Centuri Holdings, Inc.(CTRI) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter 2024 revenue reached $717.1 million, an increase of$51.8 million or 7.8% year-over-year[5] - Full year 2024 revenue totaled $2.64 billion, exceeding the$2.6 billion midpoint of guidance provided in July[10] - Total revenue for the fiscal year ended December 29, 2024, was $2,637,229, a decrease of 9.1$2,899,276 for the fiscal year ended December 31, 2023[39] Net Income and Earnings - Net income attributable to common stock for Q4 2024 was $10.3 million, with diluted earnings per share of$0.12[5] - Net income for the fiscal three months ended December 29, 2024, was $10,331, compared to a loss of$212,846 for the same period in the previous year[34] - Net income attributable to common stock for the fiscal year ended December 29, 2024, was a loss of $6,724, compared to a loss of$186,176 for the fiscal year ended December 31, 2023[39] - Adjusted Diluted Earnings per Share for the fiscal three months ended December 29, 2024, was $0.21, compared to$0.07 for the same period last year[37] EBITDA and Margins - Adjusted EBITDA for Q4 2024 was $70.7 million, resulting in an Adjusted EBITDA Margin of 9.9$238,226, down from $291,182 in the previous year, with an Adjusted EBITDA Margin of 9.0$66,569 in EBITDA for the fiscal three months ended December 29, 2024, compared to a loss of $161,243 in the same period last year[34] Debt and Financial Ratios - Centuri's net debt to Adjusted EBITDA ratio improved to 3.6x as of December 2024, down from 4.0x in December 2023[11] - The company reported a net debt of$849,202 as of December 29, 2024, with a Net Debt to Adjusted EBITDA ratio of 3.6, improved from 4.0 in the previous year[37] - Total debt decreased to $898,221 as of December 29, 2024, from$1,186,551 in the previous year[37] Cash Flow and Assets - Cash and cash equivalents increased to $49,019 as of December 29, 2024, from$33,407 at the end of the previous fiscal year, marking a 46.7% increase[43] - Total assets decreased to $2,074,390 as of December 29, 2024, down from$2,189,908 as of December 31, 2023, reflecting a decline of 5.2%[41] - The company reported net cash provided by operating activities of $158,230 for the fiscal year ended December 29, 2024, compared to$167,465 in the previous year, a decrease of 5.4%[43] Strategic Developments - The company appointed Chris Brown as President and CEO, effective December 3, 2024, to drive earnings growth[5] - In Q4 2024, Centuri booked $221 million in new awards, with 45$1.5 billion in late-stage bids and approximately 40 MSA renewals expected in the next 12 months[9] Costs and Expenses - The company incurred $1,827 in CEO transition costs during the fiscal three months ended December 29, 2024[34] - Non-cash stock-based compensation expense was$1,421 for the fiscal three months ended December 29, 2024, compared to a negative $298 in the same period last year[34] - Strategic review costs for the fiscal year ended December 29, 2024, totaled$2,010, down from $3,365 in the previous year[34] - Interest expense for the fiscal year ended December 29, 2024, was$90,515, slightly down from $97,476 in the previous year[34] Profitability Metrics - Gross profit for the fiscal year ended December 29, 2024, was$220,672, down from $273,442 in the previous year, representing a decline of 19.2$86,783, a significant improvement from an operating loss of $77,564 in the previous year[39] Capital Expenditures - Capital expenditures for the fiscal year ended December 29, 2024, were$99,333, down from $106,650 in the previous year, indicating a reduction of 6.2%[43] Shareholder Information - The weighted average diluted shares outstanding increased to 88,609 for the fiscal quarter ended December 29, 2024, compared to 71,666 for the same period in the previous year[39]