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 (NasdaqGS: STRL) announced its participation in three upcoming investor conferences. The company will present at the Stifel 2024 Cross Sector Insight Conference on June 4, the William Blair 44th Annual Growth Stock Conference on June 5, and the 2024 Wells Fargo Industrials Conference on June 11. Each event will feature a company presentation and one-on-one investor meetings. Webcasts of the presentations will be accessible via the investor relations section of Sterling's website for 90 days post-event. Investors can contact Noelle Dilts for additional details.
Sterling Infrastructure (NasdaqGS: STRL) announced on May 15, 2024, the promotion of Sharon Villaverde to Chief Financial Officer (CFO) and Chief Accounting Officer (CAO), effective May 13, 2024. Sharon succeeds Ron Ballschmiede, who has been with Sterling as Executive VP, CFO, and CAO since November 2015, and will remain Executive VP until his planned retirement later this year. Sharon brings 30 years of experience in accounting and finance in diverse industries such as telecommunications, construction, and defense contracting. Prior to Sterling, she held leadership roles at Dycom Industries, Natus Medical, Lockheed Martin, and Alcon. Sterling's CEO, Joe Cutillo, praised Sharon's expertise and is optimistic about the opportunities ahead. Ron Ballschmiede expressed pride in Sterling's transformation and looks forward to the transition and his retirement. Sharon is honored to lead Sterling's financial teams and contribute to its growth.
Sterling Infrastructure, Inc. reported record first quarter 2024 results with revenues of $440.4 million, a 9% increase, gross margin of 17.5%, a net income of $31.0 million, an increase of 58%, and EBITDA of $55.7 million, a 21% increase. The CEO highlighted strong performance in various business segments and positive outlook for the year, maintaining revenue and EBITDA guidance while raising net income and EPS guidance.
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