Sterling Infrastructure, Inc. Files 2023 Annual Report on Form 10-K

Ticker: STRL · Form: 10-K · Filed: Feb 27, 2024 · CIK: 874238

Sterling Infrastructure, Inc. 10-K Filing Summary
FieldDetail
CompanySterling Infrastructure, Inc. (STRL)
Form Type10-K
Filed DateFeb 27, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $55.80, $18 million, $14 million, $2 million
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, Sterling Infrastructure, Construction, Financials

TL;DR

<b>Sterling Infrastructure, Inc. has filed its annual report detailing its 2023 fiscal year performance.</b>

AI Summary

STERLING INFRASTRUCTURE, INC. (STRL) filed a Annual Report (10-K) with the SEC on February 27, 2024. Sterling Infrastructure, Inc. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Heavy Construction other than Building Construction - Contractors. Sterling Infrastructure, Inc. is incorporated in Delaware. The company's principal executive offices are located in The Woodlands, Texas.

Why It Matters

For investors and stakeholders tracking STERLING INFRASTRUCTURE, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess its current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — STERLING INFRASTRUCTURE, INC. shows moderate risk based on this filing. The company operates in the heavy construction sector, which is subject to cyclical economic conditions, regulatory changes, and project-specific risks, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis in the 10-K to understand Sterling Infrastructure's performance and outlook for 2024.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reporting period)
  • 2024-02-27 — Filing Date (Date of submission)
  • 160 — Public Document Count (Number of documents in the filing)
  • 1600 — SIC Code (Standard Industrial Classification)

Key Players & Entities

  • STERLING INFRASTRUCTURE, INC. (company) — Filer name
  • STRL (company) — Ticker symbol
  • 10-K (filing) — Form type
  • 2024-02-27 (date) — Filing date
  • 2023-12-31 (date) — Fiscal year end
  • The Woodlands, TX (location) — Business address city and state
  • DE (location) — State of incorporation
  • 251655321 (identifier) — IRS number

FAQ

When did STERLING INFRASTRUCTURE, INC. file this 10-K?

STERLING INFRASTRUCTURE, INC. filed this Annual Report (10-K) with the SEC on February 27, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by STERLING INFRASTRUCTURE, INC. (STRL).

Where can I read the original 10-K filing from STERLING INFRASTRUCTURE, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by STERLING INFRASTRUCTURE, INC..

What are the key takeaways from STERLING INFRASTRUCTURE, INC.'s 10-K?

STERLING INFRASTRUCTURE, INC. filed this 10-K on February 27, 2024. Key takeaways: Sterling Infrastructure, Inc. filed its 2023 Form 10-K on February 27, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is Heavy Construction other than Building Construction - Contractors..

Is STERLING INFRASTRUCTURE, INC. a risky investment based on this filing?

Based on this 10-K, STERLING INFRASTRUCTURE, INC. presents a moderate-risk profile. The company operates in the heavy construction sector, which is subject to cyclical economic conditions, regulatory changes, and project-specific risks, as detailed in the risk factors section of the 10-K.

What should investors do after reading STERLING INFRASTRUCTURE, INC.'s 10-K?

Investors should review the detailed financial statements and management's discussion and analysis in the 10-K to understand Sterling Infrastructure's performance and outlook for 2024. The overall sentiment from this filing is neutral.

Key Dates

  • 2024-02-27: 10-K Filing — Annual report submission for fiscal year 2023
  • 2023-12-31: Fiscal Year End — End of the reporting period

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of Sterling Infrastructure, Inc.)
SIC Code
Standard Industrial Classification code used to classify businesses based on their primary activity. (Indicates Sterling Infrastructure's primary business sector as Heavy Construction other than Building Construction - Contractors.)

Filing Stats: 4,396 words · 18 min read · ~15 pages · Grade level 16 · Accepted 2024-02-27 09:13:07

Key Financial Figures

  • $0.01 — ection 12(b) of the Act: Common Stock, $0.01 par value per share STRL NASDAQ (Title
  • $55.80 — tes, based on a NASDAQ closing price of $55.80 on June 30, 2023, was approximately $ 1
  • $18 million — & Sons Construction L.P. ("Myers") for $18 million in cash. In accordance with the Agreeme
  • $14 million — Company received two payments totaling $14 million in the first quarter of 2023 and two ad
  • $2 million — of 2023 and two additional payments of $2 million each are due by the end of 2025 and 202
  • $21 million — , for a purchase price of approximately $21 million. CCS's business provides concrete found
  • $57 million — , for a purchase price of approximately $57 million. PPG's business provides services for a
  • $2.07 billion — 36 months. The value of our Backlog was $2.07 billion at December 31, 2023, as compared to $1
  • $1.41 billion — on at December 31, 2023, as compared to $1.41 billion at December 31, 2022. We exclude from o
  • $303.2 million — executed by the customer (approximately $303.2 million at December 31, 2023). Certain Building

Filing Documents

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 21

Properties

Item 2. Properties 22

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22

[Reserved]

Item 6. [Reserved] 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 33

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 34

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 65

Controls and Procedures

Item 9A. Controls and Procedures 65

Other Information

Item 9B. Other Information 66

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 66

Executive Compensation

Item 11. Executive Compensation 67

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 67

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 67

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 67 PART IV

Exhibits, and Financial Statement Schedules

Item 15. Exhibits, and Financial Statement Schedules 67

Form 10-K Summary

Item 16. Form 10-K Summary 69

Signatures

Signatures 70 2 PART I Cautionary Statement Regarding Forward-Looking Statements This annual report on Form 10-K, including the documents incorporated herein by reference, contains statements that are, or may be considered to be, "forward-looking statements" regarding the Company which represent our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for certain forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements included or incorporated by reference herein relate to matters that are not based on historical facts and reflect our current expectations as of the date of this annual report on Form 10-K, regarding items such as: our industry and business outlook, including relating to federal, state and municipal funding for projects, the residential home building market and demand from our customers; business strategy, including the integration of recent acquisitions and the potential for additional future acquisitions; expectations and estimates relating to our backlog; expectations concerning our market position; future operations; margins; profitability; capital expenditures; liquidity and capital resources; and other financial and operating information. Forward-looking statements may use or contain words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "intend," "likely," "may," "plan," "potential," "predict," "project," "seek," "should," "strategy," "will," "would" and similar terms and phrases. Actual events, results and outcomes may differ materially from those anticipated, projected or assumed in the forward-looking statements due to a variety of factors. Although it is not possible to identify all of these factors, they include, among others, the following: factors that affect demand for our services or demand in end markets, including economic recess

Business

Item 1. Business Overview of the Company's Business Sterling Infrastructure, Inc. ("Sterling" or "the Company") 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 the Pacific Islands. E-Infrastructure Solutions provides advanced, large-scale site development services for manufacturing, data centers, e-commerce distribution centers, warehousing, power generation 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, other concrete work, and plumbing services for new single-family residential builds. 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. In this report, unless the context otherwise indicates, "Sterling," "the Company," "we," "our" or "us" means Sterling and its consolidated subsidiaries. In addition, references to "Note" or "Notes" refer to the Notes to the Consolidated Financial Statements, included in Item 8 of Part II of this annual report on Form 10-K, unless indicated otherwise. Business Strategy Since 2016, our strategic vision has been based on the following elements and objectives: Strategic Elements Strategic Objectives Solidifying the base Risk Reduction Growing high margin products and services Bottom-Line Growth Expansion into adjacent markets Exceed Peer Performance Build a Platform for Future Accretive Growth Solidifying the base— The Company's historic base business is our low-bid hea

View Full Filing

View this 10-K filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.