Southland Holdings, Inc. reports news tied to its specialized infrastructure construction business in North America. The company serves bridge, tunneling, communications, transportation and facilities, marine, steel structures, water and wastewater treatment, and water pipeline end markets through Civil and Transportation operations.
Recurring updates cover quarterly and annual financial results, conference-call schedules, backlog, project awards, and contract activity. Company news also includes developments involving subsidiaries such as American Bridge Company and Oscar Renda Contracting, along with project-related dispute resolutions, surety matters, and financing topics that affect construction contract obligations and operating results.
Southland Holdings (NYSE American: SLND) has announced that its subsidiary Oscar Renda Contracting, operating within its Civil segment, has secured two significant water resource projects in the Southwest region. The combined value of these projects amounts to approximately $97 million. These projects will be incorporated into the company's backlog for the first quarter of 2025.
Southland Holdings (NYSE: SLND) reported its Q4 and full-year 2024 financial results, showing significant declines across key metrics. Q4 2024 revenue decreased 15.5% to $267.3 million, with gross profit falling to $7.7 million from $21.1 million year-over-year. The quarterly net loss improved slightly to $4.2 million ($(0.09) per share) compared to $5.6 million loss in Q4 2023.
Full-year 2024 performance showed broader challenges with revenue declining 15.5% to $980.2 million from $1.2 billion in 2023. The company reported a substantial gross loss of $63.0 million, compared to a $35.8 million gross profit in 2023. Net loss widened significantly to $105.4 million ($(2.19) per share) from $19.3 million in 2023. The Materials & Paving business notably impacted results negatively, contributing to $83.1 million in gross losses for the year.
Southland Holdings (NYSE American: SLND) has announced its upcoming financial results release schedule. The specialized infrastructure construction services provider will disclose its fourth quarter and full year 2024 results on Tuesday, March 4th, 2025 after market close.
The company will host a conference call the following day, Wednesday, March 5th, 2025, at 10:00 a.m. Eastern Time. Investors and interested parties can access the call through the company's website at www.southlandholdings.com, where a replay will also be available after the call.
Southland Holdings (NYSE: SLND) has announced the conversion of $20 million in promissory notes held by management into common stock. The company issued 5,830,899 shares at $3.43 per share to three key executives: Frank Renda (President and CEO), Rudy Renda (Co-COO and EVP), and Tim Winn (Co-COO and EVP). The transaction, completed on December 27, 2024, was conducted as a private placement under Section 4(a)(2) of the Securities Act and Regulation D. The conversion aims to strengthen the company's balance sheet and reflects management's confidence in Southland's long-term value potential.
Southland Holdings subsidiary Oscar Renda Contracting has secured a $60 million contract for the construction of a new wastewater treatment plant in the Southwest. The project encompasses comprehensive infrastructure development, including new headworks, influent pump station, extended aeration basin, administration building, utility water station, and crew building renovation. The contract will be added to the company's fourth quarter 2024 backlog.
Southland Holdings (NYSE: SLND) reported disappointing Q3 2024 financial results. Revenue decreased 44.5% to $173.3 million compared to $312.5 million in Q3 2023. The company recorded a gross loss of $51.1 million versus a gross profit of $29.5 million in the prior year. Net loss attributable to stockholders was $54.7 million, or $(1.14) per share, compared to net income of $3.8 million, or $0.08 per share in Q3 2023. EBITDA was negative at $(58.7) million versus $22.3 million last year. Despite poor quarterly performance, backlog remained strong at $2.74 billion, up from $2.54 billion year-over-year.
Southland Holdings (NYSE American: SLND) has announced it will release its third quarter 2024 financial results on Tuesday, November 12, 2024, after market close. The specialized infrastructure construction services provider will host a conference call to discuss the results on Wednesday, November 13th, 2024, at 10:00 a.m. Eastern Time. The call will be accessible through the company's website, and a replay will be available afterward.
Southland Holdings (NYSE American: SLND) has announced the closing of a new $160 million senior secured term loan facility with Callodine Commercial Finance, The facility includes a $140 million initial draw term loan and a $20 million committed delayed draw term loan, both due in 2028. From the initial $140 million, $96 million was used to refinance existing debt, $37.8 million will be available for general corporate purposes, and the remainder covers transaction costs.
The new facility replaces Southland's previous revolving credit facility and certain equipment notes. CEO Frank Renda stated that this move strengthens Southland's balance sheet and provides financial flexibility for executing their plan and pursuing opportunities in core markets. Texas Capital Securities served as the exclusive financial advisor for the transaction.
Southland Holdings, Inc. (NYSE American: SLND) announced that its joint venture, Red River Biosolids Partners General Partnership, has executed a contract with the City of Winnipeg for the North End Sewage Treatment Plant Biosolids Facilities Upgrade project. The joint venture includes Southland's subsidiary, Oscar Renda Contracting of Canada Inc., Aecon Group Inc. (TSX: ARE), and MWH Constructors Canada
The project begins with a development phase contract valued at approximately $70 million USD, of which Southland holds a 33.3% share. This will be added to Southland's backlog in Q3 2024. The scope includes designing and constructing a new biosolids facility and modifying existing primary clarification. The North End Sewage Treatment Plant provides 70% of Winnipeg's wastewater treatment capacity.
Southland Holdings (NYSE American: SLND) has announced that its subsidiary, Oscar Renda Contracting, has been awarded a $132 million contract by the Bureau of Reclamation. The project involves constructing a new water treatment plant, including a storage facility and site improvements. The scope also includes demolition of existing structures. Southland secured this contract based on offering the best value to their long-standing client. This significant award will be included in the company's third quarter 2024 backlog.