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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 announced robust 2022 financial results, reporting revenues of $448.6 million for Q4, up 26% year-over-year. Full-year revenue increased 25% to $1.9 billion. Net income for 2022 reached $106.5 million, or $3.48 per diluted share, compared to $62.6 million in 2021. The company saw significant EBITDA growth, with EBITDA up 51% for the year. Sterling's optimism for 2023 includes guidance of $1.9 billion to $2.0 billion in revenue and net income between $104 million to $110 million. The firm highlighted a record backlog of $1.41 billion, supporting future growth.
Sterling Infrastructure, Inc. (NASDAQ: STRL) announced that its subsidiary, Plateau, secured a major site development project covering over 600 acres for Hyundai Engineering America in Georgia, linked to the state's booming electric vehicle (EV) sector. This project is part of the largest economic development initiatives in Georgia’s history. CEO Joe Cutillo emphasized the company’s capability to handle demanding projects, positioning Sterling to benefit from the growing EV and chip manufacturing markets along the East Coast. The company operates in various sectors, focusing on sustainability and responsible infrastructure development.
Sterling Infrastructure, Inc. (STRL) announced plans to release its financial results for the fourth quarter and full year 2022 on February 27, 2023, after market close. A conference call will take place on February 28, 2023, at 9:00 am ET to discuss these results and the company's outlook for 2023. Participants can join by calling (201) 493-6744 or (877) 445-9755. The call will be available for archiving on Sterling's website for 30 days. The company focuses on E-Infrastructure, Transportation, and Building Solutions primarily in the U.S. and emphasizes sustainability in its operations.
Sterling Infrastructure reported new awards totaling $260 million in its E-Infrastructure Solutions segment for Q4 2022, marking a significant growth phase for the company. This segment is identified as the fastest-growing, driven by increasing demand for large-scale site development services for warehouses, data centers, and mixed-use facilities. CEO Joe Cutillo highlighted strong market demand, emphasizing Sterling's reliable execution for blue-chip clients. The company is well-positioned for sustainable construction trends in 2023.
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.
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