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 strategic utility and energy infrastructure services company that partners with regulated utilities and energy providers across the United States and Canada. The Centuri news feed on Stock Titan focuses on company announcements that explain how it supports electric and natural gas distribution networks and related infrastructure projects.
News about Centuri often covers new commercial awards, including large volumes of bookings tied to Master Service Agreements (MSAs) and project work with investor-owned utilities and other customers. Recent releases describe hundreds of millions of dollars in new bookings across North America, with a mix of MSA renewals and new contracts for gas and electric infrastructure work in regions such as the East Coast, Midwest, Southwest, and Atlantic Canada.
Investors and analysts following CTRI can use this page to review updates on segment performance, bookings, backlog, and strategic initiatives described in the company’s earnings releases and management commentary. Centuri’s news also highlights acquisitions, such as the purchase of Connect Atlantic Utility Services Corporation to expand its Canadian electric infrastructure capabilities, as well as leadership and governance developments and public equity offerings.
This news page aggregates Centuri’s press releases so readers can track themes like grid modernization, system resiliency, gas distribution construction, pipeline replacement, and substation upgrades that appear in company communications. By reviewing these updates in one place, users can better understand how Centuri’s commercial activity, capital decisions, and strategic moves relate to its role in North American energy infrastructure.
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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