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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, 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.
Southland Holdings announced its Q1 2024 results, reporting a revenue of $288.1 million, a 5% increase from Q1 2023's $274.8 million. The gross profit rose to $20.4 million, up from $18.9 million. However, the company faced a net loss of $0.4 million, significantly improved from the $4.7 million loss in Q1 2023. The Adjusted EBITDA fell to $10.9 million from $12.7 million. The backlog decreased to $2.64 billion from $2.83 billion as of December 31, 2023. Despite the improvements in revenue and gross profit, the company saw a decline in its Adjusted EBITDA and backlog, affecting its long-term outlook.
Southland Holdings (NYSE American: SLND) reported its Q1 2024 results. The company saw a 5% increase in revenue to $288.1 million compared to Q1 2023's $274.8 million. Gross profit rose to $20.4 million from $18.9 million, with a margin increase from 6.9% to 7.1%. The net loss attributable to stockholders decreased significantly to $0.4 million, or $(0.01) per share, from $4.7 million, or $(0.11) per share, in Q1 2023. Adjusted EBITDA fell to $10.9 million from $12.7 million. Southland's backlog decreased to $2.64 billion from $2.83 billion at the end of December 2023. Selling, general, and administrative expenses dropped by 7.6% to $14.4 million. The company highlighted strong demand in its core markets due to substantial federal and local infrastructure investments.
Southland Holdings, awarded a $202 million contract to construct the Bull Run Filtration Facility Project in Portland, Oregon, through its subsidiary Oscar Renda Contracting. The project includes various water filtration components to provide safe drinking water to approximately one million residents in three counties. The project is expected to be completed in the second quarter of 2024.
Southland Holdings, a specialized infrastructure construction services provider, will release its first quarter 2024 results on May 13, 2024. A conference call will be held on May 14, 2024, accessible online.
Southland Holdings, a company listed under NYSE American as SLND, announced that its subsidiaries, Oscar Renda Contracting and Southland Contracting, secured three new civil segment projects worth $150 million. These projects involve water pipeline, tunnel, and water treatment plant improvements, contributing to the company's second quarter 2024 backlog.
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