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Sep 30, 2023
Sterling Q3 2023 Earnings Report
Sterling's Q3 2023 results were reported, showcasing revenue growth and increased profitability.
Key Takeaways
Sterling Infrastructure reported a strong third quarter with a 13.7% increase in revenue, a rise in gross margin, and a 28% increase in net income. The company also raised its full-year diluted EPS guidance and saw a significant increase in backlog.
Revenue increased by 13.7% to $560.3 million.
Net income rose by 28% to $39.4 million, with diluted EPS increasing by 25% to $1.26.
EBITDA increased by 15.7% to $71.2 million.
Backlog increased by 42% from year-end 2022 to $2.01 billion.
Sterling
Sterling
Forward Guidance
Sterling Infrastructure raised its full-year diluted EPS guidance to $4.10 to $4.23 and expects revenue of $1.99 billion to $2.05 billion.
Positive Outlook
- Revenue of $1.99 billion to $2.05 billion
- Net Income of $128 million to $132 million
- Diluted EPS of $4.10 to $4.23
- EBITDA of $252 million to $260 million
- Record backlog position and visibility into the fourth quarter