Sterling Infrastructure Inc

Latest Results (13.06.2024):

Q1 2024 Revenue

Sterling Infrastructure Inc reported a total revenue of $440,360 for the first quarter of 2024. This represents an increase from the previous year's first quarter revenue of $403,579. The growth in revenue is attributed to enhanced performance across all major end markets, particularly in the E-Infrastructure Solutions and Transportation Solutions segments.

Q1 2024 Net Income

For the first quarter of 2024, Sterling Infrastructure Inc achieved a net income of $21,521. This figure reflects the company's effective management and strategic initiatives that have led to an improved bottom line compared to the same period in the previous year.

Acquisition of PPG

In November 2023, Sterling Infrastructure Inc completed the acquisition of Professional Plumbers Group, Incorporated (PPG), significantly expanding its residential services in the Dallas-Fort Worth market. The acquisition, valued at $56,693 net of cash acquired, is expected to enhance Sterling's Building Solutions segment and contribute positively to future earnings.

2024 Financial Outlook

Sterling Infrastructure Inc expects to recognize approximately 65% of its Remaining Performance Obligations (RPOs) as revenue over the next twelve months. The company's RPOs as of March 31, 2024, total $2,352,126, indicating a robust pipeline and a strong future revenue stream.

Pro Forma Financials Post-PPG Acquisition

Post the acquisition of PPG, Sterling Infrastructure Inc's unaudited pro forma combined financial information for the three months ended March 31, 2023, shows a pro forma revenue of $416,383 and a pro forma net income of $21,521. These figures are presented to illustrate the potential financial impact of the acquisition as if it had occurred at the beginning of the period.