Revenue Performance - Centuri reported first quarter 2025 revenue of $550.1 million, an increase of $22.1 million or 4.2% year-over-year[6]. - Total revenue for the three months ended March 30, 2025, was $550,081,000, an increase of 4.1% from $528,023,000 in the same period last year[30]. Profitability Metrics - Adjusted EBITDA for the first quarter improved by $4.1 million, or 20.1%, reaching $24.2 million compared to $20.2 million in the first quarter of 2024[5]. - Adjusted EBITDA for the three months ended March 30, 2025, was $24,228,000, with an adjusted EBITDA margin of 4.4%, compared to $20,172,000 and 3.8% margin in the prior year[26]. - The company reported a gross profit of $20,328,000 for the three months ended March 30, 2025, compared to $13,279,000 in the same period in 2024, reflecting a significant increase in profitability[30]. Customer and Market Activity - The company secured record customer awards exceeding $1.2 billion, with a book-to-bill ratio of 2.2x, leading to a backlog increase to $4.5 billion[8]. - Centuri anticipates continued strength in capital spending by customers despite macroeconomic uncertainties[4]. Segment Performance - U.S. Gas segment revenue decreased by $28.9 million, or 12.7%, year-over-year, while Non-union Electric revenue grew by $40.5 million, or 41.9%[13]. - The Canadian Gas segment delivered solid margins, contributing to overall performance despite challenges in the U.S. Gas segment[7]. Financial Position - Centuri's net loss attributable to common stock was $17.9 million, a reduction from $25.1 million in the first quarter of 2024[6]. - Centuri Holdings reported a net loss of $17,924,000 for the three months ended March 30, 2025, compared to a net loss of $25,233,000 for the same period in 2024, representing a 29% improvement[30]. - The diluted loss per share attributable to common stock was $(0.20) for the three months ended March 30, 2025, compared to $(0.35) for the same period in 2024[28]. - Centuri's total debt as of March 30, 2025, was $873,168,000, a decrease from $898,221,000 as of December 29, 2024[28]. - The net debt to adjusted EBITDA ratio improved to 3.5 as of March 30, 2025, compared to 3.6 as of December 29, 2024[28]. - Cash and cash equivalents decreased to $15,255,000 as of March 30, 2025, from $49,019,000 at the end of the previous period[32]. - Net cash provided by operating activities was $16,676,000 for the three months ended March 30, 2025, compared to a net cash used of $(26,451,000) in the same period last year[34]. Strategic Initiatives - The company completed a comprehensive review to optimize its opportunity pipeline and business development functions[6]. - The company affirms a full year 2025 revenue outlook of $2.60 to $2.80 billion and adjusted EBITDA of $240 to $275 million[11]. - The company incurred $1,611,000 in separation-related costs during the three months ended March 30, 2025, which were not present in the same period last year[26].
Centuri Holdings, Inc.(CTRI) - 2025 Q1 - Quarterly Results