Centuri Holdings, Inc. reported significant financial performance in its latest quarterly filing, with total revenue reaching $961.99 million for the fiscal three months ended June 28, 2026, a 32.9% increase from $724.05 million in the same period last year. The company’s gross profit also saw a modest rise, totaling $69.14 million, up from $67.80 million, although the gross profit margin decreased slightly to 7.2% from 9.4%. The net income attributable to common stock was $6.10 million, down from $8.05 million in the prior year, reflecting a 24.3% decline.
The company experienced notable changes compared to the previous fiscal period, particularly in its U.S. Gas segment, which generated $489.52 million in revenue, a 45.3% increase driven by new contracts and additional volumes from existing master service agreements (MSAs). However, profitability in this segment was impacted by a $9 million revenue reversal related to a legacy contract with the City of Chicago, which negatively affected gross margins. The Canadian Operations segment also contributed significantly, with revenue of $81.44 million, largely due to the acquisition of Connect Utility Services Corporation, which added approximately $22.3 million in revenue.
Operationally, Centuri Holdings reported a backlog of approximately $6.4 billion as of June 28, 2026, with 83% of this backlog related to MSAs. The company’s total employee headcount has increased as it scales up its workforce to meet rising demand, particularly in the U.S. Gas and Non-Union Electric segments. The company also noted that it has secured sufficient equipment to support its operations and does not anticipate significant disruptions in its fleet in the near term.
Looking ahead, Centuri Holdings expressed optimism about its strategic positioning to capitalize on the growing demand for utility infrastructure services, driven by regulatory requirements and the need for modernization of aging infrastructure. The company plans to continue renegotiating major contracts to address rising costs and is focused on expanding its geographic footprint, particularly in the Southeastern and Midwestern United States. Despite the challenges posed by inflation and rising material costs, Centuri Holdings believes it is well-positioned to support its customers' environmental objectives and infrastructure needs.
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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