Sterling Q1 2024 Earnings Report
Key Takeaways
Sterling Infrastructure reported a strong start to 2024 with a 9% increase in revenue, a gross margin of 17.5%, and EPS of $1.00. The company's backlog reached $2.35 billion, providing visibility for the remainder of the year and into 2025. The trends across each of their business segments remain strong.
Revenues increased by 9% to $440.4 million.
Gross margin increased to 17.5% from 15.3%.
Net income increased by 58% to $31.0 million, with EPS at $1.00.
EBITDA increased by 21% to $55.7 million.
Sterling
Sterling
Forward Guidance
The company is trending toward the high end of its guidance for the year. They are maintaining their full year revenue and EBITDA guidance and are raising their net income and diluted EPS guidance to reflect lowered net interest expense and tax rate expectations for the year.
Positive Outlook
- Revenue of $2.125 billion to $2.215 billion
- Net Income of $160 million to $170 million
- Diluted EPS of $5.00 to $5.30
- EBITDA of $285 million to $300 million
- Backlog of over $2.35 billion