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, Inc. (NASDAQ: STRL) has been recognized as one of Barron's Stock Picks for 2023, highlighting its robust business fundamentals and strategic management focus since 2016. The company has shown impressive earnings growth, with projections rising from 93 cents per share in 2018 to an anticipated $3.14 in 2022. Key factors contributing to Sterling's positive outlook include effective bidding processes, reduced risk, and benefits from the infrastructure act, along with strong financing and free cash flow.
Sterling Infrastructure, Inc. (NASDAQ: STRL) has announced the acquisition of Concrete Construction Services of Arizona L.L.C. (CCS) for
Sterling Infrastructure, Inc. (NASDAQ: STRL) entered an agreement to sell its 50% stake in Myers & Sons Construction for $18 million. The sale includes an upfront payment of $12 million due in early 2023, with additional payments of $2 million over subsequent years. This divestiture aligns with Sterling's strategy to enhance margins by reducing its low-bid highway project portfolio. The company anticipates recognizing a $11 million to $13 million after-tax gain from this sale, despite a potential loss on the transaction.
Sterling Infrastructure, Inc. (NASDAQ: STRL) announced that Ralph L. Wadsworth Construction Company has been awarded the Phase 4 Terminal Redevelopment Program at Salt Lake City International Airport. This project includes significant civil and electrical work for the gate expansion of the new North Concourse and the demolition of existing infrastructure. CEO Joe Cutillo highlighted that Sterling has secured over $200 million in aviation projects with Salt Lake City's department of airports over the last three years, demonstrating their strategic focus on expanding their Transportation Solutions segment.
Sterling Infrastructure, Inc. (STRL) announced that Texas Sterling Construction was awarded an Indefinite Delivery/Indefinite Quantity contract by U.S. Customs and Border Protection in El Paso, Texas. The contract focuses on developing critical infrastructure for border security, including roads and utilities. CEO Joe Cutillo highlighted this award as a testament to Sterling's strategic shift from low-bid heavy highway work and emphasized the company’s strong capabilities and established relationships with key agencies.
Sterling Infrastructure reported remarkable third quarter 2022 results, with total revenue of $556.9 million—a 20% increase year-on-year. Net income rose to $29.5 million or $0.97 per diluted share, marking a 40% increase. EBITDA increased by 50% to $60.2 million. The company’s backlog stood at $1.67 billion, up 12% from December 2021. In light of these strong results, Sterling adjusted its full-year guidance, forecasting revenue of $1.90 billion to $1.92 billion and net income between $94 million and $98 million.
Sterling Infrastructure, Inc. (STRL) announced that its subsidiary, Ralph L. Wadsworth Construction Company, has secured two projects in Idaho worth over $34 million. These projects involve upgrades to the I-86 freeway system and a design-build concrete package for a food processing facility, part of Idaho's 'Leading Idaho' initiative. CEO Joe Cutillo emphasized the company's commitment to high-quality work and infrastructure improvement. The projects are significant to address Idaho’s rapid population growth, enhancing safety and alleviating traffic congestion.
Sterling Infrastructure, Inc. (NASDAQ: STRL) will release its third-quarter 2022 financial results on October 31, 2022, after market close. A conference call is scheduled for November 1, 2022, at 9:00 AM ET to discuss the results and 2022 outlook. Participants can join by calling (201) 493-6744 or (877) 445-9755. A slide presentation will be available on Sterling's website. Sterling operates in the segments of E-Infrastructure, Transportation, and Building Solutions.
Sterling Infrastructure, Inc. (NASDAQ: STRL) announced its E-Infrastructure Solutions segment secured new awards worth $309 million in Q3 2022, marking a record booking for the quarter. The segment leads Sterling's growth, driven by demand for warehouses, data centers, and e-commerce distribution centers. CEO Joe Cutillo highlighted the recent Rivian award, expected to enhance their backlog in Q4, indicating sustained industrial opportunities through 2023.
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