Centuri reports Q4 EPS 21c, consensus 19c

Reports Q4 revenue $717.1M, consensus $674.57M…Adjusted EBITDA of $70.7M and Adjusted EBITDA Margin of 9.9% On a trailing twelve-month basis, reduced net debt to Adjusted EBITDA ratio to 3.6x as of December 2024 from 4.0x as of December 2023, consistent with prior outlook commentary…Exited the fourth quarter of 2024 with a backlog totaling $3.7 billion, of which 90% is related to MSA revenue…”Our financial performance in the fourth quarter drove full-year revenues that exceeded the mid-point of our 2024 outlook, while our Adjusted EBITDA Margin was within the guidance provided. Centuri (CTRI) experienced higher-than-average emergency restoration services and saw continued improvement in crew counts in its core Non-Union Electric business, while MSA volumes benefited from customers spending budgeted capital late in the period,” said Centuri President & CEO Chris Brown. “In my nearly three months as CEO, I have developed a solid appreciation for our teams, the safety and quality of our services, and the strength of our customer relationships, which are crucial as we secure several important MSA renewals in 2025 and pursue new opportunities. Today’s energy markets offer tremendous growth potential for Centuri with both existing and new customers. To capitalize on this potential, we have implemented a company-wide review of our business development activities to institutionalize a more structured approach to market positioning, cross selling, and further focus on building our sales pipeline and the awarding of new business.”