CTRI · Centuri Holdings, Inc.

Centuri’s first quarter 2026 results reflect strong top-line growth and margin expansion, with revenue rising 31% year-over-year to $723.2 million and gross profit surging 76% to $35.8 million — the latter driven significantly by a 96% increase in Base Gross Profit to $28.0 million. This improvement was attributed to geographic diversification and reduced seasonality in U.S. Gas, increased bid work in Union Electric, and contributions from the recently acquired Connect Atlantic Utility Services in Canadian Operations. Gross profit margin expanded to 4.9% (from 3.7%), while Base Gross Profit Margin rose to 4.1% (from 2.7%), signaling progress on structural margin enhancement. The Company reported a net loss of $9.5 million — an $8.4 million improvement year-over-year — and Adjusted Net Loss improved $8.6 million to $2.0 million, supported by disciplined cost management and higher-margin work. Backlog reached a record $6.5 billion, up 44% year-over-year and 10% sequentially, underpinned by $1.3 billion in bookings (book-to-bill of 1.8x) and a $13 billion opportunity pipeline. Management reiterated full-year 2026 guidance and introduced ambitious long-term targets, including 10–15% Base Revenue CAGR through 2029 and a Base Gross Profit Margin target of 8.7–9.7% by 2029 — underscoring confidence in durable end-market demand, strategic execution, and operational scaling. The earnings release also highlighted continued focus on strengthening support functions, resource delivery, and selective tuck-in acquisitions to enable sustainable, profitable growth.