Sterling Reports Record Fourth Quarter and Full Year 2024 Results and Provides Full Year 2025 Guidance
Sterling Infrastructure (NASDAQ: STRL) reported strong Q4 and full-year 2024 results, with Q4 revenues reaching $498.8 million (+3%) and gross margin improving to 21.4%. Q4 net income surged to $113.2 million ($3.64 per diluted share), though adjusted net income was $45.5 million ($1.46 per diluted share) excluding one-time gains.
For full-year 2024, revenue grew 7%, with net income of $257.5 million ($8.27 per diluted share) and adjusted net income of $189.9 million ($6.10 per diluted share). The company generated $497.1 million in operating cash flow and ended with $664.2 million in cash.
The E-Infrastructure Solutions segment showed notable strength, with 50% operating income growth and expanding margins to 24.1%. Data center revenue increased over 50% year-over-year. For 2025, Sterling projects revenue of $2.00-2.15 billion, net income of $215-230 million, and adjusted EBITDA of $395-420 million.
Sterling Infrastructure (NASDAQ: STRL) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con ricavi del quarto trimestre che hanno raggiunto i 498,8 milioni di dollari (+3%) e un margine lordo migliorato al 21,4%. L'utile netto del quarto trimestre è aumentato a 113,2 milioni di dollari (3,64 dollari per azione diluita), sebbene l'utile netto rettificato fosse di 45,5 milioni di dollari (1,46 dollari per azione diluita) escludendo guadagni una tantum.
Per l'intero anno 2024, i ricavi sono cresciuti del 7%, con un utile netto di 257,5 milioni di dollari (8,27 dollari per azione diluita) e un utile netto rettificato di 189,9 milioni di dollari (6,10 dollari per azione diluita). L'azienda ha generato 497,1 milioni di dollari di flusso di cassa operativo e ha chiuso con 664,2 milioni di dollari in cassa.
Il segmento E-Infrastructure Solutions ha mostrato una forza notevole, con una crescita del reddito operativo del 50% e margini in espansione al 24,1%. I ricavi dei data center sono aumentati di oltre il 50% rispetto all'anno precedente. Per il 2025, Sterling prevede ricavi di 2,00-2,15 miliardi di dollari, un utile netto di 215-230 milioni di dollari e un EBITDA rettificato di 395-420 milioni di dollari.
Sterling Infrastructure (NASDAQ: STRL) informó resultados sólidos para el cuarto trimestre y el año completo 2024, con ingresos del cuarto trimestre alcanzando los 498,8 millones de dólares (+3%) y un margen bruto mejorado al 21,4%. El ingreso neto del cuarto trimestre se disparó a 113,2 millones de dólares (3,64 dólares por acción diluida), aunque el ingreso neto ajustado fue de 45,5 millones de dólares (1,46 dólares por acción diluida) excluyendo ganancias extraordinarias.
Para el año completo 2024, los ingresos crecieron un 7%, con un ingreso neto de 257,5 millones de dólares (8,27 dólares por acción diluida) y un ingreso neto ajustado de 189,9 millones de dólares (6,10 dólares por acción diluida). La compañía generó 497,1 millones de dólares en flujo de caja operativo y terminó con 664,2 millones de dólares en efectivo.
El segmento de Soluciones de E-Infrastructure mostró una notable fortaleza, con un crecimiento del ingreso operativo del 50% y márgenes en expansión al 24,1%. Los ingresos de los centros de datos aumentaron más del 50% en comparación con el año anterior. Para 2025, Sterling proyecta ingresos de 2,00-2,15 mil millones de dólares, un ingreso neto de 215-230 millones de dólares y un EBITDA ajustado de 395-420 millones de dólares.
Sterling Infrastructure (NASDAQ: STRL)는 2024년 4분기 및 전체 연도 실적이 강하게 나타났다고 보고했습니다. 4분기 매출은 4억 9,880만 달러(+3%)에 도달했으며, 총 마진은 21.4%로 개선되었습니다. 4분기 순이익은 1억 1,320만 달러(희석 주당 3.64달러)로 급증했지만, 일회성 이익을 제외한 조정 순이익은 4,550만 달러(희석 주당 1.46달러)였습니다.
2024년 전체 연도에 대해 매출은 7% 증가했으며, 순이익은 2억 5,750만 달러(희석 주당 8.27달러)와 조정 순이익은 1억 8,990만 달러(희석 주당 6.10달러)로 나타났습니다. 회사는 4억 9,710만 달러의 운영 현금 흐름을 창출했으며, 6억 6,420만 달러의 현금을 보유하고 있습니다.
E-Infrastructure Solutions 부문은 50%의 운영 소득 성장과 24.1%로 확대된 마진을 보여주며 주목할 만한 강세를 보였습니다. 데이터 센터 매출은 전년 대비 50% 이상 증가했습니다. 2025년에는 Sterling이 20억-21억 5천만 달러의 매출, 2억 1,500만-2억 3천만 달러의 순이익, 3억 9,500만-4억 2천만 달러의 조정 EBITDA를 예상하고 있습니다.
Sterling Infrastructure (NASDAQ: STRL) a annoncé des résultats solides pour le quatrième trimestre et l'année entière 2024, avec des revenus du quatrième trimestre atteignant 498,8 millions de dollars (+3%) et une marge brute améliorée à 21,4%. Le bénéfice net du quatrième trimestre a grimpé à 113,2 millions de dollars (3,64 dollars par action diluée), bien que le bénéfice net ajusté ait été de 45,5 millions de dollars (1,46 dollar par action diluée) en excluant les gains uniques.
Pour l'année entière 2024, les revenus ont augmenté de 7%, avec un bénéfice net de 257,5 millions de dollars (8,27 dollars par action diluée) et un bénéfice net ajusté de 189,9 millions de dollars (6,10 dollars par action diluée). L'entreprise a généré 497,1 millions de dollars de flux de trésorerie d'exploitation et a terminé avec 664,2 millions de dollars en liquidités.
Le segment E-Infrastructure Solutions a montré une force notable, avec une croissance du revenu opérationnel de 50% et des marges en expansion à 24,1%. Les revenus des centres de données ont augmenté de plus de 50% par rapport à l'année précédente. Pour 2025, Sterling prévoit des revenus de 2,00 à 2,15 milliards de dollars, un bénéfice net de 215 à 230 millions de dollars et un EBITDA ajusté de 395 à 420 millions de dollars.
Sterling Infrastructure (NASDAQ: STRL) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit vierteljährlichen Einnahmen von 498,8 Millionen Dollar (+3%) und einer Verbesserung der Bruttomarge auf 21,4%. Der Nettogewinn im vierten Quartal stieg auf 113,2 Millionen Dollar (3,64 Dollar pro verwässerter Aktie), während der bereinigte Nettogewinn 45,5 Millionen Dollar (1,46 Dollar pro verwässerter Aktie) betrug, ohne einmalige Gewinne.
Für das gesamte Jahr 2024 wuchsen die Einnahmen um 7%, mit einem Nettogewinn von 257,5 Millionen Dollar (8,27 Dollar pro verwässerter Aktie) und einem bereinigten Nettogewinn von 189,9 Millionen Dollar (6,10 Dollar pro verwässerter Aktie). Das Unternehmen generierte 497,1 Millionen Dollar an operativem Cashflow und schloss mit 664,2 Millionen Dollar in bar ab.
Das Segment E-Infrastructure Solutions zeigte eine bemerkenswerte Stärke, mit einem Anstieg des operativen Einkommens um 50% und einer Ausweitung der Margen auf 24,1%. Die Einnahmen aus Rechenzentren stiegen im Jahresvergleich um über 50%. Für 2025 prognostiziert Sterling Einnahmen von 2,00-2,15 Milliarden Dollar, einen Nettogewinn von 215-230 Millionen Dollar und ein bereinigtes EBITDA von 395-420 Millionen Dollar.
- Record gross margins exceeding 20% annually
- Q4 operating income in E-Infrastructure up 50% with 24.1% margins
- Strong cash flow generation of $497.1M in 2024
- Data center revenue grew over 50% YoY
- E-Infrastructure backlog up 27% to over $1B
- $20M in share repurchases executed
- Net cash position of $348M
- Building Solutions Q4 revenue declined 3%
- Transportation Solutions Q4 revenue and operating income declined
- Slowdown in Dallas-Fort Worth residential market
- Strategic reduction in Texas heavy highway work affecting near-term revenue
Insights
Sterling Infrastructure has delivered exceptional financial results for Q4 and full-year 2024, demonstrating remarkable margin expansion and cash generation that significantly outpaces its revenue growth. The company's strategic pivot toward higher-margin business segments is yielding impressive results, particularly in its E-Infrastructure Solutions division.
The headline Q4 numbers show revenue growth of 3% to
Sterling's transformation into a cash-generating machine is remarkable, with operating cash flow reaching nearly
The E-Infrastructure Solutions segment is emerging as Sterling's crown jewel, delivering
However, performance across segments was uneven. Transportation Solutions faced tough comparisons against an exceptionally strong Q4 2023, while Building Solutions saw revenue decline
Sterling's strategic decision to accelerate its shift away from low-bid heavy highway work in Texas represents a significant pivot that will likely pressure near-term revenue and backlog but should enhance margin profiles as 2025 progresses. This exemplifies management's focus on quality over quantity in revenue generation.
The 2025 guidance suggests continued strong performance, with projections for
With a combined backlog of
The financial comparisons herein are to the prior year quarter, unless otherwise noted.
Due to the deconsolidation of our RHB joint venture on December 31, 2024, RHB is not included in year-end 2024 consolidated backlog. As such, our prior-year comparisons for these metrics are on an adjusted basis to exclude RHB. Please see the "Historical Quarterly Backlog Information" section below for reconciliations to historical figures.
Fourth Quarter 2024 Results
- Revenues of
$498.8 million 3% - Gross margin of
21.4% , up from18.9% - Net income of
$113.2 million $3.64 182% and184% respectively - Excluding the impact of a one-time gain on the deconsolidation of a subsidiary and acquisition-related costs, net income was
$45.5 million $1.46 12% and13% , respectively - EBITDA(1) of
$167.4 million 145% - Adjusted EBITDA(1) of
$76.4 million 11% - Cash flows from operations totaled
$497.1 million - Cash and cash equivalents totaled
$664.2 million - Backlog at December 31, 2024 was
$1.69 billion - Combined backlog(2) at December 31, 2024 was
$1.83 billion
For the full year ended December 31, 2024, revenue increased by
(1) See "Non-GAAP Measures", "Adjusted Net Income Reconciliation", and "EBITDA Reconciliation" sections below for more information. |
(2) Combined Backlog includes Unsigned Awards of |
CEO Remarks and Outlook
"2024 was another record year for Sterling as we grew our adjusted net income by
Mr. Cutillo continued, "In the fourth quarter we delivered
We closed the year with combined backlog of
Mr. Cutillo added, "In E-Infrastructure Solutions, we achieved
E-Infrastructure revenue increased
Transportation Solutions revenue increased
In Building Solutions, full year 2024 revenue increased
"We believe 2025 will be another excellent year for Sterling as we continue to drive bottom line growth that outpaces top line growth. The midpoint of our 2025 guidance would represent
Full Year 2025 Guidance
- Revenue of
$2.00 billion $2.15 billion - Net Income of
$215 million $230 million - Diluted EPS of
$6.75 $7.25 - EBITDA(1) of
$370 million $395 million
Full Year 2025 Non-GAAP Guidance
Sterling is introducing new non-GAAP methodology for 2025 that includes new adjustments for non-cash stock-based compensation and amortization of intangible assets. In addition, we are expanding our definition of acquisition related costs to include earn-outs. Please see the "Net Income Guidance Reconciliation" and "EBITDA Guidance Reconciliation" sections below for reconciliations of GAAP to non-GAAP measures and comparable 2024 results.
- Adjusted Net Income(1) of
$252 million $267 million - Adjusted Diluted EPS(1) of
$7.90 $8.40 - Adjusted EBITDA(1) of
$395 million $420 million
(1) See "Non-GAAP Measures", "Net Income Guidance Reconciliation" and "EBITDA Guidance Reconciliation" sections below for more information. |
Conference Call
Sterling's management will hold a conference call to discuss these results and recent corporate developments on Wednesday, February 26, 2025 at 9:00 a.m. ET/8:00 a.m. CT. Interested parties may participate in the call by dialing (800) 836-8184. Please call in 10 minutes before the conference call is scheduled to begin and ask for the Sterling Infrastructure call. To coincide with the conference call, Sterling will post a slide presentation at www.strlco.com on the Events & Presentations section of the Investor Relations tab. Following management's opening remarks, there will be a question and answer session.
To listen to a simultaneous webcast of the call, please go to the Company's website at www.strlco.com at least 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call webcast will be archived on the Company's website for 30 days.
About Sterling
Sterling operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in
Joe Cutillo, CEO, "We build and service the infrastructure that enables our economy to run,
our people to move and our country to grow."
Important Information for Investors and Stockholders
Non-GAAP Measures
This press release contains "Non-GAAP" financial measures as defined under Regulation G of the amended
Non-GAAP measures may include adjusted net income, adjusted EPS, EBITDA and adjusted EBITDA, in each case excluding the impacts of certain identified items. The excluded items represent items that the Company does not consider to be representative of its normal operations. The Company believes that these measures are useful for investors to review, because they provide a consistent measure of the underlying financial results of the Company's ongoing business and, in the Company's view, allow for a supplemental comparison against historical results and expectations for future performance. Furthermore, the Company uses each of these to measure the performance of the Company's operations for budgeting and forecasting, as well as for determining employee incentive compensation. However, Non-GAAP measures should not be considered as substitutes for net income, EPS, or other data prepared and reported in accordance with GAAP and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Reconciliations of Non-GAAP financial measures to the most comparable GAAP measures are provided in the tables included within this press release.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about: our business strategy; our financial strategy; our industry outlook; our guidance; our expected margin growth; and our plans, objectives, expectations, forecasts, outlook and intentions. All of these types of statements, other than statements of historical fact included in this press release, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "guidance," "continue," the negative of such terms or other comparable terminology. The forward-looking statements contained in this press release are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management's assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this press release are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the "Risk Factors" section in our filings with the
Company Contact:
Sterling Infrastructure, Inc.
Noelle Dilts, VP Investor Relations and Corporate Strategy
281-214-0795
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)
| |||||||
Three Months Ended | Twelve Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues | $ 498,833 | $ 485,978 | |||||
Cost of revenues | (392,156) | (394,223) | (1,689,633) | (1,634,591) | |||
Gross profit | 106,677 | 91,755 | 426,123 | 337,638 | |||
General and administrative expense | (32,598) | (26,111) | (118,424) | (98,703) | |||
Intangible asset amortization | (4,180) | (4,017) | (17,037) | (15,226) | |||
Acquisition related costs | (212) | (521) | (421) | (873) | |||
Other operating expense, net | (7,416) | (5,338) | (25,619) | (17,041) | |||
Operating income | 62,271 | 55,768 | 264,622 | 205,795 | |||
Interest income | 7,824 | 5,813 | 27,622 | 14,140 | |||
Interest expense | (5,792) | (6,804) | (25,255) | (29,320) | |||
Gain on deconsolidation of subsidiary, net | 91,289 | — | 91,289 | — | |||
Income before income taxes | 155,592 | 54,777 | 358,278 | 190,615 | |||
Income tax expense | (38,400) | (12,341) | (87,360) | (47,770) | |||
Net income, including noncontrolling interests | 117,192 | 42,436 | 270,918 | 142,845 | |||
Less: Net income attributable to noncontrolling interests | (3,979) | (2,263) | (13,457) | (4,190) | |||
Net income attributable to Sterling common stockholders | $ 113,213 | $ 40,173 | $ 257,461 | $ 138,655 | |||
Net income per share attributable to Sterling common stockholders: | |||||||
Basic | $ 3.69 | $ 1.30 | $ 8.35 | $ 4.51 | |||
Diluted | $ 3.64 | $ 1.28 | $ 8.27 | $ 4.44 | |||
Weighted average common shares outstanding: | |||||||
Basic | 30,696 | 30,819 | 30,830 | 30,755 | |||
Diluted | 31,121 | 31,334 | 31,146 | 31,208 | |||
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES SEGMENT INFORMATION (In thousands) (Unaudited)
| |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
Revenues | 2024 | % of | 2023 | % of | 2024 | % of | 2023 | % of | |||||||
E-Infrastructure Solutions | $ 234,041 | 47 % | $ 217,472 | 45 % | $ 923,728 | 44 % | $ 937,408 | 48 % | |||||||
Transportation Solutions | 174,664 | 35 % | 175,685 | 36 % | 783,659 | 37 % | 630,908 | 32 % | |||||||
Building Solutions | 90,128 | 18 % | 92,821 | 19 % | 408,369 | 19 % | 403,913 | 20 % | |||||||
Total Revenues | $ 498,833 | $ 485,978 | $ 2,115,756 | $ 1,972,229 | |||||||||||
Operating Income | |||||||||||||||
E-Infrastructure Solutions | $ 56,437 | 24.1 % | $ 37,616 | 17.3 % | $ 203,359 | 22.0 % | $ 140,997 | 15.0 % | |||||||
Transportation Solutions | 8,715 | 5.0 % | 12,262 | 7.0 % | 50,869 | 6.5 % | 41,911 | 6.6 % | |||||||
Building Solutions | 9,246 | 10.3 % | 11,164 | 12.0 % | 49,083 | 12.0 % | 46,193 | 11.4 % | |||||||
Segment Operating Income | 74,398 | 14.9 % | 61,042 | 12.6 % | 303,311 | 14.3 % | 229,101 | 11.6 % | |||||||
Corporate G&A Expense | (11,915) | (4,753) | (38,268) | (22,433) | |||||||||||
Acquisition Related Costs | (212) | (521) | (421) | (873) | |||||||||||
Total Operating Income | $ 62,271 | 12.5 % | $ 55,768 | 11.5 % | $ 264,622 | 12.5 % | $ 205,795 | 10.4 % | |||||||
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited)
| |||
December 31, 2024 | December 31, 2023 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 664,195 | $ 471,563 | |
Accounts receivable | 247,050 | 252,435 | |
Contract assets | 55,387 | 88,600 | |
Receivables from and equity in construction joint ventures | 5,811 | 17,506 | |
Receivable from affiliate | 32,054 | — | |
Other current assets | 17,383 | 17,875 | |
Total current assets | 1,021,880 | 847,979 | |
Property and equipment, net | 236,795 | 243,648 | |
Investment in unconsolidated subsidiary | 107,400 | — | |
Operating lease right-of-use assets, net | 52,668 | 57,235 | |
Goodwill | 264,597 | 281,117 | |
Other intangibles, net | 316,390 | 328,397 | |
Other non-current assets, net | 17,044 | 18,808 | |
Total assets | $ 2,016,774 | $ 1,777,184 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 130,420 | $ 145,968 | |
Contract liabilities | 508,846 | 444,160 | |
Current maturities of long-term debt | 26,423 | 26,520 | |
Current portion of long-term lease obligations | 20,498 | 19,641 | |
Accrued compensation | 36,774 | 27,758 | |
Other current liabilities | 18,997 | 14,121 | |
Total current liabilities | 741,958 | 678,168 | |
Long-term debt | 289,898 | 314,996 | |
Long-term lease obligations | 32,455 | 37,722 | |
Members' interest subject to mandatory redemption and undistributed earnings | — | 29,108 | |
Deferred tax liability, net | 109,360 | 76,764 | |
Other long-term liabilities | 16,625 | 16,573 | |
Total liabilities | 1,190,296 | 1,153,331 | |
Stockholders' equity: | |||
Common stock | 312 | 309 | |
Additional paid in capital | 288,395 | 293,570 | |
Treasury stock, at cost | (63,121) | — | |
Retained earnings | 582,495 | 325,034 | |
Total Sterling stockholders' equity | 808,081 | 618,913 | |
Noncontrolling interests | 18,397 | 4,940 | |
Total stockholders' equity | 826,478 | 623,853 | |
Total liabilities and stockholders' equity | $ 2,016,774 | $ 1,777,184 | |
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
| |||
Twelve Months Ended December 31, | |||
2024 | 2023 | ||
Cash flows from operating activities: | |||
Net income | $ 270,918 | $ 142,845 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 68,410 | 57,403 | |
Amortization of debt issuance costs and non-cash interest | 1,146 | 1,727 | |
Gain on disposal of property and equipment | (3,473) | (5,286) | |
Gain on deconsolidation of subsidiary, net | (91,289) | — | |
Deferred taxes | 32,573 | 14,746 | |
Stock-based compensation | 19,003 | 14,622 | |
Changes in operating assets and liabilities | 199,816 | 252,527 | |
Net cash provided by operating activities | 497,104 | 478,584 | |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (11,223) | (51,177) | |
Disposition, net of cash disposed | — | 14,000 | |
Deconsolidation, net of cash | (103,829) | — | |
Capital expenditures | (80,954) | (64,379) | |
Proceeds from sale of property and equipment | 10,157 | 13,804 | |
Net cash used in investing activities | (185,849) | (87,752) | |
Cash flows from financing activities: | |||
Cash received from credit facility | — | 2,562 | |
Repayments of debt | (26,539) | (93,491) | |
Purchase of common stock | (70,596) | — | |
Distributions to noncontrolling interest owners | — | (2,450) | |
Withholding taxes paid on net share settlement of equity awards | (21,452) | (9,567) | |
Debt issuance costs | — | (1,572) | |
Other | (36) | (16) | |
Net cash used in financing activities | (118,623) | (104,534) | |
Net change in cash, cash equivalents, and restricted cash | 192,632 | 286,298 | |
Cash, cash equivalents and restricted cash at beginning of period | 471,563 | 185,265 | |
Cash, cash equivalents and restricted cash at end of period | 664,195 | 471,563 | |
Less: restricted cash | — | — | |
Cash and cash equivalents at end of period | $ 664,195 | $ 471,563 | |
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES HISTORICAL QUARTERLY SEGMENT INFORMATION (In thousands) (Unaudited)
| |||||||||
The following tables present our 2024, 2023 and 2022 quarterly revenue and income from operations by segment adjusted to conform to our 2025 presentation reflecting the deconsolidation of RHB and continuing operations: | |||||||||
2024 Quarters Ended (Unaudited) | |||||||||
Revenues | March 31 | June 30 | September 30 | December 31 | Total | ||||
E-Infrastructure Solutions | $ 184,476 | $ 241,312 | $ 263,899 | $ 234,041 | $ 923,728 | ||||
Transportation Solutions | 110,505 | 158,828 | 155,063 | 123,387 | 547,783 | ||||
Building Solutions | 106,915 | 108,735 | 102,591 | 90,128 | 408,369 | ||||
Revenues | $ 401,896 | $ 508,875 | $ 521,553 | $ 447,556 | $ 1,879,880 | ||||
Operating Income | |||||||||
E-Infrastructure Solutions | $ 27,169 | $ 51,677 | $ 68,076 | $ 56,437 | $ 203,359 | ||||
Transportation Solutions | 8,132 | 15,449 | 18,573 | 8,715 | 50,869 | ||||
Building Solutions | 14,775 | 13,813 | 11,249 | 9,246 | 49,083 | ||||
Segment Operating Income | 50,076 | 80,939 | 97,898 | 74,398 | 303,311 | ||||
Corporate | (7,915) | (8,104) | (10,334) | (11,915) | (38,268) | ||||
Acquisition related costs | (36) | (101) | (72) | (212) | (421) | ||||
Operating Income | $ 42,125 | $ 72,734 | $ 87,492 | $ 62,271 | $ 264,622 | ||||
2023 Quarters Ended (Unaudited) | |||||||||
Revenues | March 31 | June 30 | September 30 | December 31 | Total | ||||
E-Infrastructure Solutions | $ 205,840 | $ 260,148 | $ 253,948 | $ 217,472 | $ 937,408 | ||||
Transportation Solutions | 89,702 | 108,890 | 123,550 | 115,711 | 437,853 | ||||
Building Solutions | 86,600 | 111,089 | 113,403 | 92,821 | 403,913 | ||||
Revenues | $ 382,142 | $ 480,127 | $ 490,901 | $ 426,004 | $ 1,779,174 | ||||
Operating Income | |||||||||
E-Infrastructure Solutions | $ 24,269 | $ 43,167 | $ 35,945 | $ 37,616 | $ 140,997 | ||||
Transportation Solutions | 5,306 | 9,856 | 14,487 | 12,262 | 41,911 | ||||
Building Solutions | 8,701 | 13,480 | 12,848 | 11,164 | 46,193 | ||||
Segment Operating Income | 38,276 | 66,503 | 63,280 | 61,042 | 229,101 | ||||
Corporate | (5,459) | (6,181) | (6,040) | (4,753) | (22,433) | ||||
Acquisition related costs | (190) | (59) | (103) | (521) | (873) | ||||
Operating Income | $ 32,627 | $ 60,263 | $ 57,137 | $ 55,768 | $ 205,795 | ||||
2022 Quarters Ended (Unaudited) | |||||||||
Revenues | March 31 | June 30 | September 30 | December 31 | Total | ||||
E-Infrastructure Solutions | $ 168,927 | $ 233,548 | $ 255,530 | $ 247,272 | $ 905,277 | ||||
Transportation Solutions | 95,716 | 111,424 | 116,055 | 91,834 | 415,029 | ||||
Building Solutions | 80,894 | 85,639 | 80,286 | 74,790 | 321,609 | ||||
Revenues | $ 345,537 | $ 430,611 | $ 451,871 | $ 413,896 | $ 1,641,915 | ||||
Operating Income | |||||||||
E-Infrastructure Solutions | $ 21,285 | $ 32,824 | $ 37,533 | $ 29,811 | $ 121,453 | ||||
Transportation Solutions | 4,443 | 7,410 | 9,700 | 5,070 | 26,623 | ||||
Building Solutions | 9,358 | 9,751 | 9,324 | 8,260 | 36,693 | ||||
Segment Operating Income | 35,086 | $ 49,985 | 56,557 | 43,141 | 184,769 | ||||
Corporate | (5,468) | (5,766) | (7,005) | (5,833) | (24,072) | ||||
Acquisition related costs | (255) | (230) | (77) | (265) | (827) | ||||
Operating Income | $ 29,363 | $ 43,989 | $ 49,475 | $ 37,043 | $ 159,870 | ||||
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES HISTORICAL QUARTERLY BACKLOG INFORMATION (In thousands) (Unaudited)
| |||||||
The following tables present our 2024, 2023 and 2022 backlog and combined backlog adjusted to conform to our December 31, 2024 presentation reflecting the deconsolidation of RHB and continuing operations: | |||||||
2024 Quarters Ended (Unaudited) | |||||||
March 31 | June 30 | September 30 | December 31 | ||||
Backlog | |||||||
Backlog including RHB | $ 2,352,126 | $ 2,098,781 | $ 2,055,081 | $ 2,184,478 | |||
Less: RHB Backlog | (528,043) | (476,842) | (485,050) | (491,255) | |||
Backlog excluding RHB | $ 1,824,083 | $ 1,621,939 | $ 1,570,031 | $ 1,693,223 | |||
Combined Backlog | |||||||
Combined Backlog including RHB | $ 2,419,748 | $ 2,445,992 | $ 2,374,690 | $ 2,322,391 | |||
Less: RHB Backlog | (528,043) | (536,165) | (539,494) | (491,255) | |||
Combined Backlog excluding RHB | $ 1,891,705 | $ 1,909,827 | $ 1,835,196 | $ 1,831,136 | |||
2023 Quarters Ended (Unaudited) | |||||||
March 31 | June 30 | September 30 | December 31 | ||||
Backlog | |||||||
Backlog including RHB | $ 1,624,233 | $ 1,735,669 | $ 2,010,407 | $ 2,067,016 | |||
Less: RHB Backlog | (302,189) | (281,500) | (271,894) | (405,799) | |||
Backlog excluding RHB | $ 1,322,044 | $ 1,454,169 | $ 1,738,513 | $ 1,661,217 | |||
Combined Backlog | |||||||
Combined Backlog including RHB | $ 1,754,736 | $ 2,392,910 | $ 2,385,587 | $ 2,370,248 | |||
Less: RHB Backlog | (318,633) | (446,422) | (432,483) | (561,355) | |||
Combined Backlog excluding RHB | $ 1,436,103 | $ 1,946,488 | $ 1,953,104 | $ 1,808,893 | |||
2022 Quarters Ended (Unaudited) | |||||||
March 31 | June 30 | September 30 | December 31 | ||||
Backlog | |||||||
Backlog including RHB | $ 1,378,335 | $ 1,327,218 | $ 1,411,271 | $ 1,414,342 | |||
Less: RHB Backlog | (273,382) | (277,158) | (272,103) | (301,223) | |||
Backlog excluding RHB | $ 1,104,953 | $ 1,050,060 | $ 1,139,168 | $ 1,113,119 | |||
Combined Backlog | |||||||
Combined Backlog including RHB | $ 1,466,439 | $ 1,466,943 | $ 1,625,630 | $ 1,689,323 | |||
Less: RHB Backlog | (297,695) | (309,198) | (329,901) | (323,556) | |||
Combined Backlog excluding RHB | $ 1,168,744 | $ 1,157,745 | $ 1,295,729 | $ 1,365,767 | |||
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES ADJUSTED NET INCOME RECONCILIATION (In thousands) (Unaudited)
| |||||||
Three Months Ended | Twelve Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net income attributable to Sterling common stockholders | $ 113,213 | $ 40,173 | $ 257,461 | $ 138,655 | |||
Gain on deconsolidation of subsidiary, net | (91,289) | — | (91,289) | — | |||
Acquisition related costs | 212 | 521 | 421 | 873 | |||
Income tax impact of adjustments | 23,354 | (117) | 23,303 | (219) | |||
Adjusted net income attributable to Sterling common stockholders (1) | $ 45,490 | $ 40,577 | $ 189,896 | $ 139,309 | |||
Net income per share attributable to Sterling common stockholders: | |||||||
Basic | $ 3.69 | $ 1.30 | $ 8.35 | $ 4.51 | |||
Diluted | $ 3.64 | $ 1.28 | $ 8.27 | $ 4.44 | |||
Adjusted net income per share attributable to Sterling common stockholders: | |||||||
Basic | $ 1.48 | $ 1.32 | $ 6.16 | $ 4.53 | |||
Diluted | $ 1.46 | $ 1.29 | $ 6.10 | $ 4.46 | |||
Weighted average common shares outstanding: | |||||||
Basic | 30,696 | 30,819 | 30,830 | 30,755 | |||
Diluted | 31,121 | 31,334 | 31,146 | 31,208 | |||
(1) | The Company defines adjusted net income attributable to Sterling common stockholders as GAAP net income attributable to Sterling common stockholders excluding the impact of the net gain on deconsolidation of subsidiary, acquisition related costs, and the income tax impact of these adjustments. The tax impact of adjustments is determined by using the Company's quarterly and annual effective tax rate, as applicable, unless the nature of the item requires application of a specific tax rate. |
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES EBITDA RECONCILIATION (In thousands) (Unaudited)
| |||||||
Three Months Ended | Twelve Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net income attributable to Sterling common stockholders | $ 113,213 | $ 40,173 | $ 257,461 | $ 138,655 | |||
Depreciation and amortization | 17,864 | 14,874 | 68,410 | 57,403 | |||
Interest (income) expense, net | (2,032) | 991 | (2,367) | 15,180 | |||
Income tax expense | 38,400 | 12,341 | 87,360 | 47,770 | |||
EBITDA(1) | 167,445 | 68,379 | 410,864 | 259,008 | |||
Gain on deconsolidation of subsidiary, net | (91,289) | — | (91,289) | — | |||
Acquisition related costs | 212 | 521 | 421 | 873 | |||
Adjusted EBITDA(2) | $ 76,368 | $ 68,900 | $ 319,996 | $ 259,881 | |||
(1) | The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders adjusted for depreciation and amortization, net interest income/expense and income tax expense. |
(2) | The Company defines adjusted EBITDA as EBITDA excluding the impact of the net gain on deconsolidation of subsidiary and acquisition related costs. |
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES ADJUSTED NET INCOME GUIDANCE RECONCILIATION (In thousands) (Unaudited)
| |||||
Full Year 2025 Guidance | Full Year | ||||
Low | High | 2024 Actual | |||
Net income attributable to Sterling common stockholders | $ 215,000 | $ 230,000 | $ 257,461 | ||
Gain on deconsolidation of subsidiary, net | — | — | (91,289) | ||
Non-cash stock-based compensation | 20,000 | 20,000 | 19,003 | ||
Intangible asset amortization | 25,000 | 25,000 | 17,037 | ||
Acquisition related costs | 5,000 | 5,000 | 5,177 | ||
Income tax impact of adjustments | (13,000) | (13,000) | 13,356 | ||
Adjusted net income attributable to Sterling common stockholders (1) | $ 252,000 | $ 267,000 | $ 220,745 | ||
Net income per share attributable to Sterling common stockholders: | |||||
Diluted | $ 6.75 | $ 7.25 | $ 8.27 | ||
Adjusted net income per share attributable to Sterling common stockholders: | |||||
Diluted | $ 7.90 | $ 8.40 | $ 7.09 | ||
Weighted average common shares outstanding: | |||||
Diluted | 32,000 | 32,000 | 31,146 | ||
(1) | Starting in 2025, the Company will define adjusted net income as GAAP net income excluding the impact of the net gain on deconsolidation of subsidiary, non-cash stock-based compensation, intangible asset amortization, acquisition related costs (including earn-outs), and the income tax impact of these adjustments. The tax impact of adjustments is determined by using the Company's quarterly and annual effective tax rate, as applicable, unless the nature of the item requires application of a specific tax rate. |
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES EBITDA GUIDANCE RECONCILIATION (In millions) (Unaudited)
| |||||
Full Year 2025 Guidance | Full Year 2024 | ||||
Low | High | Actual | |||
Net income attributable to Sterling common stockholders | $ 215 | $ 230 | $ 257 | ||
Depreciation and amortization | 76 | 81 | 68 | ||
Interest income, net of interest expense | (2) | (4) | (2) | ||
Income tax expense | 81 | 88 | 87 | ||
EBITDA (1) | 370 | 395 | 411 | ||
Gain on deconsolidation of subsidiary, net | — | — | (91) | ||
Non-cash stock-based compensation | 20 | 20 | 19 | ||
Acquisition related costs | 5 | 5 | 5 | ||
Adjusted EBITDA(2) | $ 395 | $ 420 | $ 344 | ||
(1) | The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders, adjusted for depreciation and amortization, net interest income, and income tax expense. |
(2) | In 2025, the Company will define adjusted EBITDA as EBITDA excluding the impact of the net gain on deconsolidation of subsidiary, non-cash stock-based compensation, and acquisition related costs (including earn-outs). |
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SOURCE Sterling Infrastructure, Inc.
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