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Mar 31, 2023
Sterling Q1 2023 Earnings Report
Reported record results, driven by strong revenue growth and gross margin expansion.
Key Takeaways
Sterling Infrastructure reported a strong first quarter with a 10% increase in revenue, reaching $403.6 million. Net income increased by 11% to $19.6 million, and EPS rose by 8% to $0.64. The company's backlog increased by 15% to $1.62 billion.
Revenues increased by 10% to $403.6 million.
Net income increased by 11% to $19.6 million, with EPS at $0.64.
EBITDA increased by 14% to $45.9 million, and Adjusted EBITDA increased by 13% to $46.1 million.
Backlog increased by 15% to $1.62 billion.
Sterling
Sterling
Forward Guidance
The company anticipates trending towards the higher end of its guidance range, expecting a 13.0% improvement in revenue and a 13.7% improvement in net income over 2022.
Positive Outlook
- Record backlog
- New high-value E-Infrastructure project awards
- Increased transportation funding
- Emerging improvement in housing starts
- Favorable growth opportunities across our markets