Trump-Zelensky meeting ahead, Fed rate outlook in focus - what’s moving markets
Southland Holdings, Inc. (NYSE American:SLND), a construction company with a market capitalization of $184.1 million, announced a significant shift in its executive team this week. The change comes as the company faces challenging conditions, with revenue declining 15.53% over the last twelve months. On Monday, the company revealed that Cody Gallarda will step down as Executive Vice President, Chief Financial Officer, and Treasurer, effective March 28, 2025. Gallarda’s departure from Southland Holdings is to pursue an opportunity elsewhere and is not due to any internal disagreements or issues regarding financial statements or controls.According to InvestingPro analysis, Southland Holdings currently operates with a significant debt burden, one of several challenges the incoming CFO will need to address.
Following Gallarda’s resignation, Southland Holdings has appointed Keith Bassano as the new Chief Financial Officer and Treasurer, effective on the transition date. Bassano, who currently serves as the Vice President of Finance, has been with the company since September 2020 and brings over 15 years of experience in the engineering and construction industry to his new role. His background includes various leadership positions, particularly in finance and accounting. Bassano is a Duquesne University graduate with a Bachelor of Science in Business Administration, majoring in Accounting, and holds a Master of Business Administration from Robert Morris University. He is also a licensed Certified Public Accountant.InvestingPro data indicates the company’s overall financial health score is currently rated as WEAK, with challenges including negative EBITDA of $103.02 million in the last twelve months. Subscribers can access 6 additional key ProTips and comprehensive financial analysis through the Pro Research Report.
Bassano’s promotion comes with a new annual base salary of $357,000, and he will continue to be eligible to participate in the company’s 2022 Equity Incentive Plan. Southland Holdings expressed confidence in Bassano’s ability to lead the financial strategy and collaborate with the management team to maintain operational excellence.
This leadership transition is reported in a filing with the Securities and Exchange Commission and is based on a press release statement from Southland Holdings. As the company moves forward, the focus remains on ensuring a smooth transition and maintaining the strong financial management that has characterized Southland Holdings’ operations.
In other recent news, Southland Holdings Inc. announced its Q4 2024 earnings, reporting a decrease in both revenue and gross profit compared to the previous year. The company experienced a net loss of $105 million for the year, amounting to a loss of $2.19 per share. Revenue for the fourth quarter was $267 million, which marked a $49 million year-over-year decline. Despite these financial challenges, Southland Holdings is optimistic about future growth, with plans to return to positive EBITDA by the end of 2025. The company is focusing on high-value infrastructure projects in Texas and Florida to stabilize its financial performance. Upcoming projects include the $7 billion Iona Island wastewater treatment plant and the $2 billion Northern Colorado Water Glade Reservoir program. Analysts from Thompson Davis inquired about the company’s backlog, which Southland expects to burn through by 39% in 2025. The company also reported a decrease in SG&A expenses and an increase in interest expenses, reflecting higher debt balances and borrowing costs.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.