What does Centuri do and what are its main business segments?

Did Centuri beat or miss consensus estimates last quarter?

What is Centuri's latest dividend and current dividend yield?

What factors drove the changes in Centuri's revenue and profit?

What is the market's earnings forecast for Centuri next quarter?

What guidance did Centuri's management provide for the next earnings period?

What is Centuri's gross profit margin?

What were the key takeaways from Centuri's earnings call?

- **Revenue and Profit Growth**: 2025 revenue up 13% to $3 billion, adjusted net income up 49% to $39 million. Base gross margin expanded to 8%.
- **Booking Dominance**: 1.5x book-to-bill ratio, $4.5 billion in bookings, 51% new work. 100% MSA renewal rate.
- **Margin Expansion**: Non-Union Electric margin +110 bps to 8.7%. Gas seasonality reduction initiatives on track for Q1 2026 improvement.
- **Backlog and Pipeline**: $5.9 billion backlog (59% YoY). $13 billion Opportunity Pipeline includes $1.4 billion in data center opportunities.
- **Financial Strength**: Net debt/EBITDA reduced to 2.5x, targeting 2.0x by year-end. 2026 guidance: adjusted EBITDA $280-310 million, net income $55-75 million.
- **Data Center Growth**: $1.3 billion in active data center bids, with fair share expected in 2026.

**【CEO Summary Section】**
- **Record Revenue and Profit Growth**: 2025 revenue reached $3 billion (13% YoY), with adjusted net income of $39 million (49% YoY increase). Base revenue grew 18% to $2.9 billion, and base gross profit rose 35% to $234 million.
- **Booking Success**: Achieved a 1.5x book-to-bill ratio, surpassing $4.5 billion in bookings. 51% of bookings represented new or expanded work, with 100% MSA renewal rate.
- **Margin Expansion**: Base gross margin improved to 8% (from 6.9%), driven by operational efficiency, fleet optimization, and higher bid margins. Non-Union Electric segment margin increased 110 bps to 8.7%.
- **Backlog and Pipeline**: Year-end backlog of $5.9 billion (59% YoY growth) supports 2026 guidance. $13 billion Opportunity Pipeline includes $6.7 billion in bid work and $1.4 billion in data center opportunities.
- **Strategic Initiatives**: Addressing gas business seasonality through indoor work expansion, fleet efficiency improvements, and crew productivity enhancements.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $859 million (20% YoY), base gross profit $80 million (5% YoY). Adjusted EBITDA $78 million (10% YoY). Full-year adjusted EBITDA $249 million (12% YoY).
- **Segment Performance**: U.S. Gas revenue $1.3 billion (5% YoY), Canadian revenue $247 million (25% YoY), Non-Union Electric revenue $569 million (51% YoY). Canadian margin expanded to 18.6%.
- **Fleet and Capital**: 2025 fleet investment $135 million (50-50 lease/buy mix). 2026 forecast $150-180 million. Net debt/EBITDA reduced to 2.5x (from 3.6x), targeting 2.0x by year-end.
- **2026 Guidance**: Base revenue $3.15-3.45 billion, base gross profit $255-285 million. Adjusted EBITDA $280-310 million, adjusted net income $55-75 million. Storm impact assumed at $88 million revenue/$28 million gross profit.

**【Q&A Highlights】**
- **Storm Impact**: 2026 storm guidance based on 3-year average ($88M revenue, $28M GP). 2025 storm activity was minor, in line with prior year.
- **Margin Expectations**: Base gross margin expected to remain stable or improve slightly. Gas business seasonality reduction initiatives on track; Q1 2026 margin improvement noted.
- **Data Center Pipeline**: $1.4 billion in active data center opportunities, with $1.3 billion in near-term bids. Win rates remain disciplined, focusing on high-margin projects.
- **M&A Strategy**: Potential tuck-ins in Midwest transmission/distribution and Canadian expansion. No immediate M&A plans beyond Connect Atlantic acquisition.
- **Free Cash Flow**: Targeting 50% conversion of adjusted EBITDA to free cash flow. 2025 free cash flow $106 million (Q4), 2026 focus on reducing DSO and accelerating collections.

Centuri Holdings, Inc. (CTRI) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 revenue of $850 million (+18% YoY), with base business up 25% YoY.
- **New Metrics Introduced**: Base revenue and gross profit metrics exclude volatile storm services.
- **Booking Strength**: $3.7 billion year-to-date bookings, 80% new revenue opportunities.
- **Backlog Expansion**: Record $5.9 billion backlog, up 10% QoQ.
- **Storm Impact**: $15 million EBITDA decline in guidance due to no storm activity; Q3/Q4 storm impact split ~60/40 YoY.
- **Margin Recovery**: Non-Union Electric margins improving in October after Q3 crew ramp-up costs.
- **Strategic Bids**: $1.7 billion strategic bids (60% electric, 40% gas) vs. $1.3 billion MSA renewals.
- **Gas Business Focus**: Reducing Q1 cyclicality through new customer wins and 24/7 service expansion.


**【CEO Summary Section】**
- **Record Revenue Growth**: Delivered $850 million in Q3 revenue, up 18% YoY, with base revenue increasing 25% and base gross profit up 28%.
- **New Non-GAAP Metrics Introduced**: Excluding storm restoration services, base revenue and gross profit provide clearer period-over-period comparisons.
- **Booking Momentum**: Q3 bookings of $815 million (1.0x book-to-bill) and $3.7 billion year-to-date, with 80% new revenue opportunities.
- **Backlog Expansion**: Record backlog of $5.9 billion, up 10% QoQ, driven by MSAs and strategic bids.
- **Pipeline Strength**: $13 billion opportunity pipeline, including $1.3 billion in strategic bids expected to close by Q1 2026.
- **Strategic Initiatives**: Fleet optimization targeting 50-50 owned/leased mix and 20%+ efficiency gains; leadership additions to enhance operational excellence.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBITDA of $75.2 million (down 4.6% YoY due to storm absence), adjusted net income of $16.7 million, and free cash flow of -$16.3 million (seasonal timing impact).
- **Segment Performance**: 
  - **U.S. Gas**: $412.4 million revenue (+13% YoY), 7.7% gross margin.
  - **Canadian Gas**: $74.2 million revenue (+40% YoY), 21.9% gross margin.
  - **Non-Union Electric**: $149 million base revenue (+58% YoY), 7.1% gross margin (impacted by crew ramp-up).
- **Leverage Management**: Net debt/EBITDA ratio of 3.8x (up from 3.7x Q2), targeting 3.3-3.4x by year-end.
- **Guidance Update**: Full-year revenue raised to $2.8-2.9 billion (up from prior $2.6-2.7 billion), adjusted EBITDA of $240-250 million.

**【Q&A Key Highlights】**
- **Storm Impact Clarification**: $15 million EBITDA decline in guidance fully attributable to storm absence; Q3/Q4 storm impact split ~60/40 YoY.
- **Non-Union Electric Margin Recovery**: October margins improved after Q3 crew ramp-up costs; expects full utilization by year-end.
- **Bid Work vs. MSA Mix**: $1.7 billion strategic bids (60% electric, 40% gas) vs. $1.3 billion MSA renewals/new contracts.
- **Gas Business Seasonality**: Focus on reducing Q1 cyclicality through new customer wins and 24/7 service expansion.
- **Data Center vs. PHMSA Margins**: Project-based work (e.g., data centers) commands higher margins than MSA renewals.


Centuri Holdings, Inc. (CTRI) Q3 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q2 revenue up 7.7% YoY to $724.1M, with all segments contributing. Full-year guidance raised to $2.7B-$2.85B.
- **Booking Dominance**: $3B H1 bookings (2.3x book-to-bill), with $14B pipeline and $2B pending bids. 20 underserved customers identified for $200B+ opportunity.
- **Margin Improvement**: Q2 gross profit +12.1% YoY to $67.8M. Expect sequential margin expansion in Q3/Q4, driven by higher-margin backlog.
- **Strategic Fleet Optimization**: Hybrid asset financing model and 15-25% efficiency gains targeted. CapEx increased to $75M-$90M for fleet expansion.
- **Segment Strength**: Canadian Gas revenue +18.1% YoY, Union Electric +11% YoY. Nonunion Electric volume up 50% YoY despite margin headwinds.


**【CEO Opening Remarks】**
- **Revenue Growth**: Q2 revenue of $724.1M (+7.7% YoY), driven by strong performance across all segments. Gross profit up 12.1% YoY to $67.8M.
- **Booking Momentum**: $3B in H1 bookings (2.3x book-to-bill), with $1.8B in Q2 alone. Full-year guidance raised to $2.7B-$2.85B.
- **Pipeline Expansion**: $14B pipeline (2/3 new projects, 1/3 MSA renewals), including $2B in pending bids and $600M-$700M in MSA renewals.
- **Strategic Initiatives**: One Centuri approach driving cross-selling, 20 underserved customers identified with $200B+ 5-year opportunity. Fleet optimization and hybrid asset financing model underway.

**【CFO Financial Commentary】**
- **GAAP Results**: Q2 net income $8.1M ($0.09 EPS) vs $11.7M ($0.14 EPS) YoY. Non-GAAP adj. EBITDA $71.8M (+5% YoY), margin 9.9%.
- **Segment Performance**:
  - **U.S. Gas**: Flat revenue but 7.8% margin (vs 7.4% YoY), improving through MSA renewals.
  - **Canadian Gas**: +18.1% revenue to $55.1M, margin 17.2% (vs 15.1% YoY).
  - **Union Electric**: +11% revenue to $182.2M, margin 8.4% (vs 7.4% YoY).
  - **Nonunion Electric**: +24.4% revenue to $149.9M, margin 11% (vs 13.5% YoY) due to higher volume.
- **Updated Guidance**: Adj. EBITDA narrowed to $250M-$270M. CapEx increased to $75M-$90M for fleet expansion.

**【Q&A Highlights】**
- **Margins & Execution**: Q2 backlog at higher margins than delivered; expect sequential margin improvement in Q3/Q4. U.S. Gas MSA renewals with 25% incremental volume.
- **Resource Allocation**: Sufficient near-term resources; long-term talent strategy in development. Fleet optimization targeting 15-25% efficiency gains.
- **Market Dynamics**: Seller's market with customers increasing capex, outsourcing needs. 20% of pipeline in distributed power/data centers.
- **Storm & Offshore**: Q2 storm margin decline offset by core electric growth. Offshore wind revenue down 41% as projects wind down.


Centuri (CTRI)-6 Aug 25-2025 Q2 Earnings call transcript

- **Record Q1 Bookings**: $1.2B (2.2x book-to-bill) driven by $700M MSA renewals and $505M new contracts
- **Adjusted EBITDA Growth**: +20% YoY to $24.2M, margin 4.4%
- **Segment Strength**: Non-union Electric revenue +41.9%, margin 11.9%
- **Full Year Guidance**: $2.6-2.8B revenue, $240-275M EBITDA
- **Weather Impact Mitigation**: Q1 U.S. Gas delay offset by March recovery, long-term shift to less seasonal markets
- **Cash Flow Improvement**: Free cash flow +$44.6M YoY

**【CEO Opening Remarks】**
- Q1 2025 results exceeded expectations, driven by strong commercial momentum and team performance.
- Business model resilience against macroeconomic uncertainty: 80%+ revenue from utility programs with regulatory approvals, reducing market volatility exposure.
- Strategic priorities: 
  1. Unified business development strategy with enhanced pipeline management
  2. Cross-selling across 5 operating companies
  3. Cultural shift to proactive growth mindset
  4. Profitability-focused KPIs
- Q1 bookings: $1.2B (2.2x book-to-bill ratio), including $700M from MSA renewals and $505M new MSAs/bid awards.
- Backlog grows to $4.5B (from $3.7B YoE), with $12B pipeline opportunities.

**【CFO Financial Highlights】**
- Q1 2025 Revenue: $550.1M (+4.2% YoY)
- Adjusted EBITDA: $24.2M (+20% YoY), Margin: 4.4% (vs 3.8% YoY)
- Key Segment Performance:
  - U.S. Gas: Revenue $197.7M (-12.7% YoY) due to harsh winter, but March recovery
  - Non-union Electric: Revenue $137.1M (+41.9% YoY), Margin 11.9% (vs 2.9% YoY)
- Free Cash Flow: Improved $44.6M YoY
- 2025 Guidance: Revenue $2.6-2.8B, Adjusted EBITDA $240-275M

**【Q&A Key Takeaways】**
1. U.S. Gas Segment:
- Q1 weather impact caused 8-9 lost days, but March rebound to expected margins
- Full year guidance remains intact with operational improvements
- Long-term strategy: Shift pipeline focus to less seasonal states (Southwest, Pacific NW)

2. Booking Visibility:
- Q2 bookings already strong, tracking for 1.1x+ annual book-to-bill
- Q3 may be quieter due to fewer MSA renewals, but Q4 expected to accelerate

3. Margin Dynamics:
- Non-union Electric margin expansion driven by fixed cost absorption (crew additions)
- U.S. Gas margin recovery expected in Q2+ with operational efficiency gains

4. Risk Management:
- 90%+ of materials procured by customers, limiting supply chain exposure
- Diversified $12B pipeline reduces concentration risk

Centuri (CTRI)-12 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: Q4 2024 revenue up 7.8% YoY, driven by electric segment recovery and gas normalization. Full-year 2024 revenue exceeded guidance.
- **Electric Segment Strength**: Non-union electric revenue surged 49.7% YoY, boosted by storm restoration ($40.4M) and crew productivity. 2024 storm revenue exceeded $137M.
- **Gas Margin Recovery**: Gas margins expected to normalize to 7-7.5% in 2025 after 2024 underperformance due to rate cases.
- **2025 Outlook**: Double-digit EBITDA growth forecast, excluding offshore wind. Free cash flow target of $65-80M.
- **Strategic Focus**: Management prioritizing core utility growth, with $1.5B late-stage pipeline in gas and electric. Offshore wind projects deemed low priority.


**【CEO Opening Remarks】**
- **Revenue Growth**: Q4 2024 revenue increased 7.8% YoY, driven by gas segment normalization and electric business recovery. Full-year 2024 revenue of $2.64 billion exceeded guidance range.
- **Electric Segment Strength**: Electric segment saw 49.7% YoY growth in non-union revenue, boosted by storm restoration ($40.4M) and higher crew productivity. Storm restoration revenue for 2024 exceeded $137M, well above the 3-year average of $75M.
- **Gas Segment Challenges**: Gas margins were below expectations (7% target) due to rate case approvals and competitive pressures. Management expects gas margins to normalize to 7-7.5% in 2025.
- **2025 Outlook**: Anticipates double-digit EBITDA growth in core business, excluding offshore wind. Storm restoration revenue expected to return to normalized levels (~$60M below 2024 levels).

**【CFO Financial Highlights】**
- **Q4 2024 Financials**: GAAP net income of $10.3M (EPS $0.12), up from a loss of $210.7M (EPS -$2.94) in Q4 2023. Adjusted EBITDA of $70.7M (+22.9% YoY), margin 9.9%.
- **Full-Year 2024 Metrics**: Adjusted EBITDA margin of 9%, in line with guidance. Free cash flow of $69M, down slightly from 2023.
- **2025 Guidance**: Revenue $2.6-2.8B, adjusted EBITDA $240-275M, capex $65-80M. High end driven by crew growth, bid wins, and storm activity; low end risks include project delays.

**【Q&A Key Takeaways】**
- **Strategic Review**: CEO expects to conclude long-term strategy review by end-2025, focusing on core business growth before expanding into new markets.
- **Gas MSA Renewals**: 100% MSA renewal rate; renegotiations focused on improving pricing and scope. Late-stage pipeline includes $1.5B in bids and $2B in MSA renewals.
- **Offshore Wind**: $40M remaining in 2025 backlog, no further projects in pipeline. Management prioritizing core utility services over uncertain offshore wind projects.
- **Storm Restoration**: 2025 guidance assumes normalized storm revenue (~$75M 3-year average). Management cautious about relying on weather-related growth.


Actual	0.2	0.06	0.21	-0.12	0.19	0.19	0.17
Forecast	0.2268	0.3067	0.1882	-0.145	0.2253	0.2931	0.191
Surprise	-11.82%	-80.44%	+11.58%	+17.24%	-15.67%	-35.18%	-10.99%

Actual	672.10M	720.05M	717.08M	550.08M	724.05M	850.04M	858.60M
Forecast	760.55M	739.06M	674.57M	537.56M	702.33M	756.77M	735.56M
Surprise	-11.63%	-2.57%	+6.30%	+2.33%	+3.09%	+12.33%	+16.73%

CTRI

CTRI fundamentals

CTRI Q4 2025 Earnings

Earnings Call

You can ask Aime

CTRI

CTRI fundamentals

CTRI Q4 2025 Earnings

Earnings Call

CTRI Earnings Call Summary for Q4/202510:00 AM on Feb 25, 2026

CTRI Earnings Call Summary for Q3/202510:00 AM on Nov 5, 2025

CTRI Earnings Call Summary for Q2/202510:00 AM on Aug 6, 2025

CTRI Earnings Call Summary for Q1/202510:00 AM on May 12, 2025

CTRI Earnings Call Summary for Q4/202410:00 AM on Feb 26, 2025

You can ask Aime