Centuri Holdings, Inc. reported significant financial performance improvements in its latest quarterly filing, with total revenue reaching $723.2 million for the fiscal three months ended March 29, 2026, a 31.5% increase from $550.1 million in the same period last year. The company’s gross profit also rose to $35.8 million, up 75.9% from $20.3 million, reflecting a gross margin of 4.9%. Despite these gains, Centuri recorded a net loss of $9.5 million, an improvement from a net loss of $17.9 million in the prior year, resulting in a loss per share of $(0.09).
The company experienced notable changes in its operational metrics compared to the previous fiscal period. Revenue from the U.S. Gas segment surged by 43.9% to $284.5 million, driven by increased work volumes and improved weather conditions. The Canadian Operations segment, bolstered by the acquisition of Connect Atlantic Utility Services, contributed $60.0 million in revenue, marking a 50.9% increase. However, the Non-Union Electric segment saw a decrease in gross profit margin, attributed to lower profitability from storm restoration services.
Centuri's strategic developments included the acquisition of Connect Atlantic Utility Services in November 2025, which has been integrated into its Canadian Operations segment. This acquisition is expected to enhance the company's service offerings and geographic reach. The company also reported a backlog of approximately $6.5 billion, with 85% related to master service agreements, indicating a strong pipeline of future work.
Operationally, Centuri's customer base and project engagement metrics showed positive trends. The company reported an increase in accounts receivable to $353.1 million, up from $314.7 million, reflecting its growing revenue base. However, cash flows from operating activities were negative at $(35.0) million, a decline from $16.7 million in the prior year, primarily due to increased working capital needs and delays in customer billings. The company maintains a strong liquidity position, with cash and cash equivalents of $60.3 million as of the end of the reporting period.
Looking ahead, Centuri Holdings expressed confidence in its ability to meet financial obligations and capitalize on market opportunities, particularly in the utility infrastructure sector. The company anticipates continued demand for its services driven by regulatory requirements and infrastructure modernization needs. However, it remains cautious about potential impacts from rising costs and economic conditions, which could affect future profitability.
About Centuri Holdings, Inc.
Centuri Holdings is a North American utility infrastructure services company specializing in maintaining, upgrading, and expanding electric and natural gas networks. It serves regulated utilities, renewable energy, data centers, and EV infrastructure markets through long-term contracts and recurring work. With a focus on safety, reliability, and sustainability, it operates across multiple regions, leveraging extensive expertise and a diverse workforce to support energy transition and infrastructure modernization.
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