Centuri Q1 revenue rises, beats estimates as backlog grows

Centuri Holdings

06/05/2026 22:20

Overview

US utility infrastructure firm's fiscal Q1 revenue grew 31% yr/yr, beating analyst expectations

Company expanded backlog to record $6.5 bln, up 44% yr/yr

Outlook

Centuri reiterates 2026 guidance: revenue of $3.24-$3.54 bln, adjusted EBITDA of $280-$310 mln

Company targets 2026 base revenue of $3.15-$3.45 bln and base gross profit of $255-$285 mln

Centuri sets 2029 base gross profit margin target at 8.7%-9.7% and net debt/EBITDA ratio at 1.0x-2.0x

Result Drivers

SEGMENT GROWTH - Revenue growth was broad-based, led by Canadian Operations (up 51%) and U.S. Gas (up 44%), with all segments contributing to the increase

BID WORK & ACQUISITION - Increased bid work in U.S. Gas and Union Electric, and the inclusion of recently acquired Connect Atlantic Utility Services in Canadian Operations, drove base revenue growth

REDUCED SEASONALITY - Actions to geographically diversify and reduce winter seasonality in U.S. Gas and increased bid work in Union Electric improved base gross profit

Company press release: ID:nBw2cRPdpa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$723.20 mln
$616.22 mln (7 Analysts)
Q1 Adjusted Net Income
Beat
-$2 mln
-$5.93 mln (6 Analysts)
Q1 Adjusted EBITDA
Miss
$32.60 mln
$33.75 mln (7 Analysts)


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the construction & engineering peer group is "buy"

Wall Street's median 12-month price target for Centuri Holdings Inc is $32.50, about 21.8% below its May 5 closing price of $41.58

The stock recently traded at 54 times the next 12-month earnings vs. a P/E of 36 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)