Shares of Centuri Holdings Inc. (CTRI) surged 5.18% in pre-market trading on Wednesday following the company's announcement of record-breaking third-quarter results and an improved full-year outlook. The infrastructure services provider reported strong revenue growth and a significant increase in its project backlog, signaling robust demand for its services.

Centuri achieved a company record quarterly revenue of $850.0 million, representing an 18.1% increase compared to $720.1 million in the third quarter of 2024. This substantial growth was broad-based across all segments, with Canadian Gas leading at nearly 40% growth, followed by Union Electric at 25%, Non-Union Electric at 16%, and U.S. Gas at 13%. The company's adjusted earnings per share rose to $0.19, up from $0.06 in the same period last year, although this fell short of analysts' expectations of $0.29 per share.

In response to the strong performance, Centuri raised its full-year 2025 revenue guidance to a range of $2.8 billion to $2.9 billion, up from the previous guidance of $2.70 billion to $2.85 billion. This increase reflects the company's confidence in its base business growth, which is expected to more than offset lower forecasted storm restoration services.

Centuri's President & CEO Christian Brown highlighted the company's commercial achievements, stating, "Our booking activity of $815 million during the quarter brought our year-to-date awards to over $3.7 billion with nearly 80% of new awards secured in the third quarter representing new opportunities." The company reached a record high backlog of $5.9 billion, a 59% increase from year-end 2024, providing clear visibility into sustained growth trajectory.

Investors seem particularly encouraged by Centuri's robust sales pipeline of $13 billion, including near-term MSA renewals and strategic bids of $3.0 billion. This strong commercial momentum, combined with operational improvements and strategic initiatives, positions the company well to achieve double-digit base revenue and base gross profit growth in 2026.

While the pre-market surge reflects investor optimism, it's worth noting that Centuri's adjusted EBITDA guidance for 2025 was revised to $240 to $250 million from the previous $250 to $270 million, consistent with lower expected storm restoration services. However, the market appears to be focusing on the company's strong revenue growth and positive long-term outlook.