secwatch.observer — SEC 8-K summary
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Issuer:     Centuri Holdings, Inc. (CTRI)
CIK:        0001981599
Form:       8-K
Filed at:   2024-07-29T23:59:59+00:00
Accession:  0001981599-24-000022
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Centuri Q2 revenue down 16.6% YoY; announces CEO transition and FY2024 guidance
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- Q2 revenue $672.1M (down 16.6% YoY); net income $11.7M ($0.14 diluted EPS); adj. diluted EPS $0.20.
- Adj. EBITDA $68.6M, margin 10.2%; FY2024 guidance: revenue $2.5-2.7B, adj. EBITDA margin 9.0-9.6%.
- CEO Bill Fehrman stepping down July 31; Paul Caudill named Interim President/CEO; national search firm engaged.
- IPO net proceeds $328M used to pay down debt; backlog $4.7B; cost savings expected ~$29M annualized in 2025.
- Revenue decline driven by reduced MSA spending due to unfavorable regulatory outcomes and project delays.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1981599/000198159924000022/0001981599-24-000022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1981599/000198159924000022/ctri-20240729.htm
  HTML page:      https://secwatch.observer/filing/0001981599-24-000022

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