Q2 2024 Centuri Holdings Inc Earnings Call Transcript
Key Points
- Centuri Holdings Inc (CTRI) successfully completed its initial public offering (IPO) and raised nearly $330 million.
- The company secured seven customer awards in the second quarter with a total multi-year estimated revenue potential of more than $250 million.
- Centuri Holdings Inc (CTRI) reported a total current backlog of $4.7 billion, indicating strong future revenue potential.
- The company identified approximately $229 million in annualized savings for 2025 through overhead cost reductions and supply chain optimizations.
- Centuri Holdings Inc (CTRI) achieved solid free cash flow conversion on adjusted EBITDA during the period, reflecting strong cost control measures.
- Second-quarter 2024 consolidated revenue decreased to $672.1 million from $805.8 million in the same period of 2023.
- Net income for the second quarter fell to $11.7 million, or $0.14 per diluted share, down from $17.1 million or $0.24 per diluted share in the prior year period.
- Adjusted EBITDA for the second quarter of 2024 was $68.6 million, down 26.1% from the prior year quarter.
- The company experienced a broad-based slowdown in transmission and distribution construction spending, particularly in gas and electric distribution.
- Several customers faced delayed or unfavorable rate case decisions, leading to lower than expected MSA customer spending and sluggish growth for Centuri Holdings Inc (CTRI).
Good day, everyone, and welcome to Centuri's second-quarter 2024 earnings conference call. (Operator Instructions)
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Jason Wilcock, Chief Legal and Administrative Officer and Corporate Secretary for Centuri. Please go ahead, sir.
Thank you, Bill, and hello, everyone. We appreciate you joining our call. This morning, we issued and posted in Centuri Holdings' website our second-quarter 2024 earnings release. The slides accompanying today's call are also available on Centuri Holdings' website.
Please note that on today's call, we will address certain factors that may impact this year's earnings and provide some longer-term guidance. Some of the information that will be discussed today contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are as of today's date and
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