Centuri Holdings Business Summary

Centuri Holdings, Inc. (CTRI) operates as a pure-play North American utility infrastructure services provider, generating revenue primarily through long-term Master Service Agreements (MSAs) that account for approximately 86% of its $5.9 billion backlog. The company’s operations are divided into two primary reportable segments: Gas Utility Services, which focuses on the maintenance, repair, and installation of natural gas distribution systems, and Electric Utility Services, which provides grid modernization, transmission upgrades, and renewable energy interconnection. Centuri leverages a high-density regional workforce to capitalize on the multi-decade cycle of aging infrastructure replacement and the transition to clean energy across the U.S. and Canada. In a competitive landscape featuring large-scale peers such as Quanta Services (PWR), MasTec (MTZ), and MYR Group (MYRG), Centuri maintains a top-tier position as a preferred independent contractor for major investor-owned utilities, holding an estimated 25% market share in its core geographic maintenance regions. Following its 2024 spinoff from Southwest Gas Holdings, the company is led by President and CEO Christian Brown, who brings a distinguished pedigree from Kentz Engineers & Constructors—where he scaled revenues from $700 million to $3.9 billion—and EnerMech. He is supported by EVP and CFO Gregory A. Izenstark, a veteran financial executive who has overseen Centuri’s accounting and capital allocation strategies since 2014. The company’s strategic trajectory is notably influenced by major investor Carl C. Icahn, whose Icahn Enterprises maintains a 16.17% stake and board representation through Dustin DeMaria. This leadership core, overseen by Board Chair Chris Krummel, is currently focused on high-growth adjacencies including data center power connectivity and the integration of the recently acquired Connect Atlantic Utility Services to expand its Canadian electric infrastructure footprint.