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Centuri Holding (CTRI) investor relations material
Centuri Holding Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record quarterly revenue of $850 million, up 18.1% year-over-year, with base revenue growth of 25% and net income of $2.1 million, reversing a prior year loss.
Adjusted net income rose to $16.7 million and adjusted diluted EPS to $0.19, compared to $5.3 million and $0.06 last year.
Bookings for Q3 totaled $815 million, driving a record backlog of $5.9 billion and a $13 billion opportunity pipeline.
Completed full separation from Southwest Gas Holdings, becoming a fully independent public company and appointing new leadership.
Revenue mix remains diversified: 52% gas utility services, 48% electric utility services, and 80% from regulated utility customers.
Financial highlights
Q3 2025 gross profit was $78 million (9.2% margin), up 2.9% year-over-year; base gross profit rose 28% to $77.6 million.
Adjusted EBITDA for Q3 was $75.2 million (8.8% margin), down from $78.8 million (10.9% margin) last year.
Free cash flow was negative $16.3 million, impacted by prior year’s $125 million one-time receivables benefit.
Ended Q3 with $16.1 million in cash and a net debt-to-adjusted EBITDA ratio of 3.8x, expected to improve to 3.3–3.4x by year-end.
Capital expenditures for the nine months were $68.7 million.
Outlook and guidance
Full-year 2025 revenue guidance raised to $2.8–$2.9 billion, reflecting strong base business growth and robust backlog.
Adjusted EBITDA guidance set at $240–$250 million, revised down due to lower storm restoration activity.
Net capex guidance maintained at $75–$90 million.
Double-digit revenue and base gross profit growth expected in 2026, with at least 10% revenue growth from FY 2025 to FY 2026.
Management believes capital resources and credit facilities are sufficient for obligations over the next 12 months.
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