Sterling Q2 2022 Earnings Report
Key Takeaways
Sterling Infrastructure reported a strong second quarter with a 27% increase in total revenue to $510.6 million and a 29% increase in net income to $26.0 million. The company's EBITDA increased by 33% to $54.3 million, driven by solid operating income growth across all segments. Due to this strong performance, Sterling is increasing its full year 2022 guidance.
Total revenue increased by 27% compared to Q2 2021, reaching $510.6 million.
Net income increased by 29% compared to Q2 2021, reaching $26.0 million, or $0.86 per diluted share.
EBITDA increased by 33% compared to Q2 2021, reaching $54.3 million.
Backlog at June 30, 2022, was $1.54 billion, a 3% increase over December 31, 2021.
Sterling
Sterling
Forward Guidance
Sterling is adjusting its full year 2022 guidance, with the mid-point improving net income by 48%, revenue by 19%, and EPS by 42% over 2021.
Positive Outlook
- Revenue of $1.865 billion to $1.885 billion
- Net Income of $90 million to $96 million
- EPS of $2.95 to $3.15
- EBITDA of $192 million to $202 million