Centuri Holdings (CTRI) Company Report

Centuri Holdings, Inc. acquired Connect Atlantic Utility Services (CAUS) from Pilot Wave Holdings Management, LLC.
Connect Atlantic Utility Services is a leading utility-services provider in Atlantic Canada, offering transmission, distribution, maintenance, and storm-restoration services.
This acquisition will allow Centuri to further expand its capabilities and regional reach within its Canadian operations.
During Pilot Wave's ownership, a new AI-powered safety and infrastructure-inspection startup, Detect Technologies, was spun off from Connect Atlantic.

Nov 20, 2025, 8:00 PM

Centuri Holdings Announces Pricing of Public Offering and Private Placement

CTRI

New Projects/Investments

M&A

Centuri Holdings announced the pricing of a public offering of 7,441,860 shares of common stock, with underwriters having a 30-day option to purchase up to an additional 1,116,279 shares.
The offering is expected to generate approximately $160 million in gross proceeds and is anticipated to close on November 14, 2025.
Concurrently, Icahn Partners LP and Icahn Partners Master Fund LP will purchase 3,488,372 shares of common stock in a private placement at the same price per share as the public offering.
Net proceeds from both the offering and private placement will be used for general corporate purposes, which may include funding acquisitions and repaying borrowings.

Nov 13, 2025, 12:00 PM

Centuri Announces Public Offering and Private Placement

CTRI

New Projects/Investments

M&A

Centuri Holdings, Inc. (CTRI) has commenced an underwritten public offering of $160,000,000 of its common stock.
The company also expects to grant the underwriters a 30-day option to purchase up to an additional $24,000,000 of shares.
Concurrently, Icahn Partners LP and Icahn Partners Master Fund LP will purchase approximately $75,000,000 of common stock in a private placement at the offering price.
Net proceeds from both the offering and private placement are intended for general corporate purposes, which may include funding acquisitions and repaying borrowings.

Nov 12, 2025, 9:36 PM

Centuri Holdings Appoints Icahn Enterprises Analyst to Board

CTRI

Board Change

M&A

Proxy Vote Outcomes

Centuri Holdings, Inc. appointed Dustin DeMaria, a Senior Analyst at Icahn Enterprises L.P., to its Board of Directors, effective November 10, 2025.
This appointment is part of a Director Appointment and Nomination Agreement with Icahn Enterprises, which expanded Centuri's Board to eight members.
The agreement includes customary standstill and voting commitments from the Icahn Group.
The Icahn Group, which collectively beneficially owns 10,847,672 Common Shares, must maintain a "Net Long Position" of at least 5,423,836 Common Shares for Mr. DeMaria to retain his board seat.
Mr. DeMaria will participate in Board considerations for key strategic decisions, including the appointment and employment of the CEO or CFO, and material mergers, acquisitions, or dispositions.

Nov 12, 2025, 11:06 AM

Centuri Reports Strong Q3 2025 Bookings and Raises Full-Year Revenue Guidance

CTRI

Earnings

Guidance Update

Revenue Acceleration/Inflection

CTRI reported Q3 2025 total revenue, net, of $850.0 million, with net income attributable to common stock of $2.1 million and diluted earnings per share of $0.02.
The company achieved Q3 2025 total bookings of approximately $815 million, contributing to a year-to-date book-to-bill ratio of 1.8x and a record high backlog of $5.9 billion at quarter-end, representing a 59% increase from year-end 2024.
Base revenue increased by approximately $170 million in Q3 2025 compared to Q3 2024, primarily driven by higher gas revenue due to increased MSA and bid volumes, and increased electric revenue from higher MSA volumes and new bid projects.
CTRI raised its FY 2025 revenue guidance to a range of $2.80 billion to $2.90 billion from the previous $2.70 billion to $2.85 billion, while adjusting its FY 2025 Adjusted EBITDA guidance to $240 million to $250 million from $250 million to $270 million.

Nov 5, 2025, 3:00 PM

CTRI Reports Record Q3 2025 Revenue and Raises Full-Year Guidance

CTRI

Earnings

Guidance Update

Debt Issuance

CTRI reported record consolidated revenues of $850 million for Q3 2025, an 18% increase from Q3 2024, with base revenues growing 25% and base gross profit increasing 28%.
The company achieved Q3 bookings of approximately $815 million, bringing total bookings for the year to $3.7 billion, and reached a record backlog of approximately $5.9 billion.
Full-year 2025 guidance was increased for revenue to $2.8 billion-$2.9 billion, and adjusted EBITDA is expected between $240 million and $250 million.
In early Q3 2025, CTRI completed a debt refinancing, extending its revolving maturity to 2030 and increasing the facility to $450 million, and extending its $800 million term loan B maturity to 2032.

Nov 5, 2025, 3:00 PM

Earnings Transcripts

Quarterly earnings call transcripts for Centuri Holdings.

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