The following is a summary of the Southland Holdings, Inc. (SLND) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Southland Holdings reported a Q1 2024 revenue of $288 million, representing a 5% increase from the same quarter last year.

• The gross profit for the quarter was $20 million, a marginal increase from the $19 million in the same quarter of the previous year.

• The consolidated gross profit margin for the quarter was 7.1%, slightly higher than 6.9% in the previous year.

• Despite the Transportation segment facing challenges, the Civil segment yielded a gross profit margin of 21%, up from 12% in the same period previous year.

• The company concluded the quarter with a backlog worth $2.64 billion.

Business Progress:

• Southland Holdings secured around $100 million new contracts during the quarter, and an early start to Q2 bagged them another $350 million in new awards, which are not yet part of the backlog.

• The backlog is expected to see an increase from Q1 to Q2 due to the robust start in awards.

• The company is experiencing high demand for its services from public, government agencies, and private clients, facilitating business growth.

• The primary focus remains on capitalizing on opportunities within the U.S. market.

• Southland Holdings is also monitoring trends and long-term potential stemming from high demand for manufacturing facilities and data centers in the U.S.

• The company predicts improvements in cash flow from operations through to the end of 2024, maintaining the trend established in '21, '22, and '23.

• Southland Holdings is poised to confirm $350 million worth of new awards for Q2 and anticipates a growth in backlog with impending proposals, with a strategic plan to pursue growth in a controlled manner to sustain profit margins.

More details: Southland Holdings IR

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