Sterling Infrastructure, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sterling Infrastructure, Inc. (STRL) filed its Q1 2024 10-Q report on May 7, 2024.</b>

AI Summary

STERLING INFRASTRUCTURE, INC. (STRL) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Sterling Infrastructure, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 31. The filing was made on May 7, 2024. Sterling Infrastructure, Inc. is in the Heavy Construction sector.

Why It Matters

For investors and stakeholders tracking STERLING INFRASTRUCTURE, INC., this filing contains several important signals. This 10-Q filing provides an update on Sterling Infrastructure's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess the company's recent results, compare them to previous periods, and evaluate its financial health and future prospects.

Risk Assessment

Risk Level: low — STERLING INFRASTRUCTURE, INC. shows low risk based on this filing. The risk is low as this is a routine quarterly filing (10-Q) providing standard financial disclosures, with no immediate red flags apparent from the header information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Sterling Infrastructure's performance drivers and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-01-01 — Prior Year Quarter Start Date (Prior year period start date)
• 2023-03-31 — Prior Year Quarter End Date (Prior year period end date)

Key Players & Entities

• STERLING INFRASTRUCTURE, INC. (company) — Filer name
• STRL (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• 1800 HUGHES LANDING BLVD. (address) — Business address street 1
• THE WOODLANDS (location) — Business address city
• TX (location) — Business address state
• 77380 (postal_code) — Business address zip

FAQ

Industry Context

Sterling Infrastructure operates in the heavy construction sector, focusing on infrastructure projects.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring regular disclosure of financial information.

What Investors Should Do

1. Analyze the consolidated balance sheets for changes in assets, liabilities, and equity.
2. Review the consolidated statements of operations for revenue and net income trends.
3. Examine the consolidated statements of cash flows for operating, investing, and financing activities.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the initial quarterly financial update.

Key Financial Figures

• $0.01 — ection 12(b) of the Act: Common Stock, $0.01 par value per share STRL The NASDAQ Sto

Filing Documents

• strl-20240331.htm (10-Q) — 859KB
• a2024033110-kexhibit311.htm (EX-31.1) — 14KB
• a2024033110-kexhibit312.htm (EX-31.2) — 14KB
• a2024033110-kexhibit321.htm (EX-32.1) — 7KB
• a2024033110-kexhibit322.htm (EX-32.2) — 7KB
• strl-20240331_g1.jpg (GRAPHIC) — 852KB
• 0000874238-24-000081.txt (&nbsp;) — 8057KB
• strl-20240331.xsd (EX-101.SCH) — 44KB
• strl-20240331_cal.xml (EX-101.CAL) — 79KB
• strl-20240331_def.xml (EX-101.DEF) — 197KB
• strl-20240331_lab.xml (EX-101.LAB) — 566KB
• strl-20240331_pre.xml (EX-101.PRE) — 411KB
• strl-20240331_htm.xml (XML) — 852KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 3 3 Balance Sheets 4 5 6 Notes to the Condensed Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 25

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues $ 440,360 $ 403,579 Cost of revenues ( 363,456 ) ( 341,837 ) Gross profit 76,904 61,742 General and administrative expense ( 27,298 ) ( 23,321 ) Intangible asset amortization ( 4,297 ) ( 3,736 ) Acquisition related costs ( 36 ) ( 190 ) Other operating expense, net ( 3,148 ) ( 1,868 ) Operating income 42,125 32,627 Interest income 5,902 1,974 Interest expense ( 6,664 ) ( 7,528 ) Income before income taxes 41,363 27,073 Income tax expense ( 7,604 ) ( 7,033 ) Net income, including noncontrolling interests 33,759 20,040 Less: Net income attributable to noncontrolling interests ( 2,711 ) ( 391 ) Net income attributable to Sterling common stockholders $ 31,048 $ 19,649 Net income per share attributable to Sterling common stockholders: Basic $ 1.00 $ 0.64 Diluted $ 1.00 $ 0.64 Weighted average common shares outstanding: Basic 30,977 30,618 Diluted 31,186 30,789 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements. 3 STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents ($ 45,405 and $ 24,325 related to variable interest entities ("VIEs")) $ 480,414 $ 471,563 Accounts receivable ($ 10,240 and $ 1,771 related to VIEs) 274,010 252,435 Contract assets 88,329 88,600 Receivables from and equity in construction joint ventures 18,222 17,506 Other current assets 17,883 17,875 Total current assets 878,858 847,979 Property and equipment, net 258,802 243,648 Operating lease right-of-use assets, net 55,169 57,235 Goodwill 281,363 281,117 Other intangibles, net 324,100 328,397 Other non-cu

View Full Filing

View this 10-Q filing on SEC EDGAR