Centuri Holdings Reports $550.1 Million Revenue with Improved Gross Profit but Net Loss in Latest Quarter

Centuri Holdings, Inc. reported a revenue of $550.1 million for the fiscal three months ended March 30, 2025, marking a 4.2% increase from $528.0 million in the same period last year. The company's gross profit also improved significantly, rising to $20.3 million from $13.3 million, reflecting a 53.1% increase year-over-year. Despite this growth in revenue and gross profit, Centuri recorded a net loss of $17.9 million, which is an improvement from the net loss of $25.2 million reported in the prior year. The loss per share attributable to common stock was $(0.20), compared to $(0.35) in the previous year.

The financial performance of Centuri was influenced by several operational changes. The U.S. Gas segment experienced a revenue decline of 12.7% to $197.7 million, primarily due to adverse winter weather conditions that led to work stoppages and reduced volumes under existing customer master service agreements (MSAs). In contrast, the Non-Union Electric segment saw a substantial revenue increase of 41.9% to $137.1 million, driven by higher volumes on existing MSAs and increased emergency restoration services. The Canadian Gas segment's revenue decreased slightly by 2.9%, while the Union Electric segment's revenue increased by 7.1%.

In terms of strategic developments, Centuri has been focusing on enhancing its operational efficiency and expanding its service offerings. The company reported a backlog of approximately $4.5 billion as of March 30, 2025, with 89% of this backlog related to MSAs. This backlog indicates a strong pipeline of future work, although it is subject to delays or cancellations due to various factors such as regulatory requirements and adverse weather conditions. The company also noted that it is well-positioned to support growing customer attention towards environmental objectives through infrastructure construction and maintenance.

Operationally, Centuri's total assets decreased to $1.99 billion from $2.07 billion at the end of the previous fiscal year, with current liabilities also declining. The company reported a decrease in cash and cash equivalents to $15.3 million, down from $49.0 million. The reduction in cash was attributed to increased capital expenditures and cash outflows related to its accounts receivable securitization facility. Looking ahead, Centuri believes its capital resources, including existing cash balances and operating cash flows, are sufficient to meet its financial obligations for at least the next 12 months. The company is also monitoring market conditions and trends that could impact its operations and financial performance, including rising costs and regulatory changes.