Sterling Infrastructure Files Q2 2024 10-Q
Ticker: STRL · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 874238
| Field | Detail |
|---|---|
| Company | Sterling Infrastructure, Inc. (STRL) |
| Form Type | 10-Q |
| Filed Date | Aug 6, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Sterling Infrastructure's Q2 2024 10-Q is in. Check financials.
AI Summary
Sterling Infrastructure, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results and provided updates on its operations. Key financial metrics and business segment performance were detailed within the filing.
Why It Matters
This filing provides investors with a detailed look at Sterling Infrastructure's financial health and operational performance during the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Players & Entities
- STERLING INFRASTRUCTURE, INC. (company) — Filer
- 20240630 (date) — Reporting Period End Date
- 20240806 (date) — Filing Date
- 1800 HUGHES LANDING BLVD. (address) — Business Address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 6, 2024.
What is the company's primary industry classification?
The company's Standard Industrial Classification is HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600].
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
What is the company's business address?
The company's business address is 1800 HUGHES LANDING BLVD., SUITE 250, THE WOODLANDS, TX 77380.
Filing Stats: 4,538 words · 18 min read · ~15 pages · Grade level 17.5 · Accepted 2024-08-06 09:21:23
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-20240630.htm (10-Q) — 1077KB
- a2024063010-kexhibit311.htm (EX-31.1) — 14KB
- a2024063010-kexhibit312.htm (EX-31.2) — 14KB
- a2024063010-kexhibit321.htm (EX-32.1) — 7KB
- a2024063010-kexhibit322.htm (EX-32.2) — 7KB
- strl-20240630_g1.jpg (GRAPHIC) — 852KB
- 0000874238-24-000121.txt ( ) — 8833KB
- strl-20240630.xsd (EX-101.SCH) — 44KB
- strl-20240630_cal.xml (EX-101.CAL) — 81KB
- strl-20240630_def.xml (EX-101.DEF) — 199KB
- strl-20240630_lab.xml (EX-101.LAB) — 591KB
- strl-20240630_pre.xml (EX-101.PRE) — 426KB
- strl-20240630_htm.xml (XML) — 1045KB
—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 25
Controls and Procedures
Item 4. Controls and Procedures 26
—OTHER INFORMATION
PART II—OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 27
Risk Factors
Item 1A. Risk Factors 27
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27
Other Information
Item 5. Other Information 27
Exhibits
Item 6. Exhibits 28
—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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 582,822 $ 522,325 $ 1,023,182 $ 925,904 Cost of revenues ( 470,079 ) ( 430,051 ) ( 833,535 ) ( 771,888 ) Gross profit 112,743 92,274 189,647 154,016 General and administrative expense ( 27,856 ) ( 24,034 ) ( 55,154 ) ( 47,355 ) Intangible asset amortization ( 4,280 ) ( 3,737 ) ( 8,577 ) ( 7,473 ) Acquisition related costs ( 101 ) ( 59 ) ( 137 ) ( 249 ) Other operating expense, net ( 7,772 ) ( 4,181 ) ( 10,920 ) ( 6,049 ) Operating income 72,734 60,263 114,859 92,890 Interest income 6,305 2,203 12,207 4,177 Interest expense ( 6,513 ) ( 7,731 ) ( 13,177 ) ( 15,259 ) Income before income taxes 72,526 54,735 113,889 81,808 Income tax expense ( 17,952 ) ( 14,505 ) ( 25,556 ) ( 21,538 ) Net income, including noncontrolling interests 54,574 40,230 88,333 60,270 Less: Net income attributable to noncontrolling interests ( 2,695 ) ( 750 ) ( 5,406 ) ( 1,141 ) Net income attributable to Sterling common stockholders $ 51,879 $ 39,480 $ 82,927 $ 59,129 Net income per share attributable to Sterling common stockholders: Basic $ 1.68 $ 1.28 $ 2.68 $ 1.93 Diluted $ 1.67 $ 1.27 $ 2.66 $ 1.91 Weighted average common shares outstanding: Basic 30,914 30,780 30,945 30,699 Diluted 31,145 31,000 31,158 30,886 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) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents ($ 56,934 and $ 24,325 related to variable interest entities ("VIEs")) $ 539,985 $ 471,563 Accounts receivable ($ 27,823 and $ 1,771 related to VIEs) 374