Centuri Holdings, Inc. delivers specialized utility infrastructure services across North America. The company's operations are divided into four key segments: Gas Utility ...
Centuri Holdings, Inc. (NYSE: CTRI) is a strategic infrastructure services company that partners with regulated utilities and energy providers to build, maintain, and modernize energy networks across North America. With a history dating back to 1909, Centuri has evolved into a major player in the utility infrastructure sector, delivering a ...Centuri Holdings, Inc. (NYSE: CTRI) is a strategic infrastructure services company that partners with regulated utilities and energy providers to build, maintain, and modernize energy networks across North America. With a history dating back to 1909, Centuri has evolved into a major player in the utility infrastructure sector, delivering a comprehensive suite of services across four key segments: U.S. Gas Utility Services, Canadian Gas Utility Services, Union Electric Utility Services, and Non-Union Electric Utility Services. These services include routine maintenance, system replacements, repairs, and new installations for natural gas distribution, as well as upkeep, repair, and expansion of electric transmission and distribution networks. Centuri's clientele primarily comprises electric, gas, and integrated utility providers, but the company also extends its expertise to emerging markets such as renewable energy projects, data centers, and 5G telecommunications infrastructure. As of the latest data, Centuri employs approximately 9,687 full-time employees, with operations spanning 46 U.S. states and six Canadian provinces, supported by a fleet of over 13,000 assets. Financially, the company reports a market capitalization of around $2.41 billion, a price-to-earnings ratio of 76.0, and a debt-to-equity ratio of 1.07, indicating a leveraged balance sheet typical of capital-intensive infrastructure services. The company's revenue per share stands at $32.13, with a net profit margin of 0.9% reflecting relatively thin margins in a competitive industry. Centuri's enterprise value is approximately $3.30 billion, with an EV-to-EBITDA multiple of 14.7. Key financial metrics show a current ratio of 1.82 and an operating cash flow per share of $0.73, while free cash flow is negative, partly due to significant capital expenditures. Leadership under President and CEO Chris Brown, who took over in December 2024, aims to drive growth and operational efficiency. Centuri is a subsidiary of Southwest Gas Holdings, Inc., and its IPO occurred in April 2024. The company is committed to ensuring safe, reliable, and environmentally sustainable grid operations, aligning with the transition towards cleaner energy solutions.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$2.9B
+9.4%
+33.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$22.4M
+433.1%
+164.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+8.5%
+2.1%
+45.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+3.2%
-2.2%
+492.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+0.8%
+404.4%
+148.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-8.2M
-113.9%
+85.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-0.3%
-112.7%
+89.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
107.5%
-40.8%
-0.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.78x
+12.9%
-3.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings, and welcome to Centuri's First Quarter 2026 Earnings and Strategy Overview Call. [Operator Instructions] It is now my pleasure to introduce your host, Nathan Tetlow, Vice President, Investor Relations. Please, you may begin.
Nathan Tetlow: Thank you, Liz, and hello, everyone. Yesterday, we issued and posted to Centuri Holdings website our first quarter earnings release and investor presentation. In addition, we have posted to the website a Vision One Centuri presentation that will be referenced during this call. Please note that on today's call, we will address certain factors that may impact this year's earnings and provide 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 cautionary note as well as a note regarding non-GAAP measures is included in yesterday's press release in the investor presentation and in our filings with the Securities and Exchange Commission, which we encourage you to review. Also provided are reconciliations of our non-GAAP measures to related GAAP measures. These risks and uncertainties may cause actual results to differ materially from statements made today. We caution against placing undue reliance on any forward-looking statements, and we assume no obligation to update any such statements, except as required by law. Today's call is also being webcast live and will be available for replay in the Investor Relations section of our website shortly after the completion of this call. On today's call, we have Chris Brown, President and Chief Executive Officer; and Greg Izenstark, Chief Financial Officer. In a moment, Chris will discuss our strategy. But first, I'll turn the call to Greg to review the first quarter results. Greg?
Greg Izenstark: Thank you, Nate, and thank you, everyone, for joining us today. In the first quarter, we delivered exceptional results, highlighted by significant year-over-year growth, including revenue up 31%, base revenue up 29%, gross profit up 76% and base gross profit up 96%. For the quarter, we reported revenue of $723 million and base revenue of $689 million, gross profit of $36 million and base gross profit of $28 million. Our base gross profit margin was 4.1% for the quarter, up from 2.7% last year and on a trailing 12-month basis was 8%, a 100 basis point increase from the same measure last year. Net loss attributable to common stock in the quarter was $9 million or $0.09 per share compared to a loss of $18 million or $0.20 on a per share basis last year. Adjusted net loss in the first quarter was $2 million or $0.02 on a per share basis compared to a loss of $11 million or $0.12 per share in the same quarter …