Q1 2025 Centuri Holdings Inc Earnings Call Transcript
Key Points
- Centuri Holdings Inc (CTRI) experienced strong commercial momentum in Q1 2025, exceeding expectations.
- The company achieved a record booking quarter with new bookings totaling $1.2 billion, significantly increasing the backlog to $4.5 billion.
- The non-union electric segment showed a 41.9% increase in revenue year-over-year, with improved gross profit margins.
- Centuri Holdings Inc (CTRI) is actively expanding its sales pipeline, now approaching $12 billion in revenue opportunities.
- The company maintains a positive outlook for 2025, expecting to deliver revenue at the upper end of the guidance range.
- The US gas segment faced a 12.7% year-over-year decrease in revenue due to adverse weather conditions.
- Gross profit margin in the US gas segment decreased to negative 7.5% in Q1 2025, impacted by weather disruptions.
- The company reported a net loss attributable to common stock of $17.9 million in Q1 2025.
- Offshore wind revenues in the Union Electric segment were down 64.1% as project work winds down.
- The company experienced a delay in the timing of its earnings announcement due to issues in finalizing financial statements.
Greetings and welcome to Centuri's first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Jason Wilcock, Century's Chief Legal and Administrative Officer and Corporate Secretary. Please, you may begin.
Thank you, Joelle, and hello, everyone. We appreciate you joining our call. This morning, we issued and posted on the Centuri Holdings website, our first-quarter 2025 earnings release. The slides accompanying today's call are also available on Centuri Holdings' website.
Please note that on today's call we will address certain factors that may impact this year's earnings and provide some longer-term guidance. Some of the information that will be discussed today contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are as of today's date and based on
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