• Revenue: $550.1 million, a 4.2% increase from Q1 2024.

• Gross Profit: $20.3 million, a 53.1% increase over the prior year period.

• Gross Profit Margin: 3.7%, up from 2.5% in Q1 2024.

• Net Loss: $17.9 million, improved from a net loss of $25.1 million in Q1 2024.

• Adjusted EBITDA: $24.2 million, approximately 20% higher than the prior year quarter.

• Adjusted EBITDA Margin: 4.4%, up from 3.8% in Q1 2024.

• US Gas Segment Revenue: $197.7 million, a decrease of 12.7% year-over-year.

• Canadian Gas Segment Revenue: $39.8 million, down 2.9% from the prior year period.

• Union Electric Segment Revenue: $175.5 million, a 7.1% increase year-over-year.

• Non-Union Electric Segment Revenue: $137.1 million, a 41.9% increase year-over-year.

• Net CapEx: $23.2 million, down from $24.6 million in the prior year period.

• Free Cash Flow Improvement: $44.6 million compared to Q1 2024.

• Net Debt to Adjusted EBITDA Ratio: Improved to 3.5 times from 3.6 times at the end of 2024.

• Cash and Cash Equivalents: $15.3 million at the end of the quarter.

• 2025 Revenue Outlook: Expected between $2.6 billion and $2.8 billion.

• 2025 Adjusted EBITDA Outlook: Between $240 million and $275 million.

• 2025 CapEx Forecast: Net spend between $65 million and $80 million.

• Warning! GuruFocus has detected 6 Warning Signs with MAC.

Release Date: May 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Centuri Holdings Inc (NYSE:CTRI) experienced strong commercial momentum in Q1 2025, exceeding expectations.

• The company achieved a record booking quarter with new bookings totaling $1.2 billion, significantly increasing the backlog to $4.5 billion.

• The non-union electric segment showed a 41.9% increase in revenue year-over-year, with improved gross profit margins.

• Centuri Holdings Inc (NYSE:CTRI) is actively expanding its sales pipeline, now approaching $12 billion in revenue opportunities.

• The company maintains a positive outlook for 2025, expecting to deliver revenue at the upper end of the guidance range.

Negative Points

• The US gas segment faced a 12.7% year-over-year decrease in revenue due to adverse weather conditions.

• Gross profit margin in the US gas segment decreased to negative 7.5% in Q1 2025, impacted by weather disruptions.

• The company reported a net loss attributable to common stock of $17.9 million in Q1 2025.

• Offshore wind revenues in the Union Electric segment were down 64.1% as project work winds down.

• The company experienced a delay in the timing of its earnings announcement due to issues in finalizing financial statements.