Southland Holdings Lands $60M Wastewater Deal: Details

Southland Holdings, Inc. SLND shares are trading marginally lower on Wednesday.

The company announced today that a subsidiary in its Civil segment, Oscar Renda Contracting, has been awarded a $60 million contract to construct a new wastewater treatment plant in the Southwest.

The scope of work includes construction of new headworks, influent pump station, extended aeration basin, administration building, utility water station, and renovation of the crew building.

This award will be included in the fourth quarter 2024 backlog. Backlog at the quarter end was $2.74 billion, compared to $2.54 billion as of September 30, 2023.

In the recently reported third quarter, the company reported a gross loss of $51.1 million for the quarter ended September 30, 2024, compared to a gross profit of $29.5 million in the year-ago period.

The company exited the quarter with cash and equivalents worth $106.75 million. The firm’s long-term debt was $275.237 million.

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Southland’s President & Chief Executive Officer, Frank Renda, said in the recent quarterly report, “While this quarter was disappointing due to legacy project impacts, I remain very confident in Southland’s long-term outlook. We finished the quarter with the highest quarter-end cash balance we have had since becoming a public company and backlog of $2.7 billion. This positions us to capitalize on a promising pipeline of opportunities as demand for our services continues to be robust.”

Price Action: SLND shares are trading lower by 0.66% to $3.03 at last check Wednesday.

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