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 Construction Company (NasdaqGS: STRL) announced that CEO Joe Cutillo and CFO Ronald Ballschmiede will present at the Jefferies Virtual Industrials Conference on August 4, 2021, at 2:00 PM ET. A live webcast of their presentation is scheduled from 2:00 to 2:25 PM ET, with an archived recording available for 30 days on the company’s website. Sterling operates through subsidiaries specializing in Heavy Civil, Specialty Services, and Residential projects across the U.S., focusing on infrastructure, land development, and concrete foundations.
Sterling Construction Company (NasdaqGS: STRL) plans to release its Q2 2021 financial results on August 2, 2021, after market close. A conference call is scheduled for August 3, 2021, at 9:00 am ET to discuss the results and outlook. The call will be accessible via phone at (201) 493-6744 or (877) 445-9755. A slide presentation will accompany the call and be available on www.strlco.com. The company operates in heavy civil, specialty services, and residential projects primarily in the U.S.
Sterling Construction Company (NasdaqGS: STRL) has amended its credit agreement with BMO Harris Bank, resulting in significant financial benefits. The interest rate on borrowings is reduced by two percentage points and mandatory quarterly payments drop from $12.5 million to $4.1 million. These changes, approved by all ten banks in the lending syndicate, are expected to lower pre-tax interest expenses by approximately $1.6 million per quarter for the remainder of 2021. The amendment reflects strong operational performance and aims to enhance growth and shareholder value.
Sterling Construction Company (NasdaqGS: STRL) announced that CEO Joe Cutillo and CFO Ronald Ballschmiede will present at the Stifel 2021 Virtual Cross Sector Insight Conference on June 9, 2021, at 10:00 AM EDT. The company’s management will also hold one-on-one meetings throughout the day. Interested parties can schedule meetings via their Stifel representative or Fred Buonocore. A live webcast of the presentation is available from 10:00 - 10:30 AM EDT, with an archived version accessible for 90 days on the company's investor relations webpage.
Sterling Construction Company reported strong financial results for Q1 2021, with revenues of $315.3 million, up from $296.7 million in Q1 2020. The gross margin improved to 14.3% compared to 11.9% the previous year. Operating income rose to $22.8 million from $12.1 million, while net income reached $10.6 million, significantly higher than $3.1 million in Q1 2020. Earnings per share (EPS) increased to $0.37 from $0.11. Cash from operations also saw substantial growth, totaling $38.7 million compared to $10.8 million in the previous year.
Sterling Construction Company (NasdaqGS: STRL) announced awards for approximately $170 million in projects during Q1 2021, enhancing its Specialty Services segment. Key projects involve data centers, distribution centers, e-commerce, and healthcare in Florida. CEO Joe Cutillo highlighted the segment's strong performance in winning and executing projects, bolstering a solid backlog with blue-chip clients. The company remains optimistic about its end markets' outlook throughout 2021, reinforcing its reputation for delivering consistent value.
Sterling Construction Company (NasdaqGS: STRL) plans to release its financial results for Q1 2021 on May 3, 2021, after market close. A conference call is scheduled for May 4, 2021, at 9:00 am ET to discuss the results and 2021 outlook. Participants can join by calling (201) 493-6744 or (877) 445-9755. A slide presentation will be available on the company’s website. Established in 1955, Sterling specializes in heavy civil, specialty services, and residential projects across the U.S., focusing primarily on the southern states and strategic locations.
Sterling Construction Company (NasdaqGS: STRL) announced that its subsidiary, Road and Highway Builders, LLC, secured a $20.8 million contract from the Nevada Department of Transportation. This project involves reconstructing 25 miles of I-80 in Pershing County, focusing on asphalt paving and bridge widenings to alleviate traffic congestion and enhance safety. CEO Joe Cutillo emphasized the company's capability to manage fast-tracked projects, which was pivotal in securing the contract. The company operates across various construction segments in key U.S. regions.
Sterling Construction Company (NasdaqGS: STRL) announced its subsidiary, J. Banicki Construction, has received a $10.5 million contract from the City of Phoenix and FAA for apron reconstruction at Phoenix Sky Harbor International Airport's Terminal 4. This contract is part of a larger $71 million project initiated in 2015. The project aims to enhance aircraft ground traffic and safety by constructing around 48,000 square yards of concrete apron and related infrastructure. CEO Joe Cutillo highlighted the company's strong track record as a key factor in securing this contract.
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