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Jun 30, 2023
Sterling Q2 2023 Earnings Report
Sterling reported record results in Q2 2023, driven by strong customer demand and excellent execution. Increased full year 2023 guidance.
Key Takeaways
Sterling Infrastructure reported strong Q2 2023 results with a 13.1% increase in revenue, a gross margin increase from 15.4% to 17.7%, and a 40% increase in net income. The company also increased its full year guidance.
Revenues increased by 13.1% to $522.3 million.
Gross margin increased to 17.7% from 15.4%.
Net Income increased by 40% to $39.5 million, or $1.27 per diluted share.
EBITDA increased by 29% to $73.5 million.
Sterling
Sterling
Forward Guidance
Sterling increased its full year guidance. The mid-point of our guidance ranges would offer an improvement in revenue by 13% and net income by 32% over 2022.
Positive Outlook
- Revenue of $1.95 billion to $2.05 billion
- Net Income of $125 million to $131 million
- EPS of $4.00 to $4.20
- EBITDA of $250 million to $260 million