Centuri Holdings announced that it has secured almost $500 million in new customer awards across its electric and gas service segments, adding a substantial amount to a backlog that now stands at roughly $4.3 billion. The new awards represent a significant expansion of the company’s pipeline and reinforce its position as a leading provider of utility infrastructure services in North America.
The awards are heavily weighted toward new work, with 84 % of the value coming from new strategic bid awards and new Master Service Agreements. The remaining 16 % consists of renewals of existing agreements. President and CEO Christian Brown noted that the company has more than 90 % of its 2026 plan under contract, underscoring the strength of its execution and the confidence of its utility customers.
In Q3 2025, Centuri reported revenue of $850 million, up 18 % year‑over‑year, driven by robust demand in both the electric and gas segments. Diluted earnings per share were $0.02, while adjusted diluted EPS was $0.19, a miss against consensus estimates of $0.30. The miss was largely due to a 9.2 % decline in consolidated gross margin from 10.5 % in the prior year, driven by lower storm‑restoration activity and higher crew ramp‑up costs in non‑union electric operations. Base business gross profit margin improved to 9.1 % from 8.9 % in Q3 2024, reflecting a more favorable mix of high‑margin projects.
Margin compression in the gas segment—where gross margin fell to 6.2 % in Q4 2024 from 7.8 % the year earlier—remains a headwind, but management is targeting a normalized margin of 7‑7.5 % for 2025. The company’s debt refinancing in Q3 2025 has extended maturities and improved liquidity, supporting its ability to invest in high‑return projects and maintain capital discipline.
The new awards and the strong backlog position Centuri to capture additional revenue streams in the coming quarters. With a large portion of its 2026 plan already contracted, the company signals confidence in sustained demand for utility modernization services. The combination of new work, a growing backlog, and a focus on base‑business profitability positions Centuri to navigate current margin pressures while pursuing long‑term growth.
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