Business
Sterling Reports Record Fourth Quarter and Full Year 2021 Results
EPS Continues to Outpace Expectations Delivered Record Full Year Operating Cash Flow Provides 2022 Full Year Revenue and Net Income Guidance THE WOODLANDS,
About this update from Sterling Infrastructure, Inc.
[{"type":"text","content":"\nEPS Continues to Outpace Expectations\nDelivered Record Full Year Operating Cash Flow\nProvides 2022 Full Year Revenue and Net Income Guidance\n\n THE WOODLANDS, Texas--(BUSINESS WIRE)--\nSterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today announced financial results for the fourth quarter and full year 2021.\n\nFourth Quarter 2021 Results (as compared to Fourth Quarter 2020)\n\n\nTotal Revenue of $401.3 million, an increase of 15.6%\n\n\nNet Income was $10.9 million, or $0.37 per diluted share, an increase of 87.3%; Adjusted Net Income(1) of $13.9 million or $0.47 per diluted share, an increase of 137.5%\n\n\nEBITDA(2) of $28.1 million, a decrease of 2.7%; Adjusted EBITDA(2) of $32.0 million, an increase of 10.7%\n\n\nCash and Cash Equivalents totaled $81.8 million at December 31, 2021\n\n\nTotal backlog at December 31, 2021 was $1.49 billion, an increase of 27.0%\n\n\nFor the three months ended December 31, 2021, the Company reported net income of $10.9 million, or $0.37 per diluted share, versus $5.8 million, or $0.20 per diluted share, in the fourth quarter 2020. Revenue increased by 15.6% on a year-over-year basis in the fourth quarter of 2021, supported by broad-based growth across the E-Infrastructure, Building and Transportation solutions segments. EBITDA increased 10.7% to $32.0 million in the fourth quarter of 2021, versus $28.9 million in the prior-year period. Fourth quarter Adjusted EBITDA benefited from strong revenue growth from each segment, partially offset by ongoing supply chain and inflation challenges.\n\nFor the full-year ended December 31, 2021, the Company reported net income of $62.6 million, or $2.15 per diluted share, versus $42.3 million, or $1.50 per diluted share, for 2020. Revenue increased by 10.8% on a year-over-year basis for the full-year 2021, driven by solid growth across all segments. Adjusted EBITDA increased 11.5% to $142.9 million for the full-year 2021, versus $128.1 million in the prior-year period. Full-year Adjusted EBITDA benefited from strong revenue growth from each segment and was partially offset by ongoing supply chain and inflation challenges that impacted gross margin realization.\n\nBacklog at December 31, 2021 increased to $1.49 billion, versus $1.18 billion at the prior year-end period. The year-end 2021 backlog includes $210.6 million...