Q2 2025 Southland Holdings Inc Earnings Call Transcript
Key Points
- Southland Holdings Inc (SLND) reported a significant improvement in gross profit margin, increasing from negative 15.9% in the prior year to 6.2% in the second quarter of 2025.
- The company celebrated several operational milestones, including the opening of the US One Jupiter Federal Bridge in Florida and progress on the Shan's Bridge project and Ashbridges Bay outfall tunnel.
- Southland Holdings Inc (SLND) added approximately $67 million in new awards during the quarter, with a total backlog reaching approximately $2.32 billion.
- The civil segment delivered a strong gross profit margin of 18%, showcasing the effectiveness of the company's disciplined bidding strategy and expertise in executing complex projects.
- The company is well-positioned to benefit from sustained investment and robust demand for infrastructure, driven by federal and state government funding, including the IIJA and Texas's $20 billion water infrastructure investment.
- Revenue for the second quarter was $215 million, down $36 million from the same period in 2024, partly due to adverse weather conditions and delayed project starts.
- Southland Holdings Inc (SLND) reported a net loss of $10.3 million or $0.19 per share, although this was an improvement from the $46 million loss in the prior year.
- Interest expense increased by $3.3 million from the prior year, primarily due to a real estate transaction and higher interest rates on borrowings.
- The transportation segment experienced a gross loss of $1.2 million, with a negative gross profit margin of 0.9%, impacted by a $7 million unfavorable adjustment on a legacy bridge project.
- The materials and paving business line contributed a gross loss of $3.8 million, and the remaining MMP backlog decreased to $99 million, with some projects trailing into 2026.
Good morning. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Southland second quarter 2025 earnings conference call. (Operator Instructions) Thank you. Alex, you may begin your conference.
Good morning everyone, and welcome to the Southlands second quarter 2025 conference call. This is Alex Murray, Vice President of Corporate Development and Investor Relations. Joining me today are Frank Renda, President and Chief Executive Officer, and Keith Bassano, Chief Financial Officer. Before we begin, I'd like to remind everyone that this conference call may contain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking statements are uncertain and
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