Aug 4, 2026, 8:05 AM ETUtilities

Centuri Holdings, Inc. — Second Quarter 2026 Earnings Summary

CTRICENTURI HOLDINGS INC

Financial Performance

Reported record quarterly revenue of $962.0 million, a 33% increase versus the second quarter of 2025.
Reported Net Income of $6.1 million compared to $8.1 million in the prior year quarter.
Reported Adjusted Net Income of $24.4 million, a 44% increase year-over-year.
Recorded Adjusted EBIT of $40.5 million, an 8% increase year-over-year.
Realized Adjusted EBITDA of $75.7 million, a 5% increase year-over-year.
Reported Gross Profit of $69.1 million, a 2% increase from the prior year period.
Base Revenue was $959.5 million, a 36% increase year-over-year.
Base Gross Profit was $75.7 million, a 21% increase year-over-year.
Trailing 12-month Base Gross Profit Margin was 7.8%, compared to 7.4% a year ago.
Net Debt to Adjusted EBITDA Ratio was 2.6x as of June 28, 2026, down from 3.7x as of June 29, 2025.
First-half 2026 revenue was $1.69 billion (32% increase), and Base Revenue was $1.65 billion (33% increase).
First-half 2026 Gross Profit was $104.9 million (19% increase), and Base Gross Profit was $103.8 million (35% increase).

Raised full year 2026 guidance to include anticipated contributions from the JJ White acquisition and approximately $5 million of incremental expense associated with elevated fuel prices.
Full year 2026 Base Revenue guidance is $3.5 to $3.7 billion.
Full year 2026 Base Gross Profit guidance is $270 to $290 million.
Full year 2026 Revenue guidance (including storm restoration services) is $3.59 to $3.79 billion.
Full year 2026 Adjusted EBITDA guidance is $285 to $310 million.
Full year 2026 Adjusted Net Income guidance is $60 to $75 million.
Full year 2026 Net Capital Expenditures guidance is $60 to $75 million.
Forecast for the second half of 2026 is an overall Centuri Base Gross Profit Margin of approximately 9.0%.
Targeting a full year 2026 book-to-bill ratio of approximately 1.2x.
Management expects planned investments in U.S. Gas business capacity to deliver meaningful impact to gross profit and margins in the third quarter and subsequent quarters.

Revenue growth was broad-based across all segments: Canadian Operations (48% increase), U.S. Gas (45% increase), Union Electric (23% increase), and Non-Union Electric (11% increase).
Canadian Operations revenue was $81.4 million (47.8% increase), with Gross Profit of $13.0 million (37.5% increase).
U.S. Gas revenue was $489.5 million (45.3% increase), with Gross Profit of $20.6 million (21.9% decrease).
Union Electric revenue was $224.2 million (23.0% increase), with Gross Profit of $20.2 million (31.5% increase).
Non-Union Electric revenue was $166.9 million (11.3% increase), with Gross Profit of $15.3 million (7.7% decrease).
Closed the acquisition of JJ White, Inc. on July 20, 2026, adding scale and capabilities to the Union Electric segment.
JJ White has nearly 1,000 employees, approximately $315 million of backlog, and an opportunity pipeline of approximately $2.8 billion.
The JJ White acquisition is expected to contribute more than $20 million in annual gross profit and be immediately accretive to Adjusted Net Income.
Organically increased workforce by approximately 18% (1,700 employees) during the first half of 2026.
Invested $3 million in resources, mobilization, and ramp-up for the U.S. Gas business during the second quarter.

Secured bookings of nearly $850 million in the second quarter, bringing year-to-date bookings to $2.2 billion.
Year-to-date bookings represented a book-to-bill ratio of 1.3x.
As of quarter-end, backlog was approximately $6.4 billion, an 8% increase from year-end 2025 and a 21% increase from the second quarter of 2025.
Expanded opportunity pipeline by 23% to a record $16 billion.
Outstanding bids were approximately $2.5 billion, up 15% from the previous quarter.
Bookings included nearly $400 million of new bid awards, including a $125 million data center award.
Bookings included approximately $200 million of new or expanded Master Service Agreement (MSA) awards and approximately $250 million of MSA renewals.

Higher fuel prices negatively impacted second quarter results by an estimated $6 million.
Investment in resources, mobilization, and ramp-up associated with increased headcount negatively impacted results by approximately $3 million.
These items combined had an approximately 95 basis point impact on Base Gross Profit Margin.
Wrote down all remaining accounts receivables and contract assets related to work completed for the City of Chicago prior to 2020, reducing U.S. Gas revenue by $9.0 million.
Storm restoration services are highly unpredictable and excluded from Base Revenue and Base Gross Profit measures.

President & CEO Christian Brown stated results reflect "tremendous year-over-year growth" and "sustained improvement in profitability."
Management highlighted the strength and resilience of the underlying business despite fuel price headwinds.
Management expressed focus on driving higher-margin work into the backlog and delivering sustainable long-term growth.
Management welcomed the JJ White team, noting the acquisition strengthens mechanical and electrical construction services and adds in-plant construction services across end-markets including data centers.
Management noted that the trailing 12-month margin expansion occurred even as higher fuel prices created headwinds.

The acquisition of JJ White was completed for approximately $62 million in total cash consideration, subject to customary post-closing adjustments.
The Company excluded the City of Chicago reversal from certain Non-GAAP financial measures.
The Company excluded storm restoration services from Base Revenue and Base Gross Profit measures to evaluate fundamental business performance.
The Company expects to achieve a book-to-bill ratio of approximately 1.2x for the full year 2026.
The Company's Net Debt to Adjusted EBITDA ratio improved from 3.7x to 2.6x year-over-year.