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Sterling Reports Record Fourth Quarter and Full Year 2022 Results
Provides 2023 Full Year Guidance THE WOODLANDS, Texas--(BUSINESS WIRE)-- Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today
About this update from Sterling Infrastructure, Inc.
[{"type":"text","content":"\nProvides 2023 Full Year Guidance\n\n THE WOODLANDS, Texas--(BUSINESS WIRE)--\nSterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today announced financial results for the fourth quarter and full year 2022 and provided full year 2023 guidance.\n\nFourth Quarter 2022 Results (compared with prior year period)\n\n(The financial information herein is from continuing operations unless otherwise noted)\n\n\nRevenues of $448.6 million, an increase of 26%\n\n\nGross margin of 15.4%, an increase from 14.8%\n\n\nNet Income was $20.2 million, or $0.66 per diluted share, an increase of 80% and 74%, respectively\n\n\nEBITDA(1) of $49.9 million, an increase of 78%; Adjusted EBITDA(1) of $50.1 million, an increase of 58%\n\n\nCash flows from operations(2) of $88.5 million and $219.1 million for the fourth quarter and year ended December 31, 2022, respectively\n\n\nCash and Cash Equivalents totaled $181.5 million at December 31, 2022\n\n\nBacklog at December 31, 2022 was $1.41 billion, an increase of 7% over December 31, 2021\n\n\nCombined backlog(3) at December 31, 2022 was $1.69 billion, an increase of 25% over December 31, 2021\n\n\nContinuing Operations–For the full year ended December 31, 2022, the Company reported net income of $96.7 million, or $3.16 per diluted share, versus $61.5 million, or $2.11 per diluted share, for 2021. Revenue increased by 25% over 2021. EBITDA(1) increased 51% to $208.7 million in 2022, versus $138.1 million in 2021. Adjusted EBITDA(1) increased 49% to $209.5 million in 2022, versus $140.9 million in 2021.\n\nDiscontinued Operations–For the full year ended December 31, 2022, the Company reported net income of $9.7 million, or $0.32 per diluted share, versus $1.2 million, or $0.04 per diluted share, for 2021. The increase was primarily driven by a pretax gain of $16.7 million, as the result of the disposition of the Company’s 50% ownership interest in its partnership with Myers & Sons Construction L.P.\n\nFor the full year ended December 31, 2022, the Company reported net income attributable to Sterling common stockholders(2) of $106.5 million, or $3.48 per diluted share, versus $62.6 million, or $2.15 per diluted share, for 2021.\n\n\n\n(1) The Company defines EBITDA as GAAP net income from Continuing Operations, adjusted for depreciation and amortization, net interest expense and tax...