Southland Holdings, Inc. announced its third-quarter 2024 financial results on November 12, 2024, reporting a revenue of $173.3 million, a 44.5% decrease from $312.5 million in Q3 2023. The Materials & Paving (M&P) business contributed $17.5 million to revenue.
The company recorded a gross loss of $51.1 million, a substantial decline from a gross profit of $29.5 million in the prior-year quarter, resulting in a gross margin of (29.5)%. The M&P business negatively impacted gross loss by $18.3 million.
Net loss attributable to Southland stockholders was $(54.7) million, or $(1.14) per share, compared to net income of $3.8 million, or $0.08 per share, in Q3 2023. Despite these losses, the company reported a quarter-end cash balance of $91.4 million, the highest since becoming a public company, and a backlog of $2.7 billion.
CEO Frank Renda acknowledged the disappointing quarter due to legacy project impacts but expressed confidence in Southland's long-term outlook. He highlighted the robust demand for the company's services and the strong backlog as key positioning factors for future opportunities.
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