Centuri Holdings, Inc. (Centuri) is a North American utility infrastructure services company. The company is a subsidiary of Southwest Gas Holdings, Inc.
The company serves as a long-term strategic partner to, and an extension of, North America’s electric, gas and combination utility providers, delivering a wide range of infrastructure solutions that ensure safe, reliable and environmentally sustainable energy operations. The company’s service offerings primarily consist of the modernization of...
Centuri Holdings, Inc.
(Centuri) is a North American utility infrastructure services company. The company is a subsidiary of
Southwest Gas Holdings, Inc.
The company serves as a long-term strategic partner to, and an extension of, North America’s electric, gas and combination utility providers, delivering a wide range of infrastructure solutions that ensure safe, reliable and environmentally sustainable energy operations. The company’s service offerings primarily consist of the modernization of utility infrastructure through the replacement, maintenance, retrofitting and installation of electric and natural gas distribution and utility-scale transmission networks to meet current and future demands. The company also serves complementary, attractive and growing end markets, such as renewable energy associated with the expected energy transition, data centers and 5G datacom. The company’s essential services enable its customers to enhance the safety, reliability and environmental sustainability of the electric and natural gas networks that consumers rely upon to meet their essential and evolving energy needs. Guided by the company’s values and unwavering commitment to serve as long-term partners to customers and communities, the company’s more than
8,600 employees
enable the company’s customers to safely and reliably deliver electricity and natural gas and achieve their goals for environmental sustainability.
During the year ended
December 29, 2024
(‘fiscal 2024’), the company served over
400 customers
. The company’s customers include
American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy
and
Southern Company
, among others. The company’s top
20 customers
are almost exclusively investment-grade utilities and represented
67%
of the company’s revenues during fiscal 2024.
The company operates through a family of complementary companies that work together across different geographies, allowing the company to establish solid customer relationships and a strong reputation for a wide range of capabilities. Operating across the utility value chain allows the company to address diverse customer initiatives, and the company’s knowledge, expertise and resources enable the company to deliver successful projects that meet these ever-evolving needs. Furthermore, the composition of the company’s workforce, which includes both union and non-union field labor, enables the company to access a wide range of opportunities across regions, customers and projects.
The company’s core operations are focused on modernizing utility infrastructure, which reduces risks of hazardous gas leaks, reduces methane emissions from natural gas pipelines, hardens electric infrastructure from weather events — thereby increasing electric grid and delivery infrastructure resiliency, and improving the overall safety, reliability, and sustainability of North American energy networks.
The company is strongly positioned to support this transition by providing the infrastructure needed to connect renewable energy to existing distribution systems, as well as expanding electric grid capacity and modernizing electric and gas delivery infrastructure to support future demand. Examples of this work include supporting installation and maintenance of the infrastructure needed to transport renewable natural gas from dairy farms and landfills, enabling grid connectivity for wind and solar energy, and building out infrastructure for electric vehicle (‘EV’) charging stations and battery storage facilities.
The company operates across
87 locations
in
45 U.S. states
and
two Canadian provinces
, enabling the company to support its customers across multiple geographies. The majority of the company’s customer relationships are governed by long-term master service agreements (‘MSAs’), comprising approximately
80%
of the company’s total revenue during fiscal 2024. Additionally, of the remaining
20%
of the company’s total revenue that was generated from bid contracts,
9%
was generated from existing MSA customers. The company predominantly performs smaller, lower-risk distribution projects for the company’s customers. The company’s focus on MSA-driven work, long-term customer partnerships and recurring maintenance-oriented work orders provides the company greater visibility to its demand outlook.
The company operates through four reportable segments: (i)
U.S. Gas Utility Services
(‘U.S. Gas’); (ii)
Canadian Gas Utility Services
(‘Canadian Gas’); (iii)
Union Electric Utility Services
(‘Union Electric’); and (iv)
Non-Union Electric Utility Services
(‘Non-Union Electric’).
U.S. Gas provides comprehensive services, including maintenance, replacement, repair and installation for local natural gas distribution utilities (‘LDCs’) focused on the modernization of customers’ infrastructure throughout the United States. The work performed within this segment includes solutions for all stages of utility work and is performed primarily within the distribution, utility-scale transmission and end-user infrastructure, rather than large-scale, project-based, cross-country transmission, which substantially limits the company’s execution risk. In addition, U.S. Gas performs other underground services outside of the gas sector, including water and fiber work, and has an in-house fabrication shop providing pipe and component assembly. The company is able to cater to the needs of its gas utility services and energy customers by serving union and non-union markets.
Canadian Gas provides comprehensive services, including maintenance, replacement, repair and installation for LDCs focused on the modernization of customers’ infrastructure in Canada. The work performed within this segment includes solutions for all stages of utility work and is performed primarily within the distribution, urban transmission and end-user infrastructure, rather than large-scale, project-based, cross-country transmission. Canadian Gas only serves union markets.
Union Electric provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, upgrade and expansion services for urban transmission and local distribution infrastructure within union markets. The work performed within this segment is focused primarily on recurring local distribution and urban transmission services under MSAs, as opposed to large-scale, project-based, cross-country transmission, and services are primarily focused on infrastructure between the substation and end-user meter. In addition to core electric utility infrastructure, this segment provides heavy industrial work, including civil, mechanical, electrical, and fabrication (component assembly) services.
Non-Union Electric provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, upgrade and expansion services for urban transmission and local distribution infrastructure within non-union markets. The work performed within this segment is focused almost exclusively on recurring local distribution and urban transmission services under MSAs, as opposed to large-scale, project-based, cross-country transmission, and services are primarily focused on infrastructure between the substation and end-user meter.
Other primarily consists of corporate and non-allocated costs, including corporate facility costs, non-allocated corporate salaries, benefits and incentive compensation.
The company’s industry encompasses a range of companies at national, regional and local levels, all of which specialize in providing infrastructure services to electric, gas and combination utilities. The top five largest utility service providers in North America, which include Centuri, collectively produced
14%
of the
2023
revenues in this industry, while the remaining
86%
of those revenues were either produced by a large number of independent, regional providers or represent work self-performed by utilities, according to the ENR Top
600 Specialty Contractors 2024
Report and S&P Global Market Intelligence.
The company is one of the few utility infrastructure service providers that is maintenance-oriented, distribution-focused and has no exposure to cross-country pipeline projects. Furthermore, the company often maintain multiple service agreements with the company’s customers across the U.S. and Canada.
The company competes with many regional and local providers. Some national competitors do exist in the company’s industry. These competitors include
Quanta Services, Inc., MYR Group, Mastec, Inc.,
and
Primoris Services Corporation
.
Generally, the company’s revenues are lowest during the first quarter of the year (year ended December 2024) due to less favorable winter weather and related working conditions in various geographies within which the company works. Revenues typically improve as more favorable weather conditions occur during the summer and fall months.
Centuri Holdings, Inc.
was founded in
1909
. The company was incorporated in
2023
.
Das Analystenkursziel zeigt auf einen Blick die Mindest-, Höchst- und Durchschnittserwartung der Analysten.
