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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) 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.
Sterling Infrastructure (NasdaqGS: STRL) has announced its plans to release second quarter 2024 financial results on Monday, August 5, 2024, after market close. The company will host a conference call on Tuesday, August 6, 2024, at 9:00 am ET/8:00 am CT to discuss the results and the 2024 outlook.
Interested parties can join the call by dialing (800) 836-8184. A slide presentation will be available on Sterling's website prior to the call. For those unable to attend live, a webcast will be accessible on the company's website and archived for thirty days.
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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