Financial Performance - Centuri reported first quarter 2024 consolidated revenue of $528.0 million, a decrease of 19.2% from $653.3 million in the first quarter of 2023[3]. - The net loss attributable to common stock for the first quarter of 2024 was $(25.1) million, compared to $(8.8) million in the prior year[2]. - Adjusted EBITDA for the first quarter of 2024 was $20.2 million, down from $49.2 million in the same period last year[2]. - Net loss for the fiscal three months ended March 31, 2024, was $25,233,000, compared to a net loss of $7,105,000 for the same period in 2023, representing an increase in loss of approximately 254%[17]. - Total revenue decreased to $528,023,000 for the fiscal three months ended March 31, 2024, down from $653,293,000 in the same period of 2023, reflecting a decline of about 19.2%[19]. - Adjusted EBITDA for the fiscal three months ended March 31, 2024, was $20,172,000, compared to $49,237,000 for the same period in 2023, indicating a decrease of approximately 59%[17]. - The adjusted EBITDA margin as a percentage of revenue was 3.8% for the fiscal three months ended March 31, 2024, down from 7.5% in the same period of 2023[17]. Segment Performance - The U.S. Gas segment revenue decreased by $32.8 million, or 12.6%, to $226.6 million due to unfavorable weather conditions[4]. - Revenue from the Union Electric segment fell by $41.8 million, or 20.3%, totaling $163.9 million, impacted by a decline in offshore wind revenue[6]. - The Non-Union Electric segment experienced a revenue drop of $40.0 million, or 29.3%, with revenue of $96.6 million, primarily due to reduced storm restoration services[7]. Cash Flow and Assets - Cash and cash equivalents decreased to $18,405,000 as of March 31, 2024, from $33,407,000 at the end of the previous period, representing a decline of approximately 44.9%[21]. - Net cash used in operating activities was $22,213,000 for the fiscal three months ended March 31, 2024, compared to net cash provided of $51,878,000 in the same period of 2023[23]. - Total assets decreased to $2,119,306,000 as of March 31, 2024, from $2,189,908,000 at the end of the previous period, indicating a reduction of about 3.2%[21]. Strategic Actions - Centuri completed an IPO on April 22, 2024, raising total net proceeds of $329.3 million, primarily used to pay down debt[2]. - The company paid $92.0 million to acquire the remaining 10% noncontrolling interest in Linetec Services, LLC in April 2024[2]. - Centuri received over $40 million in new awards from existing master service agreements customers during the quarter[2]. - The company reported strategic review costs of $3,877,000 for the fiscal three months ended March 31, 2024, compared to $91,000 in the same period of 2023, marking a significant increase[18]. - Capital expenditures for the fiscal three months ended March 31, 2024, were $30,499,000, an increase from $23,237,000 in the same period of 2023, reflecting a rise of approximately 31.2%[23]. Future Outlook - The company plans to hold its inaugural earnings conference call in August 2024, coinciding with the release of its second quarter 2024 financial results[8].
Centuri Holdings, Inc.(CTRI) - 2024 Q1 - Quarterly Results