Company Overview - Centuri Holdings is a leading utility infrastructure services provider in North America, focusing on gas and electric segments, and has a diversified portfolio [5] - The company emphasizes infrastructure modernization and critical utility support, positioning itself as a key partner in the evolving energy landscape [5] - As of February 12, 2026, Centuri's market capitalization is $3.14 billion, with a revenue of $2.84 billion and a net income of $2.51 million [4] Recent Developments - On February 13, 2026, ACK Asset Management LLC disclosed it fully exited its position in Centuri Holdings, selling 1,375,000 shares for approximately $29.11 million [2] - The sale resulted in a decline of $29.11 million in the quarter-end value for the position, and the fund no longer holds any Centuri shares [2] Financial Performance - Centuri reported record quarterly revenue of $850 million in November, representing an 18.1% year-over-year increase [6] - Base revenue, excluding storm work, increased by 25%, while base gross profit rose by 28% [6] - Adjusted EBITDA was reported at $75.2 million, and adjusted diluted EPS improved to $0.19 from $0.06 a year ago [6] - The company secured $815 million in quarterly bookings, achieving a book-to-bill ratio of 1.8x and raising its backlog to a record $5.9 billion [6] Stock Performance - Centuri shares have increased by 45.9% over the past year, significantly outperforming the S&P 500 by 33.0 percentage points [7] - As of February 12, 2026, the share price was $31.11 [7] Industry Context - Centuri's services include maintenance, replacement, repair, and installation for gas and electric utilities, with a focus on modernization and expansion of energy infrastructure [8] - The company serves a variety of utility companies and has exposure to end markets such as renewable energy, data centers, and telecommunications [8] - The growth in backlog indicates durable demand linked to utility modernization, although leverage and margin discipline will be crucial for sustained shareholder returns [9]

Core Insights - Tensile Capital Management initiated a new stake in Centuri Holdings, acquiring 812,088 shares valued at approximately $17.2 million, indicating institutional confidence in the company [1][2] - Centuri Holdings has shown strong financial performance with record quarterly revenue and a significant backlog, suggesting robust growth potential [10][11] Company Overview - Centuri Holdings is a leading utility infrastructure services provider with a diversified portfolio across gas and electric segments in the U.S. and Canada, focusing on modernization and reliability initiatives for utility clients [6][8] - The company reported a total revenue of $2.8 billion and a net income of $2.5 million, with a market capitalization of $2.5 billion [4] Financial Performance - In the third quarter, Centuri's revenue rose 18% to a record $850 million, while base revenue increased by 25% year over year, and base gross profit climbed 28% [10] - The firm's backlog reached a record $5.9 billion, up 59% from year-end 2024, providing promising visibility into future growth [10] Market Position - Centuri shares are currently priced at $25.58, reflecting an 18% increase over the past year, slightly outperforming the S&P 500, which is up 13% in the same period [3] - The new position by Tensile Capital represents about 2.2% of the fund's reportable U.S. equity AUM as of September 30 [3]