Centuri reported third-quarter revenue of $1.15B, against $1.06B expected, and earnings per share of $0.42, $0.19 better than expected. It also raised its 2026 revenue guidance to a range of $3.8B to $3.9B.

The margin is the more telling number. Gross profit margin reached 9.5% in the quarter, up from 7.2% in the second. Christian Brown, president and chief executive, said workforce and capacity investments made in the first half produced productivity gains that lifted it.

Yet the company's first view of 2027 looks cautious on that measure. It has set a preliminary gross profit margin target of 8.5% to 9.0%, below what it has just delivered. That suggests management does not expect the quarter's rate to hold, or does not want to promise that it will.

The rest of the 2026 outlook is more detailed. Centuri guides adjusted gross profit to $305M to $315M, adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) to $290M to $300M, and adjusted net income to $80M to $90M. Net capital expenditure is guided to $60M to $70M.

For 2027, the preliminary revenue target is growth in the mid-teens in percentage terms, which points to further expansion from the 2026 base.

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