Q4 2025 Centuri Holdings Inc Earnings Call Transcript
Key Points
- Centuri Holdings Inc (CTRI) achieved a record revenue of $3 billion in 2025, marking a 13% increase from the previous year.
- The company reported a 49% increase in adjusted net income, reaching $39 million.
- Base revenue increased by 18% and base gross profit rose by 35% year over year, exceeding expectations.
- Centuri Holdings Inc (CTRI) maintained a 100% MSA renewal rate and expanded its customer base across multiple states.
- The company's backlog increased by 59% to approximately $5.9 billion, providing strong revenue visibility for 2026.
- The company's adjusted net income per share in the fourth quarter decreased to $0.17 from $0.21 in the same quarter last year.
- Despite the growth, the company faces challenges in reducing seasonality in its gas business, which it aims to address over a three-year period.
- The non-union electric segment, despite significant growth, still requires improvements in crew efficiency.
- Centuri Holdings Inc (CTRI) is working on improving fleet efficiency, which remains a focus area for cost reduction.
- The company anticipates a lower gross margin in 2026 compared to 2025, excluding storm restoration services.
Greetings and welcome to Centuri's fourth quarter 2025 earnings call. (Operator Instructions)
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Nate Tetlow, Vice President, Investor Relations. Please, you may begin.
Thank you, Angeline, and hello, everyone.
This morning, we issued and posted to Centuri Holdings website our year-end 2025 earnings press release and investor presentation.
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 management's assumptions and are subject to several risks and uncertainties, including uncertainties surrounding the impacts of future economic conditions and regulatory approvals. A
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