Southland Holdings, Inc. (SLND) Q4 2024 Earnings Call Transcript
Fourth Quarter Revenue $267 million, down $49 million from the fourth quarter of 2023.
Fourth Quarter Gross Profit $8 million, down from $21 million for the fourth quarter of 2023.
Fourth Quarter Gross Profit Margin 3%, compared to 6.7% in the fourth quarter of 2023.
Fourth Quarter SG&A Expenses $16 million, a decrease of $4.2 million compared to the fourth quarter of 2023, primarily driven by reduced compensation expense.
Fourth Quarter Interest Expense $9.6 million, an increase of $3.9 million compared to the fourth quarter of 2023, attributable to higher debt balances and elevated borrowing costs.
Fourth Quarter Income Tax Benefit $14 million, compared to an income tax expense of $2.9 million in the same period last year, driven by changes in effective tax rate and recognition of deferred tax liabilities.
Fourth Quarter Net Loss $4 million or negative $0.09 per share, compared to a net loss of $6 million or negative $0.12 per share in the fourth quarter of 2023.
Fourth Quarter EBITDA Negative $3 million, compared to EBITDA of $9 million for the fourth quarter of 2023.
Full Year Revenue $980 million, down from the full year 2023.
Full Year Gross Profit Negative $63 million, a decrease from a positive $36 million from the full year 2023.
Full Year Gross Loss Margin Negative 6.4%, compared to a positive 3.1% in 2023.
Full Year SG&A Expenses $63 million, a decrease of $4 million compared to the prior year, primarily driven by a decrease in compensation-related expenses.
Full Year Interest Expense $30 million, an increase of $10 million compared to 2023, attributable to increased borrowing costs and higher debt balances.
Full Year Income Tax Benefit $47 million on a pre-tax loss of $152 million, effective tax rate of 31%, compared to a tax benefit of $9 million on a pre-tax loss of $27 million in 2023.
Full Year GAAP Net Loss $105 million or negative $2.19 per share, compared to a net loss of $19 million or negative $0.41 per share last year.
Civil Segment Revenue (Full Year) $323 million, a decrease of $14 million from full year 2023.
Civil Segment Gross Profit (Full Year) $17 million, a decrease from $52 million from full year 2023.
Civil Segment Gross Profit Margin (Full Year) 5.2%, compared to 15.3% for 2023.
Transportation Segment Revenue (Full Year) $657 million, a decrease of approximately $166 million from full year 2023.
Transportation Segment Gross Loss (Full Year) $80 million, compared to a gross loss of $16 million from full year 2023.
Transportation Segment Gross Profit Margin (Full Year) Negative 12%, compared to negative 1.9% in 2023.
Net Debt (End of Year) $213 million, inclusive of cash and restricted cash of $88 million.
Total Backlog (End of Year) Just under $2.6 billion.
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Southland Holdings (SLND) Price Target Raised by 10.14% to $6.46
Price Target Update: The average one-year price target for Southland Holdings (NYSEAM:SLND) has been revised to $6.46 per share, reflecting a 10.14% increase from the previous estimate of $5.86, with a potential range between $5.05 and $8.40 per share.
Fund Sentiment: There are currently 127 funds reporting positions in Southland Holdings, with a 2.42% increase in ownership over the last quarter, and total shares owned by institutions rising by 21.35% to 7,791K shares.
Shareholder Activity: Verus Capital Partners significantly increased its holdings by 55.33% to 1,455K shares, while Gendell Jeffrey L and Palogic Value Management both reported decreases in their portfolio allocations, with Gendell reducing by 33.73% and Palogic by 23.29%.
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