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Sterling Reports Record Fourth Quarter and Full Year 2024 Results and Provides Full Year 2025 Guidance
STRLSterling Infrastructure(STRL) Prnewswire·2025-02-25 21:05

Core Viewpoint - Sterling Infrastructure, Inc. reported strong financial results for the full year 2024, with significant increases in revenue, net income, and EBITDA, while providing optimistic guidance for 2025. Financial Performance - For the full year 2024, revenue increased by 7% to 2.12billioncomparedto2023[4]−Netincomefor2024was2.12 billion compared to 2023 [4] - Net income for 2024 was 257.5 million, or 8.27perdilutedshare,upfrom8.27 per diluted share, up from 138.7 million, or 4.44perdilutedsharein2023,representinganincreaseof864.44 per diluted share in 2023, representing an increase of 86% [4] - Adjusted net income rose by 36.3% to 189.9 million, or 6.10perdilutedsharein2024,comparedto6.10 per diluted share in 2024, compared to 139.3 million, or 4.46perdilutedsharein2023[4]−EBITDAincreasedby594.46 per diluted share in 2023 [4] - EBITDA increased by 59% to 410.9 million in 2024, compared to 259.0millionin2023[4]−AdjustedEBITDAgrewby23259.0 million in 2023 [4] - Adjusted EBITDA grew by 23% to 320.0 million in 2024, compared to 259.9millionin2023[4]SegmentPerformance−E−InfrastructureSolutionsrevenueincreasedby8259.9 million in 2023 [4] Segment Performance - E-Infrastructure Solutions revenue increased by 8% year-over-year, with data center-related revenue rising over 50% [8] - Transportation Solutions revenue increased by 24% for the full year, although it faced a decline in the fourth quarter due to challenging comparisons [9] - Building Solutions saw a modest revenue increase of 1.1% for the full year, but a decline of 3% in the fourth quarter [10] Backlog and Guidance - The combined backlog at year-end 2024 was 1.83 billion, slightly up from the previous year [7] - E-Infrastructure Solutions backlog grew by 27% year-over-year, exceeding 1billion[7]−For2025,thecompanyexpectsrevenuegrowthof101 billion [7] - For 2025, the company expects revenue growth of 10%, adjusted net income growth of 18%, and adjusted EBITDA growth of 18% [10] Cash Flow and Financial Position - Operating cash flow for the full year 2024 was nearly 500 million, with a net cash position of 348million[6]−Cashandcashequivalentsattheendof2024totaled348 million [6] - Cash and cash equivalents at the end of 2024 totaled 664.2 million, up from $471.6 million at the end of 2023 [28] CEO Remarks - The CEO highlighted the record performance in 2024, with a focus on margin expansion and profitability growth exceeding revenue growth [6] - The company is optimistic about continued growth in 2025, driven by strategic shifts towards higher-margin service offerings [6]