Welcome to our dedicated page for Sterling Infrastructure news (Ticker: STRL), a resource for investors and traders seeking the latest updates and insights on Sterling Infrastructure stock.
Sterling Infrastructure, Inc. (NasdaqGS: STRL) is a premier heavy civil construction company specializing in building and reconstruction projects across the United States. With a focus on transportation and water infrastructure, Sterling operates through three main segments: Transportation Solutions, E-Infrastructure Solutions, and Building Solutions.
Transportation Solutions encompasses projects such as highways, roads, bridges, airfields, ports, and light rail. Recent projects include a $155 million contract for runway extension at the Lihue Airport in Kauai, Hawaii, and two highway projects in Nevada totaling $78 million.
E-Infrastructure Solutions provide advanced site development services for large-scale projects like data centers, e-commerce distribution centers, warehousing, and energy infrastructures. Notable achievements include a $100 million data center project in the southeastern U.S. and significant contributions to the manufacturing and power generation sectors.
Building Solutions focuses on residential and commercial foundations, including single-family homes, multi-family units, parking structures, and elevated slabs. Sterling also excels in plumbing services for new residential builds. The segment has experienced considerable growth, with its residential markets remaining robust despite a slight decline in the commercial sector.
Financially, Sterling continues to exhibit strong performance. For 2023, the company reported a revenue increase of 11.5% over the previous year and net income of $138.7 million. The first quarter of 2024 saw a 9% revenue growth, with the company's backlog reaching over $2.35 billion, reflecting increasing demand in data center and aviation markets.
Under the leadership of CEO Joe Cutillo, Sterling has committed to sustainability and responsible operations. This commitment is evident in their strategic initiatives and investments in advanced technologies and innovative solutions. The company recently appointed Sharon Villaverde as Vice President of Finance, further strengthening its executive team.
For detailed financial information, recent news, and updates on Sterling Infrastructure, Inc., visit their official website or contact their Investor Relations.
Sterling Infrastructure (STRL) announced an amendment to its Road and Highway Builders, (RHB) Operating agreement on December 31, 2024. While the amendment doesn't affect RHB's contribution to Sterling's consolidated net income, it changes how RHB results are reported under GAAP. Sterling has held a 50% ownership in RHB since 2012, with Rich Buenting owning the other 50%.
The amendment modifies succession planning and introduces four alternatives in case of Buenting's death or disability. Under the new GAAP requirements, Sterling will no longer consolidate RHB's results. RHB's expected revenue of $230-240 million in 2024 will not be included in Sterling's consolidated revenue for 2025. Additionally, Sterling's consolidated backlog figures will exclude RHB's estimated backlog of $425-475 million as of December 31, 2024.
Sterling Infrastructure (NasdaqGS: STRL) has announced its participation in the upcoming UBS Global Industrials and Transportation Conference. The event will take place on December 3, 2024, at the Eau Resort & Spa in Palm Beach. Sterling's management team will be available for one-on-one meetings with investors during the conference. Interested parties can arrange meetings through their representatives or by contacting Noelle Dilts directly.
Sterling Infrastructure (NasdaqGS: STRL) announced that Thomas M. White will retire from the company's Board of Directors effective December 31, 2024. White, who has served as Board Chairman since December 2019, joined the Board in July 2018 and was a member of the Audit, Compensation & Talent Development, and Corporate Governance & Nominating Committees. The Corporate Governance & Nominating Committee is currently working to determine White's successor.
Sterling Infrastructure (NasdaqGS: STRL) reported record third quarter 2024 results with a 6% revenue increase to $593.7 million, a 56% rise in net income to $61.3 million, and EBITDA up 42% to $100.8 million. Gross margins improved to 21.9%, and operating cash flows reached $322.8 million for the first nine months of 2024. The company's cash and cash equivalents totaled $648.1 million, and the combined backlog was $2.37 billion as of September 30, 2024. CEO Joe Cutillo highlighted significant growth in the E-Infrastructure Solutions segment, with operating income up 89% and a 90% increase in data center-related revenue. The Transportation Solutions segment saw 18% revenue growth. However, the Building Solutions segment experienced a 10% revenue decline. Sterling raised its full-year 2024 guidance, expecting revenue between $2.150 billion and $2.175 billion, net income of $180 million to $185 million, and EBITDA of $310 million to $315 million.
Sterling Infrastructure (STRL) has announced its participation in two upcoming investor conferences. The company will attend the Baird Global Industrial Conference on November 13-14, 2024, at The Ritz-Carlton, Chicago, with a presentation scheduled for November 14th from 10:15-10:45 AM CT. Additionally, Sterling will participate in the Southwest IDEAS Conference on November 20, 2024, at The Statler Dallas, presenting from 4:10-4:45 PM CT.
Management will conduct one-on-one meetings with investors at both events. The Southwest IDEAS Conference presentation will be available via webcast, and recordings will be accessible on Sterling's website for 90 days following the event.
Sterling Infrastructure (NasdaqGS: STRL) has announced its schedule for the 2024 third quarter financial results release. The company will issue results on Wednesday, November 6, 2024, after market close, followed by a conference call on Thursday, November 7, 2024, at 10:00 am ET/9:00 am CT.
Investors can join the call by dialing (800) 836-8184 and should call ten minutes before the scheduled start. A slide presentation will be available on Sterling's website in the Events & Presentations section. The call will also be available via webcast on www.strlco.com, with a 30-day archive period for those unable to attend live.
Sterling Infrastructure (NASDAQ: STRL) has announced its participation in the D. A. Davidson 23rd Annual Diversified Industrials & Services Conference on September 19, 2024, at the Four Seasons Hotel in Nashville, TN. The company's presentation is scheduled for 8:00-8:35 am ET.
Management will engage in a fireside chat and host one-on-one meetings with investors. Interested parties can access the webcast through Sterling's investor relations website. The presentation will be archived for 90 days after the live event.
Investors wishing to attend should contact their representatives or Noelle Dilts at noelle.dilts@strlco.com. This conference provides an opportunity for Sterling to showcase its business to potential investors and industry professionals.
Sterling Infrastructure (STRL) has announced the retirement of Charles R. Patton from its Board of Directors, effective September 1, 2024. Patton has served on the Board since 2013 and is a member of the Corporate Governance & Nominating Committee and the Compensation Committee. Thomas M. White, Chair of Sterling's Board, expressed gratitude for Patton's 11 years of service, highlighting his significant contributions and dedication to the company. White emphasized Patton's role in guiding Sterling through its transformation and growth, acknowledging his expertise and engagement. The Board extended well wishes to Patton for his retirement.
Sterling Infrastructure (NasdaqGS: STRL) has announced the appointment of Dan Govin as Chief Operating Officer (COO). Govin brings 30 years of experience in operations and leadership to Sterling, with a significant background in the energy infrastructure industry. He previously held the position of Regional President at Quanta Services and has an MBA from Rollins College.
In his new role, Govin will be responsible for leading the execution of Sterling's strategic and operational activities. CEO Joe Cutillo expressed confidence that Govin's strategic vision, successful track record of business growth, and history of operational excellence will be instrumental in shaping Sterling's future and delivering greater value to shareholders.
Sterling Infrastructure (NASDAQ: STRL) reported record second quarter 2024 results and raised full-year guidance. Key highlights include:
- Revenue increased 12% to $582.8 million
- Gross margin improved to 19.3% from 17.7%
- Net income rose 31% to $51.9 million, or $1.67 per diluted share
- EBITDA grew 18% to $87.0 million
- Combined backlog at quarter-end was $2.45 billion
The company raised its full-year 2024 guidance, now expecting:
- Revenue of $2.150-$2.225 billion
- Net income of $175-$180 million
- Diluted EPS of $5.60-$5.75
- EBITDA of $300-$310 million
CEO Joe Cutillo highlighted strong performance across segments, with E-Infrastructure Solutions showing significant margin expansion and Transportation Solutions delivering robust growth.
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