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Centuri Holdings, Inc.

Centuri Holdings, Inc. is a utility infrastructure services company operating in North America through four segments: U.S. Gas Utility Services; Canadian Operations; Union Electric Utility Services; and Non-Union Electric Utility Services. It provides gas utility services such as maintenance, replacement, repair, and installation for local natural gas distribution utilities, focusing on modernizing customers' infrastructure. The company also offers electric utility services including maintenance, replacement, repair, upgrade, and expansion for urban transmission and local distribution infrastructure, as well as corporate and non-allocated transactions. Its customers include electric, gas, and combination utility providers, and it serves end markets such as distributed power projects and data centers. Founded in 1909, Centuri Holdings is headquartered in Phoenix, Arizona.

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Fed Hikes Rates 25 Basis Points, First Increase Since 2023

Federal Reserve chair Kevin Warsh announced a 25 basis point benchmark interest rate hike, taking the funds rate to 3.75% to 4.00%, the first rate increase since 2023, with Warsh indicating another round of rate hikes before the end of 2026. The Federal Open Market Committee voted 12-0 to raise the key interest rate, citing elevated inflation, the ongoing Middle East crisis and resulting rise in oil prices, a stable U.S. labor market and solid economic activity supported by resilient consumer spending. Higher borrowing costs can be a headwind for the capital-intensive utilities sector, which relies heavily on external financing to fund infrastructure investments, pressuring margins and potentially constraining dividend payouts. Among utilities better positioned to withstand higher rates, Exelon Corporation, PG&E Corporation and Centuri Holdings, Inc. each carry a VGM Score of either A or B and a Zacks Rank of #3 (Hold). Exelon plans to invest $41.7 billion over 2026-2029, PG&E plans to invest $12.4 billion in 2026 and $73 billion over the 2026-2030 period, and Centuri plans to invest $75-$90 million in 2026.
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Centuri Holdings Reports Record Revenue and Raises 2026 Guidance

Centuri Holdings delivered record quarterly revenue of $962 million, a 33% increase year-over-year, and raised its full-year 2026 guidance. The company now forecasts base revenue of $3.5 billion to $3.7 billion and free cash flow exceeding $75 million, a 25% improvement over initial expectations. Its backlog reached approximately $6.4 billion, up 21% year-over-year, while the opportunity pipeline surged to $16 billion, up 23% from the first quarter. The acquisition of JJ White is expected to add over $20 million in annualized gross profit, and the company secured its largest data center project to date, a $125 million award. However, base gross profit margin declined to 7.9% in the second quarter from 8.9% last year, partly due to elevated fuel costs and capacity investments.
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Centuri Acquires J.J. White to Expand Industrial and Union Electric Capabilities

Centuri Holdings has completed its acquisition of J.J. White, a mechanical and electrical construction services provider, to scale its position in high-growth markets including data centers. J.J. White, founded in 1920 and headquartered in Philadelphia, brings nearly 1,000 employees, including more than 950 union field workers, and will become part of Centuri's Riggs Distler operation, expanding core union electric capabilities across the Northeast and Midwest. The acquired company holds a $315 million contracted backlog and an identified pipeline of over $2.8 billion in opportunities, including several datacenter projects. Centuri anticipates the deal will contribute more than $20 million in annual gross profit with margins consistent with its existing business, and it reiterated its year-end 2026 leverage target of approximately two times.
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Centuri Announces More Than $360 Million in New Commercial Awards

Centuri Holdings announced more than $360 million in new commercial awards, including a $125 million data center project. New projects and new or expanded Master Services Agreements make up approximately 43% of the award value, while the remaining 57% represents renewals of existing MSAs with tenured customers. The awards include a multi-year MSA renewal with a six-decade long client for natural gas system upgrades and an expanded scope for a large, multi-building data center campus. These bookings bring Centuri's total commercial awards for year-to-date 2026 to more than $2 billion.
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