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PHOENIX - Centuri Holdings , Inc. (NYSE:CTRI) reported a wider-than-expected loss for the first quarter of 2025, sending shares down 4.9% in trading following the release.
The utility infrastructure services company posted an adjusted loss of $0.12 per share, missing analyst estimates for a loss of $0.10 per share. Revenue came in at $550.1 million, up 4.2% YoY from $528.0 million in Q1 2024.
Despite the earnings miss, Centuri saw strong commercial activity in the quarter, securing over $1.2 billion in new customer awards. This drove the company’s backlog up to $4.5 billion as of March 30, 2025, compared to $3.7 billion at the end of 2024.
"Our financial performance and commercial activity in the first quarter exceeded our expectations, driven by strong customer service delivery and new contract awards," said Centuri President & CEO Christian Brown.
For the full year 2025, Centuri reaffirmed its outlook, projecting revenue of $2.6-$2.8 billion and adjusted EBITDA of $240-$275 million.
The company’s net debt to adjusted EBITDA ratio improved slightly to 3.5x as of March 30, 2025, compared to 3.6x at the end of 2024.
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