The following is a summary of the Sterling Infrastructure, Inc. (STRL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Sterling Infrastructure announced Q1 earnings per share of $1, showing a 56% year-over-year increase.

• The company's operating income grew by 30% due to a 9% rise in revenue, reflecting an emphasis on increasing margins and returns.

• The company saw a 45% increase in their backlog to $2.35 billion year-over-year, by the end of Q1.

• The executors reported an operating cash flow of $50 million and a gross margin of 15.6% by the end of Q1, marking a 40 basis points increase from 2023.

• Due to lower net interest expenses and tax rate expectations, Sterling's net income guidance for 2024 was increased to $160-$170 million, and the diluted EPS guidance range was adjusted to $5-$5.30.

Business Progress:

• Sterling's E-Infrastructure segment witnessed a 12% YoY growth in operating income, despite a 10% revenue decline.

• In the Transportation Solutions segment, revenue grew by 34% year-over-year, ending with a $1.31 billion backlog, marking a 64% increase from Q1 2023.

• The Building Solutions segment reported a revenue growth of 23%, largely due to a 56% growth in residential business.

• Sterling commenced expanding its E-Infrastructure business into the Rocky Mountain region and anticipates new large project opportunities.

• The company expects continued high demand fuelled by population growth in Dallas, Houston, and Phoenix and is looking to increase the market share in these regions.

• Sterling is actively exploring acquisition opportunities targeting businesses with strong growth potential over the next five to six years.

More details: Sterling Infrastructure IR

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