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Southland Enters Financing Agreement and Credit Amendment
Southland announced that the Company entered into a financing agreement and credit amendment with certain surety partners. Frank Renda, Southland's President & Chief Executive Officer, said, "Entering into the Financial Assistance Agreement and Second Amendment to the Credit Agreement marks a significant milestone in the strategic plan we outlined earlier this year and provides us with greater flexibility to execute that plan. We are grateful for the continued partnership with the sureties and look forward to executing on our backlog under the support of these agreements."
Southland Q2 Revenue $113.3M, Below Estimates
Reports Q2 revenue $113.3M, two estimates $175.5M. "Our results this quarter were largely impacted by unfavorable non-cash adjustments related to legacy disputes," said Frank Renda, Southland's President & Chief Executive Officer. "Despite that impact, we continue to work toward finalizing a comprehensive financing agreement and credit amendment with our surety partners, and we're encouraged by their continued support and the confidence they've shown in our strategic plan. At the same time, we remain focused on capturing new opportunities in our core markets - most recently reflected in the Winnipeg North End Sewage Treatment Plant award we announced in July, which reinforces the strength of our core business as we work through this transition."
Southland Holdings Secures Approximately $25M in New Projects Through Subsidiaries
Southland Holdings was awarded approximately $25M in new projects through two of its subsidiaries, American Bridge Company and Oscar Renda Contracting. In the Caribbean, American Bridge Company was awarded multiple marine and port facility contracts, including the design-build installation of a conventional buoy mooring system, the installation of quay crane hurricane tie-down systems, and rock revetment and breakwater construction, among others. In the Southwest, Oscar Renda Contracting was awarded various emergency water infrastructure projects.
Southland Holdings Secures C$815M Contract in Winnipeg
Southland Holdings (SLND) announced that Red River Biosolids Partners, a joint venture comprised of Aecon (AEGXF), MWH Constructors, and Oscar Renda Contracting of Canada, a Southland subsidiary, in which each partner holds a 33.3% interest, has completed the collaborative development phase and has been awarded an approximately C$815M contract by the City of Winnipeg for the North End Water Pollution Control Centre Sewage Treatment Plant Upgrade - Biosolids Facilities progressive design-build project in Manitoba. Stantec is providing design services. Southland's share of the contract value, approximately C$272M, will be added to its Civil segment backlog in the third quarter of 2026. During the development phase, Red River Biosolids Partners advanced design and cost elements of the project. The construction phase will now begin to deliver new biosolids facilities and modifications to the existing facilities. Upgraded facilities operations are expected to commence in the fourth quarter of 2030, with final construction completion anticipated in the second quarter of 2031.
Southland Reports Q1 Revenue of $172.4M
Reports Q1 revenue $172.4M, two estimates $172.22M. "We are encouraged by the early progress made toward our strategic plan announced in March. Our strengthened capital position has improved operations, further evidenced by our Civil segment's 14% gross margin this quarter. While consolidated results reflect non-cash adjustments from certain legacy disputes, our core project portfolio continues to perform on plan," said Frank Renda, Southland's President & Chief Executive Officer. "As we continue to execute our plan, we remain focused on optimizing our asset base, maintaining strict bidding discipline and prioritizing the high-margin opportunities in our core end markets."
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