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Jun 30, 2024
Sterling Q2 2024 Earnings Report
Reported record results and raised full year guidance.
Key Takeaways
Sterling Infrastructure reported a 12% increase in revenue and a 31% increase in diluted EPS for Q2 2024. Gross profit margins reached a new record of 19.3%. The company's combined backlog stands at $2.45 billion, with a growing pipeline of high probability work exceeding $500 million.
Revenues increased by 12% to $582.8 million.
Net Income increased by 31% to $51.9 million, or $1.67 per diluted share.
EBITDA increased by 18% to $87.0 million.
Gross margin increased to 19.3% from 17.7%.
Sterling
Sterling
Forward Guidance
Sterling raised its full year 2024 guidance, expecting continued growth in revenue, net income, and EBITDA.
Positive Outlook
- Revenue of $2.150 billion to $2.225 billion
- Net Income of $175 million to $180 million
- Diluted EPS of $5.60 to $5.75
- EBITDA of $300 million to $310 million