Centuri (CTRI) Q1 2025 earnings summary

Executive summary

• Delivered Q1 2025 results exceeding expectations, with revenue up 4.2% to $550.1 million, record bookings over $1.2 billion, and a book-to-bill ratio of 2.2x, driving backlog to $4.5 billion.

• Adjusted EBITDA rose 20% year-over-year to $24.2 million (margin 4.4%), with net loss narrowing to $17.9 million from $25.1 million.

• Strategic priorities include a unified business development strategy, enhanced pipeline management, and a growth-oriented culture, with leadership realignment in U.S. Gas.

• Completed IPO in April 2024, raising $327.7 million, with Southwest Gas Holdings retaining an 81% stake.

• Operations are organized into U.S. Gas, Canadian Gas, Union Electric, and Non-Union Electric segments.

Financial highlights

• Q1 2025 consolidated revenue was $550.1 million, up 4.2% year-over-year; gross profit rose 53.1% to $20.3 million, with gross margin improving to 3.7% from 2.5%.

• Net loss attributable to common stock was $17.9 million (diluted loss per share $0.20), improved from $25.1 million loss ($0.35 per share) in Q1 2024.

• Adjusted EBITDA was $24.2 million, up from $20.2 million, with margin at 4.4% versus 3.8% last year.

• Free cash flow improved by $44.6 million year-over-year; net CapEx was $23.2 million, down from $24.6 million.

• Operating cash flow improved to $16.7 million from a $26.5 million outflow in the prior year period.

Outlook and guidance

• Full-year 2025 revenue guidance affirmed at $2.6–$2.8 billion, with expectations to reach the upper end of the range.

• Adjusted EBITDA guidance remains $240–$275 million; net CapEx forecasted at $65–$80 million.

• Management expects capital resources, including cash, operating cash flows, and credit facilities, to be sufficient for at least the next 12 months.

• Management expects to maintain a book-to-bill ratio above 1.1x in 2025.

• No material impact from tariffs anticipated in 2025; business model seen as resilient to macroeconomic and trade uncertainties.