Centuri Announces More than $360 Million in New Project Awards Across Utility, Energy, and Data Center Markets

Rhea-AI Summary

Centuri Holdings (NYSE: CTRI) has secured over $360 million in new project awards across utility, energy, and data center markets in the US and Canada. The projects include construction of substation and underground electrical infrastructure for data centers, grid resiliency work for a major U.S. electric utility, industrial and mechanical work in the Northeast, and utility distribution infrastructure modernization.

This announcement follows nearly $500 million in multi-year customer awards announced on March 24, 2025. The new awards include a significant Master Service Agreement (MSA) and span diverse end markets, focusing on the company's core capabilities in gas, electric, and energy infrastructure solutions.

The projects address increasing demands for electric power, natural gas resources, and grid resiliency, driven by surging consumer usage, technological innovation including AI, and ongoing extreme weather events.

Positive

• Secured over $360 million in new project awards
• Follows $500 million in multi-year awards from March 2025
• Geographic expansion across US and Canada
• Diversification across multiple sectors (utility, energy, data centers)
• New significant Master Service Agreement (MSA) secured

Negative

• None.

Insights

Financial Analyst

Centuri's announcement of $360 million in new project awards represents a significant business expansion that substantially enhances the company's backlog and future revenue visibility. Particularly noteworthy is the timing – this comes just one week after Centuri disclosed nearly $500 million in multi-year customer awards, bringing recent contract wins to approximately $860 million.

The diversification across both geography (US and Canada) and sectors (utilities, energy, data centers) provides multiple revenue streams and reduces dependency on any single market. The emphasis on data center infrastructure is strategically valuable, as this represents one of the fastest-growing segments of infrastructure spending driven by AI implementation.

While project-based work can create revenue lumpiness compared to steady MSA-based income, the addition of a significant new Master Service Agreement focused on grid resiliency should help balance this with more predictable revenue. The company appears well-positioned to capitalize on several powerful market drivers: grid modernization requirements, increasing electricity demand, data center expansion, and climate resilience needs.

These contract wins demonstrate Centuri's competitive position in the utility infrastructure services market and ability to secure large-scale projects across diverse customer segments. The infrastructure upgrade cycle appears robust across Centuri's core markets, providing a favorable operating environment for continued growth.

Utility Infrastructure Specialist

The scope of Centuri's new awards highlights the accelerating infrastructure demands across multiple utility sectors. The data center electrical projects in the Northeast reflect the critical infrastructure bottleneck currently facing AI deployment – insufficient high-capacity electrical systems to power compute-intensive applications. These projects typically involve complete power supply chains from substations to underground distribution systems.

The grid resiliency work mentioned in the Southwest addresses a pressing need among electric utilities facing increased weather-related disruptions. Such projects typically involve hardening transmission systems, upgrading distribution networks, and implementing smart grid technologies that can isolate failures and reroute power.

The industrial, generation, and mechanical work in the Northeast suggests utilities are upgrading aging power generation infrastructure. Meanwhile, the water infrastructure project in the Midwest indicates Centuri is successfully diversifying beyond its traditional gas and electric focus into adjacent utility sectors.

CEO Brown's remarks connect these contracts to three fundamental drivers: base load growth from increasing consumer usage, technological demand (particularly AI), and climate resilience. These represent structural, long-term demand catalysts rather than cyclical factors. This positions Centuri at the intersection of multiple infrastructure investment waves that should provide sustained demand for their services well beyond these specific contract awards.

Project-focused work spans US, Canada and leverages full complement of gas, electric, industrial capabilities

• Multiple project scopes in support of data center development in the Northeast
• Significant new Master Service Agreement (MSA) focused on grid resiliency in the Southwest
• Industrial, generation & mechanical work supporting utility & energy clients
• New awards emphasizing core utility distribution system upgrades

PHOENIX--(BUSINESS WIRE)-- Centuri Holdings, Inc. (NYSE: CTRI) (“Centuri” or the "Company"), a leading, North American utility infrastructure services company, today announced more than $360 million in new awards, primarily reflecting new project scopes for utility, energy, and data center customers. The project awards and a significant new customer Master Service Agreement (MSA) represent work servicing a diverse mix of end markets and comprise a broad geographic spread, with a focus on the Company’s core capabilities in gas, electric, and energy infrastructure solutions. This announcement builds on the nearly half a billion dollars in multi-year customer awards announced on March 24, 2025.

The work includes 1) construction of substation and underground electrical infrastructure to support development of data center sites; 2) a new scope of work to provide essential grid resiliency for a leading U.S. electric utility; 3) significant industrial, generation, and mechanical work for utility and energy clients in the Northeast; and 4) modernization of utility distribution infrastructure across the U.S. and Canada, including a significant Midwest water infrastructure project and core electric and natural gas system upgrades.

Centuri President and CEO Christian Brown said, “Our customers are experiencing unprecedented demands for electric power, natural gas resources, and grid resiliency driven by surging consumer usage, technological innovation — including AI —, and ongoing extreme weather events, all requiring investment in reliable infrastructure. We are pleased to leverage our full suite of capabilities to help utility and energy customers navigate these complex challenges and deliver on their commitments to their end consumers. Centuri remains focused on building our pipeline of opportunities to help existing and new customers fulfill their infrastructure needs today and for the future.”

Learn more about Centuri’s capabilities at https://centuri.com.

About Centuri

Centuri Holdings, Inc. is a strategic utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can often be identified by the use of words such as “will,” “predict,” “continue,” “forecast,” “expect,” “believe,” “anticipate,” “outlook,” “could,” “target,” “project,” “intend,” “plan,” “seek,” “estimate,” “should,” “may” and “assume,” as well as variations of such words and similar expressions referring to the future. Forward-looking statements could include (without limitation) statements regarding our confidence in our prospects to deliver value for our stockholders as an independent standalone company and our expectation to continue to build on our track record of delivering consistent growth by serving our customers across the utility value chain. A number of important factors affecting the business and financial results of Centuri could cause actual results to differ materially from those stated in any forward-looking statements. These factors include, but are not limited to, capital market risks and the impact of general economic or industry conditions. Factors that could cause actual results to differ also include (without limitation) those discussed in Centuri’s filings filed from time to time with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Centuri on its website or otherwise. Centuri does not assume any obligation to update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250401549612/en/

For Centuri Shareholders, contact:

(623) 879-3700

Investors@Centuri.com

For Centuri media information, contact:

Jennifer Russo

(602) 781-6958

JRusso@Centuri.com

Source: Centuri Holdings, Inc.

FAQ

What is the total value of new project awards announced by Centuri (CTRI) in this release?

Centuri (CTRI) announced over $360 million in new project awards across utility, energy, and data center markets.

What types of infrastructure projects are included in Centuri's (CTRI) new awards?

The projects include data center electrical infrastructure, grid resiliency work, industrial and mechanical work, and utility distribution system upgrades across US and Canada.

How much in customer awards did Centuri (CTRI) previously announce on March 24, 2025?

Centuri (CTRI) announced nearly $500 million in multi-year customer awards on March 24, 2025.

What market factors are driving demand for Centuri's (CTRI) infrastructure services?

Increasing consumer usage, technological innovation including AI, and extreme weather events are driving demands for electric power, natural gas resources, and grid resiliency.