Centuri(NYSE) CTRI

Centuri Holdings, Inc. helps utilities deliver gas and electricity. It builds and repairs essential energy pipes and wires. These services keep power flowing to millions of homes.

Maintaining the North American Grid

• U.S. Gas Utility Services: Maintenance, repair, and installation of natural gas distribution pipes; represents 50.9% of revenue for the three months ended June 28, 2026.
• Union Electric Utility Services: Infrastructure work for electric utilities using unionized labor; accounts for 23.3% of revenue for the three months ended June 28, 2026.
• Non-Union Electric Utility Services: Repair and expansion of electric distribution networks using non-union crews; contributed 17.3% of revenue for the three months ended June 28, 2026.
• Canadian Utility Services: Specialized utility infrastructure solutions across Canada; made up 8.5% of revenue for the three months ended June 28, 2026.

Building the Foundation for Independence

• Completed an initial public offering in April 2024 to transition into a standalone public company.
• Achieved full independence from former parent Southwest Gas Holdings, Inc. on Sept. 5, 2025.
• Acquired Connect Utility Services Corporation in November 2025 to expand operations in Canada.
• Secured an $800 million term loan facility in July 2025 to refinance existing debt and support liquidity.

Strategic Operational Advantages

Centuri operates primarily through long-term master service agreements that provide a steady stream of recurring maintenance and modernization work. The company uses a mix of union and non-union labor to serve regulated gas and electric utilities across the United States and Canada.

The Latest Financial Results

• Revenue reached $962.0 million for the three months ended June 28, 2026, up 32.9% year over year.
• Net income attributable to common stock was $6.1 million for the three months ended June 28, 2026, down 24.3% year over year.
• Total backlog reached $6.4 billion as of June 28, 2026, with 83% comprised of master service agreements.
• Adjusted EBITDA, a non-GAAP measure, was $75.7 million for the three months ended June 28, 2026.

The Bottom Line

Centuri has transitioned from a utility subsidiary to an independent infrastructure services provider focused on the modernization of North American energy grids. Its large backlog and focus on regulated utility partners provide a foundation for stable operational growth.