The following is a summary of the Southland Holdings, Inc. (SLND) Q3 2024 Earnings Call Transcript:
Financial Performance:
Q3 2024 revenue was $173 million, down from $312 million in Q3 2023.
Gross loss for Q3 2024 was $51 million, with unfavorable adjustments driving non-cash impacts and reduced recognized revenue.
Net loss for the quarter was $55 million, a significant decline from a net income of $4 million in Q3 2023.Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was negative $59 million for Q3 2024.
Business Progress:
Southland has a strong backlog for new core projects at approximately $2.5 billion, positioning well for future growth.
Completed significant transactions to strengthen balance sheet, including a $42.5 million real estate deal and a $160 million senior secured loan.
Focus on securing smaller, quicker-turnaround projects valued between $30 million and $150 million, alongside tracking larger infrastructure projects in Civil and Transportation sectors.
Opportunities:
New core projects and strategic focus are expected to drive profitability in 2025.
Significant pipeline of over $20 billion in transportation projects and additional major projects across various regions show robust opportunities for growth.
Risks:
Persistent challenges from legacy M&P and non-M&P projects expected to continue impacting financial results till their completion in 2025.
Recent natural disasters in the Southeast may influence the timeline and execution of ongoing and future projects.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
