Centuri Holdings Secures Over $300 Million in New Awards, Surpasses $1 Billion in Year-to-Date Bookings
Centuri Holdings, Inc. (NYSE: CTRI), a leading North American utility and energy infrastructure services company, has announced the award of more than $300 million in new commercial contracts, pushing its total year-to-date bookings beyond the $1 billion mark. The newly secured projects further strengthen Centuri’s position as a trusted partner to utility and energy providers across the United States and Canada, while reinforcing its role in supporting critical infrastructure modernization efforts.
The latest awards reflect continued demand for infrastructure upgrades and system modernization initiatives as utilities respond to regulatory requirements, safety mandates, grid resilience priorities, and the broader energy transition. With approximately 67 percent of the new awards tied to new work—including strategic competitive bid wins—and the remaining 33 percent representing renewals of existing Master Service Agreements (MSAs), Centuri continues to demonstrate both its ability to expand into new scopes of work and maintain long-standing customer relationships.
Expanding Utility Infrastructure Modernization
A significant portion of the newly awarded work centers on the modernization of natural gas distribution systems across the Midwest and Northeast regions of the United States. These projects are part of ongoing multi-year programs designed to enhance safety, improve reliability, and comply with evolving state and federal infrastructure regulations.
One notable achievement within this round of awards is the expansion into a new major geographic service area for a long-standing North American utility client. Securing work in an additional territory underscores the confidence utilities place in Centuri’s operational performance, safety record, and project execution capabilities. By extending its footprint within established customer networks, Centuri strengthens its recurring revenue base while deepening strategic partnerships.
The modernization projects include upgrades to aging natural gas pipelines and distribution systems, replacing legacy infrastructure with safer and more resilient materials. These initiatives not only mitigate system risk but also align with broader decarbonization and methane reduction efforts, as utilities work to minimize emissions and improve environmental performance.
Urban Infrastructure Renewal and Safety Enhancements
Among the newly awarded projects is the replacement of cast iron pipe in a densely populated urban center on behalf of an existing client. Cast iron pipeline replacement has become a critical priority across many North American cities, as utilities accelerate efforts to remove aging infrastructure that can pose operational and safety challenges.
Urban replacement projects require careful coordination, advanced planning, and strong community engagement due to their complexity. Working in congested environments involves traffic management, coordination with municipal authorities, and minimizing disruptions to residents and businesses. Centuri’s experience in executing complex urban infrastructure programs has positioned the company as a preferred partner for utilities undertaking large-scale modernization efforts in metropolitan areas.
Such projects are also often tied to state-approved infrastructure investment programs that allow utilities to recover modernization costs while delivering measurable safety and reliability improvements. The continuation of these programs supports steady capital deployment and long-term work visibility for service providers like Centuri.
Master Service Agreement Renewals Signal Long-Term Partnerships
Approximately one-third of the newly announced awards represent renewals of existing Master Service Agreements. These agreements, typically spanning multiple years, provide structured frameworks under which utilities engage contractors for ongoing maintenance, upgrades, and emergency response services.
The renewal of an MSA to support state-approved infrastructure modernization work for a multi-decade client highlights the durability of Centuri’s customer relationships. Maintaining such long-term partnerships requires consistent performance, safety excellence, and the ability to scale operations to meet evolving project demands.
MSAs offer stability and recurring revenue opportunities while allowing utilities to rely on proven contractors who understand their systems, regulatory environments, and operational standards. For Centuri, these agreements serve as a foundation for predictable backlog growth and operational continuity.
Supporting Electric Generation and Transmission Infrastructure
In addition to natural gas infrastructure modernization, the newly secured awards include industrial project work for an electric generation and transmission cooperative in the Midwest. As electric utilities and cooperatives invest in grid hardening, transmission upgrades, and new generation assets, service providers capable of handling complex construction and infrastructure programs are seeing sustained demand.
Electric generation and transmission projects play a vital role in maintaining grid reliability, integrating renewable energy resources, and supporting growing power demand. With electrification trends accelerating across transportation, industry, and residential sectors, utilities are increasing investments in grid expansion and reinforcement. Centuri’s ability to serve both gas and electric infrastructure markets enhances its diversified service portfolio and positions the company to benefit from cross-sector capital spending.
Surpassing $1 Billion in Year-to-Date Bookings
With these latest awards, Centuri’s total bookings for the year have exceeded $1 billion, signaling strong momentum early in the fiscal cycle. The achievement reflects a healthy bid pipeline, competitive positioning, and continued investment in operational capabilities.
President and CEO Christian Brown emphasized the company’s strong start to the year, noting that surpassing $1 billion in bookings demonstrates both execution discipline and sustained market demand. He highlighted that the newly secured awards reinforce Centuri’s reputation as a trusted infrastructure partner capable of delivering large-scale projects safely and efficiently.
“Our most recent awards are a continued testament to the comprehensive capabilities, reputation, and scale that differentiate Centuri as a trusted partner to our utility and energy clients,” Brown stated.
The emphasis on project delivery and execution remains central to Centuri’s strategy. Infrastructure services require not only technical expertise but also workforce management, supply chain coordination, and strict adherence to safety standards. By focusing on operational excellence, Centuri aims to maintain high customer satisfaction while protecting margins in a competitive market environment.
Positioned for Long-Term Infrastructure Investment Cycles
The broader market backdrop remains supportive of continued infrastructure investment across North America. Utilities are operating within regulatory frameworks that encourage modernization of aging systems, enhancement of grid resilience, and reduction of emissions. Federal and state infrastructure initiatives further contribute to capital deployment across energy networks.
Natural gas distribution upgrades, electric transmission expansion, renewable integration, and reliability-focused investments are expected to drive sustained demand for skilled infrastructure service providers. Centuri’s diversified capabilities across gas and electric markets provide exposure to multiple growth drivers within the energy sector.
Additionally, the company’s presence across various geographic regions allows it to capitalize on regional infrastructure programs while balancing project risk. By expanding into new service territories and deepening long-term partnerships, Centuri continues to build a resilient backlog that supports revenue visibility.
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