Welcome to our dedicated page for Sterling Infrastructure news (Ticker: STRL), a resource for investors and traders seeking the latest updates and insights on Sterling Infrastructure 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 Construction Company (NasdaqGS: STRL) reported robust financial results for Q4 and full year 2020. Q4 revenues reached $347.2 million, a slight increase from the previous year, with a gross margin of 13.4%, up from 9.7%. Full year revenues hit $1.4 billion, with net income attributable to common stockholders at $42.3 million, up from $39.9 million in 2019. The company generated $119.3 million in cash flow and reported a backlog of $1.18 billion. Looking ahead, STRL projects 2021 revenues between $1.46 billion and $1.49 billion.
Sterling Construction Company (NasdaqGS: STRL) announced a $10.3 million contract awarded to its subsidiary, J. Banicki Construction, by the City of Phoenix Aviation Department. This contract focuses on the reconstruction of Terminal 4's north apron at Phoenix Sky Harbor International Airport, marking the final phase of a $71 million project initiated in September 2015. The scope includes removing ASR-affected pavement, excavating native material, and adjusting drainage systems. The project highlights Sterling's expertise in aviation infrastructure, crucial for diversifying its project mix.
Sterling Construction Company (NasdaqGS: STRL) announced that its subsidiary, Road and Highway Builders, LLC, secured a $135 million contract from the City of Los Angeles. The contract involves constructing the North Haiwee Dam No. 2 in Inyo County, California. The project entails mining one million cubic yards of material and drilling over 13,000 cement shafts for the dam's footing. It aims to enhance the seismic reliability of the North Haiwee Reservoir and protect against flooding. Construction is set to begin in May 2021 and will take approximately four and a half years to complete.
Sterling Construction Company (NasdaqGS: STRL) will release its fourth quarter and full year 2020 financial results on March 2, 2021, after market close. A conference call is scheduled for March 3, 2021, at 9:00 am ET to discuss these results and provide a 2021 outlook. Interested participants can join by calling (201) 493-6744 or (877) 445-9755. A slide presentation will be available on their website during the call. Sterling specializes in heavy civil, specialty services, and residential construction projects primarily across the southern U.S., Rocky Mountain States, California, and Hawaii.
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Sterling Construction Company (NasdaqGS: STRL) announced its joint venture with SEMA, selected by Colorado's Department of Transportation for a $35.7 million rehabilitation project on I-25. Sterling's share of this project is approximately $18 million, with work commencing in December 2020 and expected completion by Q2 2023. The project includes replacing and widening 12 bridges and enhancing traffic flow in a high-traffic area. CEO Joe Cutillo emphasized the importance of this project for improving safety and congestion along the I-25 corridor.
Sterling Construction Company (NasdaqGS: STRL) announced that its subsidiary, Road and Highway Builders, LLC, has been awarded two asphalt reconstruction projects by the Nevada Department of Transportation, valued at a total of approximately $35.1 million. The first project, costing $17.1 million, involves 22 miles of asphalt reconstruction on U.S. Route 95 North near Beatty, while the second project, approximately $18.0 million, covers 25 miles from Fallon to Schurz. Work is expected to begin mid-October and conclude by Q2 2021.
Sterling Construction Company reported robust third-quarter 2020 financial results, achieving revenues of $383.5 million, up from $291.7 million in Q3 2019. Gross margin increased to 13.0% while net income soared to $15.2 million, compared to $8.0 million a year prior. EBITDA rose to $36.7 million from $15.4 million. Cash and cash equivalents grew to $72.6 million, and total debt decreased to $392.7 million. The backlog reached a record $1.24 billion, reflecting strong demand across segments. The company maintains its full-year 2020 guidance, projecting revenues between $1.415 billion and $1.430 billion.
Sterling Construction Company (NasdaqGS: STRL) will release its third quarter 2020 financial results on November 2, 2020, after market close. A conference call is scheduled for November 3, 2020, at 9:00 am ET to discuss these results and the company's outlook. Participants can join the call via telephone or through a webcast available on the company’s website. Sterling operates in the construction industry, focusing on heavy civil, specialty services, and residential projects across the U.S., primarily in southern states and California.