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Southland Holdings, Inc. (SLND) is a multi-faceted industry leader, recognized as one of the world’s largest heavy civil construction firms. The company operates through a family of five companies: Southland Contracting, Oscar Renda Contracting, Johnson Bros., Mole Constructors, and Heritage Asphalt. With thousands of professionals stationed globally, Southland Holdings delivers projects across the United States, Canada, the Middle East, and Africa.
Southland Holdings specializes in infrastructure construction projects ranging from water conveyance systems and tunnels to long-span bridges and vertical structures. The company’s leaders combine a deep understanding of the construction industry with a forward-thinking vision, contributing to its impressive growth and over $2 billion in active projects.
In recent developments, Southland Holdings' President and CEO, Frank Renda, stated that the quarter's results show a positive impact from newly awarded projects in both the Civil and Transportation segments. Despite a decline in consolidated revenues compared to the same period last year, the core business maintained strong margins, offset by legacy projects with lower margins. The company sees elevated bidding opportunities, expected to continue into 2024, driven by funds from the Infrastructure Investment and Jobs Act (IIJA) allocated towards critical infrastructure projects across the country.
Southland Holdings is known for its resourcefulness and multi-faceted approach, leveraging extensive design, construction, and management expertise to build in some of the world's most challenging conditions. By self-performing many of its operations, the company ensures high quality and efficiency in its project delivery.
Southland Holdings (NYSE: SLND) has announced the conversion of $20 million in promissory notes held by management into common stock. The company issued 5,830,899 shares at $3.43 per share to three key executives: Frank Renda (President and CEO), Rudy Renda (Co-COO and EVP), and Tim Winn (Co-COO and EVP). The transaction, completed on December 27, 2024, was conducted as a private placement under Section 4(a)(2) of the Securities Act and Regulation D. The conversion aims to strengthen the company's balance sheet and reflects management's confidence in Southland's long-term value potential.
Southland Holdings subsidiary Oscar Renda Contracting has secured a $60 million contract for the construction of a new wastewater treatment plant in the Southwest. The project encompasses comprehensive infrastructure development, including new headworks, influent pump station, extended aeration basin, administration building, utility water station, and crew building renovation. The contract will be added to the company's fourth quarter 2024 backlog.
Southland Holdings (NYSE: SLND) reported disappointing Q3 2024 financial results. Revenue decreased 44.5% to $173.3 million compared to $312.5 million in Q3 2023. The company recorded a gross loss of $51.1 million versus a gross profit of $29.5 million in the prior year. Net loss attributable to stockholders was $54.7 million, or $(1.14) per share, compared to net income of $3.8 million, or $0.08 per share in Q3 2023. EBITDA was negative at $(58.7) million versus $22.3 million last year. Despite poor quarterly performance, backlog remained strong at $2.74 billion, up from $2.54 billion year-over-year.
Southland Holdings (NYSE American: SLND) has announced it will release its third quarter 2024 financial results on Tuesday, November 12, 2024, after market close. The specialized infrastructure construction services provider will host a conference call to discuss the results on Wednesday, November 13th, 2024, at 10:00 a.m. Eastern Time. The call will be accessible through the company's website, and a replay will be available afterward.
Southland Holdings (NYSE American: SLND) has announced the closing of a new $160 million senior secured term loan facility with Callodine Commercial Finance, The facility includes a $140 million initial draw term loan and a $20 million committed delayed draw term loan, both due in 2028. From the initial $140 million, $96 million was used to refinance existing debt, $37.8 million will be available for general corporate purposes, and the remainder covers transaction costs.
The new facility replaces Southland's previous revolving credit facility and certain equipment notes. CEO Frank Renda stated that this move strengthens Southland's balance sheet and provides financial flexibility for executing their plan and pursuing opportunities in core markets. Texas Capital Securities served as the exclusive financial advisor for the transaction.
Southland Holdings, Inc. (NYSE American: SLND) announced that its joint venture, Red River Biosolids Partners General Partnership, has executed a contract with the City of Winnipeg for the North End Sewage Treatment Plant Biosolids Facilities Upgrade project. The joint venture includes Southland's subsidiary, Oscar Renda Contracting of Canada Inc., Aecon Group Inc. (TSX: ARE), and MWH Constructors Canada
The project begins with a development phase contract valued at approximately $70 million USD, of which Southland holds a 33.3% share. This will be added to Southland's backlog in Q3 2024. The scope includes designing and constructing a new biosolids facility and modifying existing primary clarification. The North End Sewage Treatment Plant provides 70% of Winnipeg's wastewater treatment capacity.
Southland Holdings (NYSE American: SLND) has announced that its subsidiary, Oscar Renda Contracting, has been awarded a $132 million contract by the Bureau of Reclamation. The project involves constructing a new water treatment plant, including a storage facility and site improvements. The scope also includes demolition of existing structures. Southland secured this contract based on offering the best value to their long-standing client. This significant award will be included in the company's third quarter 2024 backlog.
Southland Holdings (NYSE: SLND) reported Q2 2024 financial results, showing a revenue decrease of 2.1% to $251.5 million compared to Q2 2023. The company experienced a gross loss of $40.0 million, up from $33.8 million in Q2 2023. Net loss attributable to stockholders widened to $46.1 million, or $(0.96) per share, compared to $12.8 million, or $(0.27) per share in Q2 2023. Adjusted EBITDA was $(49.9) million. The company settled several contract disputes, resulting in a $40 million non-recurring charge in Q2. Despite challenges, Southland reported positive cash flow from operations of $27.4 million and new awards of $374.8 million. The backlog stood at $2.74 billion as of June 30, 2024.
Southland Holdings (NYSE American: SLND) has announced its schedule for the release of second quarter 2024 financial results. The company, a leading provider of specialized infrastructure construction services, will disclose its Q2 2024 results on Monday, August 12, 2024, after market close. Additionally, Southland will host a conference call on Tuesday, August 13, 2024, at 10:00 a.m. Eastern Time to discuss the results. Investors and interested parties can access the call through the company's website or a provided link. A replay of the conference call will be made available on Southland's website following the event.
Southland Holdings, Inc. (NYSE American: SLND) has completed a $42.5 million sale-leaseback transaction involving three properties in Texas and Pennsylvania. The proceeds will be allocated as follows:
- $25 million for general corporate purposes
- $16 million for debt reduction
- Remainder for transaction-related expenses
This strategic move aims to optimize Southland's asset portfolio and improve its financial position. The sale-leaseback structure allows the company to maintain operational control of the properties while freeing up capital for other business initiatives and debt management.
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