Sterling Construction ( (STRL) ) has released its Q4 earnings. Here is a breakdown of the information Sterling Construction presented to its investors.
Sterling Infrastructure, Inc., a company specializing in E-Infrastructure, Transportation, and Building Solutions across the United States, reported its financial results for the fourth quarter and full year 2024, showcasing strong growth and profitability.
Sterling Infrastructure announced record financial results for the fourth quarter and full year 2024, with significant increases in revenue, net income, and EBITDA. The company also provided guidance for continued growth in 2025.
For the fourth quarter of 2024, Sterling reported revenues of $498.8 million, a 3% increase from the previous year, and a gross margin of 21.4%, up from 18.9%. Net income surged by 182% to $113.2 million, with adjusted net income rising by 12% to $45.5 million. The company’s EBITDA also saw a substantial increase of 145%, reaching $167.4 million. For the full year, revenue grew by 7%, with net income reaching $257.5 million, a 36.3% increase in adjusted net income. Sterling’s backlog at the end of 2024 stood at $1.69 billion, with a combined backlog of $1.83 billion.
Sterling’s CEO, Joe Cutillo, highlighted the company’s strategic focus on higher-margin service offerings, which contributed to the strong performance. The E-Infrastructure Solutions segment saw a 50% growth in operating income, driven by data center projects, while the Transportation Solutions segment experienced a 24% increase in revenue for the full year. Despite a slight decline in Building Solutions revenue, the company remains optimistic about future demand trends.
Looking ahead, Sterling Infrastructure expects continued growth in 2025, with projected revenue between $2.00 billion and $2.15 billion, and adjusted net income growth of 18%. The company plans to maintain its focus on margin expansion and strategic project selection to drive profitability and shareholder value.