Centuri Holdings, a prominent utility infrastructure services provider with over a century of history, completed its separation from Southwest Gas Holdings and launched as an independent public company in mid-2024. The company serves mainly regulated electric and gas utilities across the U.S. and Canada via long-term master service agreements (MSAs), driving a solid revenue base focused on maintenance and modernization of distribution networks. Despite record revenue results, recent quarterly earnings missed analyst expectations, highlighting operational cost pressures and cash flow volatility. Centuri maintains a robust geographic footprint and diversified portfolio but faces challenges from elevated leverage and softer free cash flow performance amid fleet optimization efforts and evolving contract mix.