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

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.