, Kazerani will lead strategic sales efforts across Centuri's U.S. Gas operations. His role focuses on capturing market share, leveraging internal capabilities, and building on customer relationships that average 24+ years. Kazerani's background includes leadership positions at Petrofac, Wood, KBR, and most recently as Chief Business Development Officer at EnerMech. He holds a bachelor's degree in civil engineering, a PhD in Geotechnical Engineering, and is a Chartered Civil Engineer. The appointment aligns with Centuri's strategy to capitalize on accelerating demand for service offerings in global energy markets.

Centuri Holdings (NYSE: CTRI) has secured $350 million in new customer awards across multiple utility and energy sectors in the United States. The awards include a major water relocation project in the Midwest, two electric utility projects in the Northeast, metro excavation work for a major Southwest utility, core gas distribution services, and complex infrastructure installations for renewable natural gas (RNG).

This announcement follows the previously disclosed $400 million in master service agreement (MSA) renewals from April 24. The new contracts demonstrate strong demand for Centuri's infrastructure modernization services across North America, where the company employs over 8,600 people to deliver safe, reliable, and sustainable infrastructure solutions.

Southwest Gas Holdings (NYSE: SWX) has completed its secondary public offering of Centuri Holdings (NYSE: CTRI) common stock, selling 10.35 million shares at $17.50 per share. Additionally, Icahn Partners purchased 2.86 million shares through a private placement at the same price. The company received approximately $175 million in net proceeds from the offering and $50 million from the private placement, totaling $225 million. The proceeds will be used to repay outstanding debt. After these transactions, Southwest Gas Holdings maintains a 65.9% ownership stake in Centuri.

Centuri Holdings (NYSE: CTRI) has announced a secondary public offering where Southwest Gas Holdings will sell 9,000,000 shares of Centuri's common stock. The underwriters will have a 30-day option to purchase an additional 1,350,000 shares. Additionally, Carl C. Icahn-affiliated investment entities will purchase $50 million worth of Centuri shares from Southwest Gas in a concurrent private placement at the same price as the offering.

J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities are serving as joint lead book-running managers, with BofA Securities and Moelis & Company acting as book-running managers. Centuri will not receive any proceeds from the offering as it is not selling any shares.

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.