Centuri Holdings Earnings Call Transcripts
Fiscal Year 2025
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Record 2025 revenue and profitability driven by strong bookings, backlog, and margin expansion. 2026 guidance calls for continued growth, improved capital efficiency, and further margin gains, supported by robust end-market demand and a $13 billion opportunity pipeline.
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Record Q3 revenue and strong base business growth drove raised full-year guidance, with a robust $5.9B backlog and $13B pipeline supporting double-digit growth expectations for 2026. Margins varied by segment, with ramp-up costs impacting non-union electric, but overall profitability improved.
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Q2 saw 7.7% revenue growth and 12% higher gross profit, with strong bookings driving a raised full-year revenue outlook. Margins are expected to improve in the second half, supported by a robust $14 billion pipeline and strategic capital efficiency initiatives.
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Q1 2025 saw revenue and gross profit growth, record bookings, and improved margins, despite weather-related headwinds in U.S. gas. Full-year guidance is reaffirmed at the upper end, with strong backlog and robust end-market demand supporting continued growth.
Fiscal Year 2024
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Q4 and full-year 2024 saw revenue and profit growth, margin improvement, and strong storm restoration results. 2025 guidance calls for higher EBITDA, continued capital discipline, and a focus on core market expansion, with minimal offshore wind exposure.
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Q3 2024 saw a 7.1% revenue decline and a net loss, with storm restoration services providing a significant offset. Guidance for the year is reiterated, supported by cost savings, new awards, and a strong backlog, despite subdued gas MSA spending and offshore wind headwinds.
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Q2 revenue and profit declined year-over-year due to regulatory delays and customer caution, but cost controls and storm restoration work supported margins. Management expects improved spending and activity in the second half, with strong backlog and cost savings initiatives underway.