Financial Performance - Third quarter 2024 revenue was $720.1 million, a decrease of $54.8 million, or 7.1%, compared to the prior year period[11] - The company reported a net loss attributable to common stock of $3.7 million, with a diluted loss per share of $0.04[2] - Adjusted EBITDA for the third quarter was $78.8 million, resulting in an adjusted EBITDA margin of 10.9%[2] - Total revenue for the fiscal three months ended September 29, 2024, was $720.1 million, a decrease of 7.1% from $774.9 million for the same period in 2023[36] - Gross profit for the fiscal nine months ended September 29, 2024, was $149.6 million, down 31.7% from $219.5 million for the same period in 2023[36] - Net loss attributable to common stock for the fiscal three months ended September 29, 2024, was $(3.7) million, compared to net income of $16.2 million for the same period in 2023[36] - Adjusted diluted earnings per share for the fiscal three months ended September 29, 2024, was $0.06, down from $0.33 for the same period in 2023[34] Revenue Breakdown - The U.S. Gas segment revenue decreased by $29.7 million, or 7.5%, to $366.1 million, primarily due to reduced net volumes under existing customer MSAs[11] - Revenue from the Canadian Gas segment was $126.0 million, a decrease of $16.0 million or 11.3% year-over-year, with gross profit increasing to 21.2% from 15.5%[17] - Revenue from the Union Electric segment totaled $499.7 million, down $128.3 million or 20.4% compared to the prior year, with gross profit increasing to 7.8% from 7.0%[18] - Revenue from the Non-Union Electric segment was $346.0 million, reflecting a decrease of $34.9 million or 9.2%, with gross profit decreasing to 11.7% from 13.6%[19] - The Non-Union Electric segment revenue increased by $18.1 million, or 16.4%, to $128.8 million, driven by storm restoration services[14] - Storm restoration services revenue for the Union Electric segment was $20.3 million, down from $24.2 million in the prior year[18] Backlog and New Business - The backlog at the end of the third quarter totaled $4.3 billion, with 87% related to Master Service Agreement (MSA) revenue[2] - The company secured approximately $350 million in new business during the quarter, including new and renewed MSAs[6] - The company secured approximately $350 million in potential revenue from awards in the quarter[23] Cash and Debt Management - The company ended the quarter with $52.5 million in cash and cash equivalents, and improved its leverage ratio from June 2024[9] - Cash and cash equivalents increased to $52.5 million as of September 29, 2024, from $33.4 million at the end of 2023[38] - Total current liabilities decreased to $386.2 million as of September 29, 2024, from $420.6 million at the end of 2023[38] - Long-term debt, net of current portion, decreased to $762.1 million as of September 29, 2024, from $1.0 billion at the end of 2023[38] Operating Performance - Operating income for the fiscal nine months ended September 29, 2024, was $53.1 million, a decline of 55.0% from $117.9 million for the same period in 2023[36] - The company reported a net cash provided by operating activities of $97.2 million for the fiscal nine months ended September 29, 2024, compared to $61.8 million for the same period in 2023[40] - Interest expense for the fiscal three months ended September 29, 2024, was $23.9 million, down from $26.1 million in the prior year[32] Strategic Focus - The company is focused on diversifying its business mix by pursuing additional strategic bid opportunities aligned with its risk profile and core competencies[23] - Adjusted EBITDA margin percentage outlook for the full year is estimated to be between 9.0% and 9.6%[10] - The revenue outlook for the full year 2024 is projected to be between $2.5 billion and $2.7 billion[10]
Centuri Holdings, Inc.(CTRI) - 2024 Q3 - Quarterly Results