Welcome to our dedicated page for Sterling Infra news (Ticker: STRL), a resource for investors and traders seeking the latest updates and insights on Sterling Infra stock.
Sterling Infrastructure, Inc. reports developments across U.S. infrastructure services delivered through its E-Infrastructure, Transportation and Building Solutions segments. News commonly covers earnings results, outlook updates, conference participation, capital allocation actions and subsidiary activity, including CEC's mission-critical electrical, prefabrication and modular manufacturing capabilities.
The company's operating updates center on site development and electrical services for data centers, semiconductor fabrication, manufacturing, distribution, warehousing and power generation; infrastructure and rehabilitation work for highways, roads, bridges, airports, ports, rail and storm drainage systems; and concrete, plumbing and survey services tied to residential and commercial construction.
Sterling Infrastructure, Inc. (STRL) announced that Texas Sterling Construction was awarded an Indefinite Delivery/Indefinite Quantity contract by U.S. Customs and Border Protection in El Paso, Texas. The contract focuses on developing critical infrastructure for border security, including roads and utilities. CEO Joe Cutillo highlighted this award as a testament to Sterling's strategic shift from low-bid heavy highway work and emphasized the company’s strong capabilities and established relationships with key agencies.
Sterling Infrastructure reported remarkable third quarter 2022 results, with total revenue of $556.9 million—a 20% increase year-on-year. Net income rose to $29.5 million or $0.97 per diluted share, marking a 40% increase. EBITDA increased by 50% to $60.2 million. The company’s backlog stood at $1.67 billion, up 12% from December 2021. In light of these strong results, Sterling adjusted its full-year guidance, forecasting revenue of $1.90 billion to $1.92 billion and net income between $94 million and $98 million.
Sterling Infrastructure, Inc. (STRL) announced that its subsidiary, Ralph L. Wadsworth Construction Company, has secured two projects in Idaho worth over $34 million. These projects involve upgrades to the I-86 freeway system and a design-build concrete package for a food processing facility, part of Idaho's 'Leading Idaho' initiative. CEO Joe Cutillo emphasized the company's commitment to high-quality work and infrastructure improvement. The projects are significant to address Idaho’s rapid population growth, enhancing safety and alleviating traffic congestion.
Sterling Infrastructure, Inc. (NASDAQ: STRL) will release its third-quarter 2022 financial results on October 31, 2022, after market close. A conference call is scheduled for November 1, 2022, at 9:00 AM ET to discuss the results and 2022 outlook. Participants can join by calling (201) 493-6744 or (877) 445-9755. A slide presentation will be available on Sterling's website. Sterling operates in the segments of E-Infrastructure, Transportation, and Building Solutions.
Sterling Infrastructure, Inc. (NASDAQ: STRL) announced its E-Infrastructure Solutions segment secured new awards worth $309 million in Q3 2022, marking a record booking for the quarter. The segment leads Sterling's growth, driven by demand for warehouses, data centers, and e-commerce distribution centers. CEO Joe Cutillo highlighted the recent Rivian award, expected to enhance their backlog in Q4, indicating sustained industrial opportunities through 2023.
Sterling Infrastructure, Inc. (NASDAQ: STRL) announces its subsidiary, Plateau Excavation, has secured a $45 million project for site development linked to the Rivian Electric Vehicle plant in Georgia. This project, covering 500 acres and scheduled from September 2022 to July 2023, marks the largest industrial investment in Georgia's history. CEO Joe Cutillo emphasizes the project’s significance in fostering economic growth and job creation, aligning with Sterling's commitment to onshoring and sustainable development.
Sterling Infrastructure, Inc. (NASDAQ: STRL) announced a $31 million highway reconstruction project awarded to its subsidiary, Texas Sterling Construction, by the Texas Department of Transportation. The project will reconstruct and widen SH 205 from Rockwall to Lavon, transforming a two-lane asphalt road into a four-lane divided concrete roadway with storm drainage. Scheduled from November 2022 to August 2024, this effort aims to enhance traveler safety and reduce traffic congestion as local population growth increases. CEO Joe Cutillo emphasizes the commitment to high-quality infrastructure work.
Sterling Infrastructure, Inc. (STRL) announced participation in the D.A. Davidson 21st Annual Diversified Industrials & Services Conference on September 22, 2022. CEO Joe Cutillo and CFO Ronald Ballschmiede will engage in a fireside chat at 2:45 pm ET. Management will also be available for one-on-one meetings throughout the day. A live webcast of the chat can be accessed here, with an archived version available for 90 days on the company’s website.
Sterling Infrastructure, Inc. (STRL) announced participation in the Sidoti August Virtual Micro Cap Conference on August 18, 2022. CEO Joe Cutillo and CFO Ronald Ballschmiede will host a virtual fireside chat at 11:30 am ET. Management will also be available for one-on-one meetings throughout the day. Interested parties can schedule meetings through Sidoti representatives or contact Jeremy Hellman at jhellman@equityny.com. A live webcast of the chat will be accessible online, with an archived recording available for 90 days on the company’s investor relations page.
Sterling Infrastructure reported strong second quarter 2022 results, with total revenue of $510.6 million, a 27% increase year-over-year. Net income rose to $26.0 million or $0.86 per diluted share, reflecting a 29% growth. The company’s EBITDA increased by 33% to $54.3 million. Sterling's backlog grew to $1.54 billion, up 3% from December 2021. Despite challenges posed by inflation and supply chain issues, the company announced an increase in its full-year guidance, projecting revenue between $1.865 billion and $1.885 billion.