Increases 2023 Full Year Guidance
Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today announced financial results for the second quarter 2023.
The financial information herein is from continuing operations and comparisons are to the prior year quarter, unless otherwise noted.
Second Quarter 2023 Results
- Revenues of $522.3 million, an increase of 13.1%
- Gross margin of 17.7%, an increase from 15.4%
- Net Income of $39.5 million, or $1.27 per diluted share, an increase of 40% and 37%, respectively
- EBITDA(1) of $73.5 million, an increase of 29%
- Cash flows from operations totaled $181.1 million for the six months ended June 30, 2023
- Cash and Cash Equivalents totaled $278.1 million at June 30, 2023
- Backlog at June 30, 2023 was $1.74 billion, an increase of 23% over December 31, 2022
- Combined backlog(2) at June 30, 2023 was $2.39 billion, an increase of 42% over December 31, 2022
(1) The Company defines EBITDA as GAAP net income from Continuing Operations, adjusted for depreciation and amortization, net interest expense and taxes. The Company defines Adjusted EBITDA as EBITDA excluding acquisition related costs. See the “Non-GAAP Measures” and “EBITDA Reconciliation” sections below for more information.
(2) Combined Backlog includes Unsigned Awards of $657.2 million and $275.0 million at June 30, 2023 and December 31, 2022, respectively.
CEO Remarks and Outlook
“Our outstanding results in the second quarter reflect a combination of strong customer demand and excellent execution by our teams. While we are very pleased with our 13% revenue growth in the quarter, it is the 230 basis points of gross margin expansion and nearly 30% growth in EBITDA that reflect our successful strategic shift toward higher-margin, lower-risk opportunities. In addition to our record earnings, our generation of cash flow from operations of $181 million year to date is fantastic,” stated Joe Cutillo, Sterling’s Chief Executive Officer.
“Each of our segments saw revenue growth and operating margin expansion in the second quarter. E-Infrastructure Solutions grew revenue by 11% and operating margins increased 250 basis points as we executed on large, multi-phase next-generation manufacturing and data center projects. Demand for E-Infrastructure Solutions remains strong, reflected in record bookings of $424 million in the quarter. Our Transportation Solutions segment grew revenue by 6% and increased operating margin by 130 basis points, reflecting solid demand trends across our key geographies and a continued mix shift toward higher margin work. Building Solutions revenue increased nearly 30%, driven by a record number of residential slabs poured in the quarter and higher levels of commercial work. Operating income for the segment increased 38%, driven by margin expansion across both residential and commercial,” continued Mr. Cutillo.
“Our relentless focus on strategic execution is driving earnings growth and cash generation, which in turn strengthens our ability to pursue new opportunities for profitable, long-term growth. Our strong second quarter results, record backlog and favorable opportunities across our markets give us confidence in our ability to deliver revenue and profitability growth for the year. In light of our results to date, we are increasing our full year guidance. The mid-point of our guidance ranges would offer an improvement in revenue by 13% and net income by 32% over 2022,” Mr. Cutillo concluded.
Full Year 2023 Guidance
- Revenue of $1.95 billion to $2.05 billion
- Net Income of $125 million to $131 million
- EPS of $4.00 to $4.20
- EBITDA(1) of $250 million to $260 million
(1) The Company defines EBITDA as GAAP net income attributable to Sterling’s common stockholders, adjusted for depreciation and amortization, net interest expense and taxes. See the “Non-GAAP Measures” and “EBITDA Reconciliation” sections below for more information.
Conference Call
Sterling’s management will hold a conference call to discuss these results and recent corporate developments on Tuesday, August 8, 2023 at 9:00 a.m. ET/8:00 a.m. CT. Interested parties may participate in the call by dialing (201) 493-6744 or (877) 445-9755. Please call in 10 minutes before the conference call is scheduled to begin and ask for the Sterling Infrastructure call. To coincide with the conference call, Sterling will post a slide presentation at www.strlco.com on the Events & Presentations section of the Investor Relations tab. Following management’s opening remarks, there will be a question and answer session.
To listen to a simultaneous webcast of the call, please go to the Company’s website at www.strlco.com at least 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call webcast will be archived on the Company’s website for 30 days.
About Sterling
Sterling operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and Hawaii. E-Infrastructure Solutions provides advanced, large-scale site development services for manufacturing, data centers, e-commerce distribution centers, warehousing, energy and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail and storm drainage systems. Building Solutions includes residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs and other concrete work. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.
Joe Cutillo, CEO, “We build and service the infrastructure that enables our economy to run, our people to move and our country to grow.”
Important Information for Investors and Stockholders
Non-GAAP Measures
This press release contains “Non-GAAP” financial measures as defined under Regulation G of the amended U.S. Securities Exchange Act of 1934. The Company reports financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), but the Company believes that certain Non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of the Company’s ongoing operations and are useful for period-over-period comparisons of those operations.
Non-GAAP measures may include adjusted net income, adjusted EPS, EBITDA and adjusted EBITDA, in each case excluding the impacts of certain identified items. The excluded items represent items that the Company does not consider to be representative of its normal operations. The Company believes that these measures are useful for investors to review, because they provide a consistent measure of the underlying financial results of the Company’s ongoing business and, in the Company’s view, allow for a supplemental comparison against historical results and expectations for future performance. Furthermore, the Company uses each of these to measure the performance of the Company’s operations for budgeting and forecasting, as well as employee incentive compensation. However, Non-GAAP measures should not be considered as substitutes for net income, EPS, or other data prepared and reported in accordance with GAAP and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Reconciliations of Non-GAAP financial measures to the most comparable GAAP measures are provided in the tables included within this press release.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about: our business strategy; our financial strategy; our industry outlook; our guidance; and our plans, objectives, expectations, forecasts, outlook and intentions. All of these types of statements, other than statements of historical fact included in this press release, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “guidance,” “continue,” the negative of such terms or other comparable terminology. The forward-looking statements contained in this press release are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this press release are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the “Risk Factors” section in our filings with the U.S. Securities and Exchange Commission and elsewhere in those filings. Additional factors or risks that we currently deem immaterial, that are not presently known to us or that arise in the future could also cause our actual results to differ materially from our expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after the date the forward-looking statements are made. The forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
||||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||||
Continuing Operations: |
|
|
|
|
|
|
|
|||||||||
Revenues |
$ |
522,325 |
|
|
$ |
461,827 |
|
|
$ |
925,904 |
|
|
$ |
827,789 |
|
|
Cost of revenues |
|
(430,051 |
) |
|
|
(390,819 |
) |
|
|
(771,888 |
) |
|
|
(701,632 |
) |
|
Gross profit |
|
92,274 |
|
|
|
71,008 |
|
|
|
154,016 |
|
|
|
126,157 |
|
|
General and administrative expense |
|
(24,034 |
) |
|
|
(20,844 |
) |
|
|
(47,355 |
) |
|
|
(41,141 |
) |
|
Intangible asset amortization |
|
(3,737 |
) |
|
|
(3,514 |
) |
|
|
(7,473 |
) |
|
|
(7,082 |
) |
|
Acquisition related costs |
|
(59 |
) |
|
|
(230 |
) |
|
|
(249 |
) |
|
|
(485 |
) |
|
Other operating expense, net |
|
(4,181 |
) |
|
|
(2,431 |
) |
|
|
(6,049 |
) |
|
|
(4,097 |
) |
|
Operating income |
|
60,263 |
|
|
|
43,989 |
|
|
|
92,890 |
|
|
|
73,352 |
|
|
Interest income |
|
2,203 |
|
|
|
28 |
|
|
|
4,177 |
|
|
|
36 |
|
|
Interest expense |
|
(7,731 |
) |
|
|
(4,477 |
) |
|
|
(15,259 |
) |
|
|
(9,127 |
) |
|
Income before income taxes |
|
54,735 |
|
|
|
39,540 |
|
|
|
81,808 |
|
|
|
64,261 |
|
|
Income tax expense |
|
(14,505 |
) |
|
|
(11,015 |
) |
|
|
(21,538 |
) |
|
|
(17,793 |
) |
|
Net income, including noncontrolling interests |
|
40,230 |
|
|
|
28,525 |
|
|
|
60,270 |
|
|
|
46,468 |
|
|
Less: Net income attributable to noncontrolling interests |
|
(750 |
) |
|
|
(411 |
) |
|
|
(1,141 |
) |
|
|
(682 |
) |
|
Net income from Continuing Operations |
$ |
39,480 |
|
|
$ |
28,114 |
|
|
$ |
59,129 |
|
|
$ |
45,786 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Discontinued Operations: |
|
|
|
|
|
|
|
|||||||||
Pretax loss |
|
— |
|
|
|
(2,900 |
) |
|
$ |
— |
|
|
$ |
(1,501 |
) |
|
Income tax benefit |
|
— |
|
|
|
747 |
|
|
|
— |
|
|
|
928 |
|
|
Net loss from Discontinued Operations |
$ |
— |
|
|
$ |
(2,153 |
) |
|
$ |
— |
|
|
$ |
(573 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to Sterling common stockholders |
$ |
39,480 |
|
|
$ |
25,961 |
|
|
$ |
59,129 |
|
|
$ |
45,213 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income per share from Continuing Operations: |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
1.28 |
|
|
$ |
0.93 |
|
|
$ |
1.93 |
|
|
$ |
1.52 |
|
|
Diluted |
$ |
1.27 |
|
|
$ |
0.93 |
|
|
$ |
1.91 |
|
|
$ |
1.52 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss per share from Discontinued Operations: |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
— |
|
|
$ |
(0.02 |
) |
|
Diluted |
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
— |
|
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Net income per share attributable to Sterling common stockholders: |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
1.28 |
|
|
$ |
0.86 |
|
|
$ |
1.93 |
|
|
$ |
1.50 |
|
|
Diluted |
$ |
1.27 |
|
|
$ |
0.86 |
|
|
$ |
1.91 |
|
|
$ |
1.50 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
30,780 |
|
|
|
30,225 |
|
|
|
30,699 |
|
|
|
30,094 |
|
|
Diluted |
|
31,000 |
|
|
|
30,362 |
|
|
|
30,886 |
|
|
|
30,229 |
|
|
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES SEGMENT INFORMATION (In thousands) (Unaudited) |
||||||||||||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||||||||||
Revenues |
2023 |
|
% of Revenue |
|
2022 |
|
% of Revenue |
|
2023 |
|
% of Revenue |
|
2022 |
|
% of Revenue |
|||||||||
E-Infrastructure Solutions |
$ |
260,148 |
|
|
50% |
|
$ |
233,548 |
|
|
51% |
|
$ |
465,988 |
|
|
50% |
|
$ |
402,475 |
|
|
49% |
|
Transportation Solutions |
|
151,088 |
|
|
29% |
|
|
142,640 |
|
|
30% |
|
|
262,227 |
|
|
29% |
|
|
258,781 |
|
|
31% |
|
Building Solutions |
|
111,089 |
|
|
21% |
|
|
85,639 |
|
|
19% |
|
|
197,689 |
|
|
21% |
|
|
166,533 |
|
|
20% |
|
Total Revenues |
$ |
522,325 |
|
|
|
|
$ |
461,827 |
|
|
|
|
$ |
925,904 |
|
|
|
|
$ |
827,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
E-Infrastructure Solutions |
$ |
43,167 |
|
|
16.6% |
|
$ |
32,824 |
|
|
14.1% |
|
$ |
67,436 |
|
|
14.5% |
|
$ |
54,109 |
|
|
13.4% |
|
Transportation Solutions |
|
9,856 |
|
|
6.5% |
|
|
7,410 |
|
|
5.2% |
|
|
15,162 |
|
|
5.8% |
|
|
11,853 |
|
|
4.6% |
|
Building Solutions |
|
13,480 |
|
|
12.1% |
|
|
9,751 |
|
|
11.4% |
|
|
22,181 |
|
|
11.2% |
|
|
19,109 |
|
|
11.5% |
|
Segment Operating Income |
|
66,503 |
|
|
12.7% |
|
|
49,985 |
|
|
10.8% |
|
|
104,779 |
|
|
11.3% |
|
|
85,071 |
|
|
10.3% |
|
Corporate General and Administrative Expense |
|
(6,181 |
) |
|
|
|
|
(5,766 |
) |
|
|
|
|
(11,640 |
) |
|
|
|
|
(11,234 |
) |
|
|
|
Acquisition Related Costs |
|
(59 |
) |
|
|
|
|
(230 |
) |
|
|
|
|
(249 |
) |
|
|
|
|
(485 |
) |
|
|
|
Total Operating Income |
$ |
60,263 |
|
|
11.5% |
|
$ |
43,989 |
|
|
9.5% |
|
$ |
92,890 |
|
|
10.0% |
|
$ |
73,352 |
|
|
8.9% |
|
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) |
||||||
|
June 30, 2023 |
|
December 31, 2022 |
|||
Assets |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
278,121 |
|
$ |
181,544 |
|
Accounts receivable |
|
296,496 |
|
|
262,646 |
|
Contract assets |
|
115,011 |
|
|
109,803 |
|
Receivables from and equity in construction joint ventures |
|
11,407 |
|
|
14,122 |
|
Other current assets |
|
14,765 |
|
|
29,139 |
|
Total current assets |
|
715,800 |
|
|
597,254 |
|
Property and equipment, net |
|
228,461 |
|
|
215,482 |
|
Operating lease right-of-use assets, net |
|
61,106 |
|
|
59,415 |
|
Goodwill |
|
262,692 |
|
|
262,692 |
|
Other intangibles, net |
|
291,650 |
|
|
299,123 |
|
Other non-current assets, net |
|
7,649 |
|
|
7,654 |
|
Total assets |
$ |
1,567,358 |
|
$ |
1,441,620 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable |
$ |
140,620 |
|
$ |
121,887 |
|
Contract liabilities |
|
335,877 |
|
|
239,297 |
|
Current maturities of long-term debt |
|
35,062 |
|
|
32,610 |
|
Current portion of long-term lease obligations |
|
18,129 |
|
|
19,715 |
|
Accrued compensation |
|
25,335 |
|
|
24,136 |
|
Other current liabilities |
|
12,742 |
|
|
8,966 |
|
Total current liabilities |
|
567,765 |
|
|
446,611 |
|
Long-term debt |
|
329,284 |
|
|
398,735 |
|
Long-term lease obligations |
|
43,087 |
|
|
40,103 |
|
Members’ interest subject to mandatory redemption and undistributed earnings |
|
21,296 |
|
|
21,597 |
|
Deferred tax liability, net |
|
58,449 |
|
|
51,659 |
|
Other long-term liabilities |
|
5,563 |
|
|
5,116 |
|
Total liabilities |
|
1,025,444 |
|
|
963,821 |
|
Stockholders’ equity: |
|
|
|
|||
Common stock |
|
308 |
|
|
306 |
|
Additional paid in capital |
|
291,757 |
|
|
287,914 |
|
Retained earnings |
|
245,508 |
|
|
186,379 |
|
Total Sterling stockholders’ equity |
|
537,573 |
|
|
474,599 |
|
Noncontrolling interests |
|
4,341 |
|
|
3,200 |
|
Total stockholders’ equity |
|
541,914 |
|
|
477,799 |
|
Total liabilities and stockholders’ equity |
$ |
1,567,358 |
|
$ |
1,441,620 |
|
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
Six Months Ended June 30, |
|||||||
|
2023 |
|
2022 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
60,270 |
|
|
$ |
45,895 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
27,672 |
|
|
|
25,412 |
|
|
Amortization of debt issuance costs and non-cash interest |
|
877 |
|
|
|
1,102 |
|
|
Gain on disposal of property and equipment |
|
(2,631 |
) |
|
|
(716 |
) |
|
Gain on debt extinguishment, net |
|
— |
|
|
|
(2,428 |
) |
|
Deferred taxes |
|
6,790 |
|
|
|
14,505 |
|
|
Stock-based compensation |
|
7,003 |
|
|
|
5,238 |
|
|
Change in fair value of interest rate swap |
|
— |
|
|
|
(173 |
) |
|
Changes in operating assets and liabilities |
|
81,126 |
|
|
|
(46,861 |
) |
|
Net cash provided by operating activities |
|
181,107 |
|
|
|
41,974 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Acquisitions, net of cash acquired |
|
— |
|
|
|
(3,033 |
) |
|
Disposition proceeds |
|
14,000 |
|
|
|
— |
|
|
Capital expenditures |
|
(38,859 |
) |
|
|
(28,945 |
) |
|
Proceeds from sale of property and equipment |
|
8,525 |
|
|
|
951 |
|
|
Net cash used in investing activities |
|
(16,334 |
) |
|
|
(31,027 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Repayments of debt |
|
(67,589 |
) |
|
|
(11,770 |
) |
|
Withholding taxes paid on net share settlement of equity awards |
|
(4,328 |
) |
|
|
(7,385 |
) |
|
Net cash used in financing activities |
|
(71,917 |
) |
|
|
(19,155 |
) |
|
Net change in cash, cash equivalents, and restricted cash |
|
92,856 |
|
|
|
(8,208 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
185,265 |
|
|
|
88,693 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
278,121 |
|
|
|
80,485 |
|
|
Less: restricted cash - Continuing Operations |
|
— |
|
|
|
(3,721 |
) |
|
Less: cash, cash equivalents and restricted cash - Discontinued Operations |
|
— |
|
|
|
(14,687 |
) |
|
Cash and cash equivalents at end of period - Continuing Operations |
$ |
278,121 |
|
|
$ |
62,077 |
|
|
STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES EBITDA FROM CONTINUING OPERATIONS RECONCILIATION (In thousands) (Unaudited) |
||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
Net income from Continuing Operations |
$ |
39,480 |
|
$ |
28,114 |
|
$ |
59,129 |
|
$ |
45,786 |
|
Depreciation and amortization |
|
13,980 |
|
|
13,231 |
|
|
27,672 |
|
|
24,594 |
|
Interest expense, net of interest income |
|
5,528 |
|
|
4,449 |
|
|
11,082 |
|
|
9,091 |
|
Income tax expense |
|
14,505 |
|
|
11,015 |
|
|
21,538 |
|
|
17,793 |
|
EBITDA from Continuing Operations (1) |
|
73,493 |
|
|
56,809 |
|
|
119,421 |
|
|
97,264 |
|
Acquisition related costs |
|
59 |
|
|
230 |
|
|
249 |
|
|
485 |
|
Adjusted EBITDA from Continuing Operations (2) |
$ |
73,552 |
|
$ |
57,039 |
|
$ |
119,670 |
|
$ |
97,749 |
|
(1) |
The Company defines EBITDA as GAAP net income from Continuing Operations, adjusted for depreciation and amortization, net interest expense and taxes. |
||||||||
(2) |
The Company defines Adjusted EBITDA as EBITDA excluding the impact of acquisition related costs. |
||||||||
| STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
EBITDA GUIDANCE RECONCILIATION (In millions) (Unaudited) |
||||||
|
Full Year 2023 Guidance |
|||||
|
Low |
|
High |
|||
Net income attributable to Sterling common stockholders |
$ |
125 |
|
$ |
131 |
|
Depreciation and amortization |
|
56 |
|
|
57 |
|
Interest expense, net of interest income |
|
22 |
|
|
23 |
|
Income tax expense |
|
47 |
|
|
49 |
|
EBITDA (1) |
$ |
250 |
|
$ |
260 |
|
(1) |
The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders, adjusted for depreciation and amortization, net interest expense, and taxes. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230807535233/en/
Contacts
Company Contact:
Sterling Infrastructure, Inc.
Noelle Dilts, VP IR and Corporate Strategy
281-214-0795
Investor Relations Contact:
The Equity Group Inc.
Jeremy Hellman, CFA
212-836-9626
