Southland Holdings, Inc. (NYSE:SLND) Q3 2023 Earnings Conference Call November 14, 2023 10:00 AM ET
Company Participants
Alex Murray - Corporate Development & Investor Relations
Frank Renda - President and Chief Executive Officer
Cody Gallarda - EVP, Chief Financial Officer
Conference Call Participants
Adam Thalhimer - Thompson, Davis & Company
Oliver Chornous - D.A. Davidson
Christian Schwab - Craig-Hallum Capital Group
Julio Romero - Sidoti & Company
Operator
Good morning. My name is Sergio and I will be your conference operator today. At this time, I would like to welcome everyone to the Southland Third Quarter 2023 Conference Call. All lines have been placed on mute to prevent any background noise. [Operator Instructions] Thank you.
Alex, you may begin conference.
Alex Murray
Good morning, everyone. This is Alex Murray, Director of Corporate Development and Investor Relations. Welcome to the Southland Third Quarter 2023 Conference Call. Joining me today are Frank Renda, President and Chief Executive Officer; and Cody Gallarda, Executive Vice President and Chief Financial Officer.
I'd like to begin with a gentle reminder. This conference call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking statements are uncertain and outside of Southland's control. Southland's actual results and financial condition may differ materially from those projected in forward-looking statements. Therefore, you should not rely on any of these forward-looking statements and we do not undertake any duty to update these statements.
For a discussion of some of the risks that could affect results, please see the Risk Factors section of our Form 10-Q we filed last night and our Form 10-K for the year ended December 31, 2022, and filed with the SEC on March 21, 2023. We will also refer to non-GAAP financial measures, and you will find reconciliations in the earnings release relating to this conference call, which can be found on the Investor Relations page of our website.
With that, I will now turn the call over to Frank.
Frank Renda
Thank you, Alex. Good morning, and thank you for joining Southland's Third Quarter 2023 Conference Call. Revenue for the quarter was $312 million. This is a decrease in revenue compared to the third quarter in the prior year of $335 million. The decrease in revenue in the quarter was driven by the timing of new project starts and the continued effort to close out legacy materials and paving projects. We are making good progress and have decreased the remaining M&P backlog to approximately $290 million, which is a decrease of 14% from last quarter.