Quick Read Centuri Holdings (CTRI) ended 2025 with a $5.9 billion backlog, up 59% year-over-year, with $1.1 billion in 2026 year-to-date bookings covering over 85% of base revenue guidance; net debt to adjusted EBITDA fell to 2.5x from 3.6x at year-end 2024, with a 2.0x target by end of 2026. The company achieved a 1.5x book-to-bill ratio in 2025 and identified $1.3 billion in “real” data center contracts being tendered. Grid modernization demand and data center power needs are driving Centuri’s surgin ...

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]

Group 1 - Centuri Holdings Inc. has announced customer awards totaling over $300 million, building on a previous $550 million in awards, indicating strong demand for its energy solutions [1][2] - The recent awards reflect a strategic focus on capturing end-market opportunities and delivering profitable growth, as stated by the company's President and CEO [2] - The awarded contracts include work to support data centers in Pennsylvania, a renewal with a utility customer in the Northeast, and new contracts for gas and electric utilities in the Midwest and Southeast [3] Group 2 - Centuri Holdings Inc. operates as a utility infrastructure services firm, providing essential services for building and maintaining energy networks in the U.S. and Canada [4]

分组1 - Centuri Holdings reported quarterly earnings of $0.19 per share, missing the Zacks Consensus Estimate of $0.21 per share, and showing a decrease from $0.20 per share a year ago, resulting in an earnings surprise of -9.52% [1] - The company posted revenues of $724.05 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.66%, and an increase from $672.08 million year-over-year [2] - Centuri has outperformed the market with a 13.2% increase in shares since the beginning of the year, compared to the S&P 500's gain of 7.1% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.27 on revenues of $752.75 million, and for the current fiscal year, it is $0.60 on revenues of $2.71 billion [7] - The Zacks Industry Rank for Utility - Electric Power is in the top 35% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Centuri's Q2 2025 revenue reached $724.1 million [23], compared to $672.1 million in Q2 2024 [30], representing an increase of approximately $52 million [38] - The adjusted EBITDA for Q2 2025 was $71.8 million [30], compared to $68.6 million in Q2 2024 [30] - The adjusted EBITDA margin was 9.9% [23] for Q2 2025 - The company is raising its revenue guidance for FY 2025 to $2.7 billion - $2.85 billion [46] from a previous range of $2.6 billion - $2.8 billion [47] - FY 2025 Adjusted EBITDA is projected to be between $250 million and $270 million [46] Commercial Achievements - Total bookings for the quarter amounted to $1.8 billion [3] - New awards totaled $619 million [26], including $244 million in new MSAs [27] - MSA renewals reached $1.2 billion [25, 27] - The book-to-bill ratio is 2.3x [25] for the six-month period ended June 29, 2025 [29] Segment Performance - Non-Union Electric revenues increased by 24% year-over-year [24], with core electric revenues up by 51% [24] - Union Electric revenues increased by 11% year-over-year [24], with core electric revenues up by 26% [24] - Canadian Gas revenue increased by 18% year-over-year [24], and segment gross margins increased by 210 bps [24]

Core Viewpoint - Southwest Gas Holdings, Inc. is conducting a secondary public offering of 9,000,000 shares of Centuri Holdings, Inc. at a price of $17.50 per share, with an additional option for underwriters to purchase 1,350,000 shares [1][2] Group 1: Offering Details - The offering is expected to close on May 22, 2025, subject to customary closing conditions [1] - Icahn Partners and Icahn Partners Master Fund LP will purchase $50 million in shares of Centuri's common stock in a concurrent private placement at the same price per share as the public offering [2] - The shares are being offered under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission [4] Group 2: Underwriters and Management - J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities are acting as joint lead book-running managers for the offering [3] - BofA Securities and Moelis & Company are serving as book-running managers, with additional co-managers including Baird, KeyBanc Capital Markets, and others [3] Group 3: Company Background - Southwest Gas Holdings, Inc. operates through its subsidiary Southwest Gas Corporation, providing natural gas services to over 2 million customers in Arizona, Nevada, and California [6] - Centuri Holdings, Inc. partners with regulated utilities to build and maintain energy networks across the U.S. and Canada [7]

Group 1 - Centuri Holdings reported a quarterly loss of $0.12 per share, better than the Zacks Consensus Estimate of a loss of $0.16, and a significant improvement from a loss of $137.53 per share a year ago, indicating a 25% earnings surprise [1] - The company posted revenues of $550.08 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 3.68%, and showing an increase from $528.02 million in the same quarter last year [2] - Centuri shares have increased approximately 10.5% since the beginning of the year, contrasting with a -3.8% decline in the S&P 500 [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $667.42 million, and for the current fiscal year, it is $0.57 on revenues of $2.67 billion [7] - The Zacks Industry Rank for Utility - Electric Power is in the top 22% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8]

Table of Contents As filed with the Securities and Exchange Commission on April 8, 2024 Registration No. 333-278178 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Centuri Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 1623 93-1817741 (Primary Standard Industrial Classification Code Number) 19820 North 7th A ...