Sterling Infrastructure Inc (STRL) Quarterly 10-Q Report
Sterling Infrastructure, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $593.7 million from $560.3 million in the same quarter the previous year. This increase was driven by higher volumes in the Transportation Solutions segment.
Gross profit for the quarter was $129.8 million, up from $91.9 million in the previous year, with the gross margin increasing to 21.9% from 16.4%. The improvement was attributed to a better project margin mix.
General and administrative expenses increased to $30.7 million from $25.2 million, reflecting growth and inflation-related costs.
Operating income for the quarter was $87.5 million, compared to $57.1 million in the previous year, supported by higher revenues and improved margins.
Interest income for the quarter was $1.3 million, compared to an interest expense of $3.1 million in the previous year, driven by higher interest rates on cash balances.
Net income attributable to Sterling common stockholders was $61.3 million, up from $39.4 million in the previous year.
Cash provided by operating activities was $322.8 million for the nine months ended September 30, 2024, compared to $331.2 million for the same period in 2023.
Sterling's backlog was $2.06 billion as of September 30, 2024, with a book-to-burn ratio of 1.0X, reflecting steady business development efforts.
The report details the company's acquisition of Professional Plumbers Group, Incorporated (STRL), expanding its residential services in the Dallas-Fort Worth market.
Sterling continues to focus on growth in its E-Infrastructure Solutions segment and improving margins across all segments.
The filing also highlights the company's compliance with all debt covenants and its strategy to explore revenue growth and capital alternatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sterling Infrastructure Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email [email protected].