Business
Sterling Reports Third Quarter 2021 Results
EPS Continues to Outpace Expectations Increases 2021 Full Year Revenue and Net Income Guidance Delivered Record YTD Operating Cash Flow THE WOODLANDS,
About this update from Sterling Infrastructure, Inc.
[{"type":"text","content":"\nEPS Continues to Outpace Expectations\nIncreases 2021 Full Year Revenue and Net Income Guidance\nDelivered Record YTD Operating Cash Flow\n\n THE WOODLANDS, Texas--(BUSINESS WIRE)--\nSterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today announced financial results for the third quarter 2021.\n\nConsolidated Third Quarter 2021 Financial Results Compared to Third Quarter 2020:\n\n\nRevenues were $463.4 million compared to $383.5 million.\n\n\nNet Income was $21.1 million compared to $15.2 million.\n\n\nDiluted EPS was $0.72 compared to $0.54.\n\n\nConsolidated Financial Position and Liquidity:\n\n\nCash and Cash Equivalents were $117.7 million at September 30, 2021.\n\n\nCash provided by operating cash flow was a record $135.7 million for the nine months ended September 30, 2021.\n\n\nRepayments of debt totaled $44.2 million for the nine months ended September 30, 2021.\n\n\nHeavy Civil and Specialty Services Backlog Highlights:\n\n\nBacklog at September 30, 2021 was $1.41 billion, up from $1.18 billion at December 31, 2020, while Backlog gross margin improved from 12.0% to 12.3%, over the respective periods.\n\n\nCombined Backlog(1) was $1.53 billion at both September 30, 2021 and December 31, 2020, while Combined Backlog gross margin improved from 11.8% to 12.1%, over the respective periods.\n\n\nThe Company Increases 2021 Full Year Revenue and Net Income Guidance:\n\n\nRevenue of $1.510 billion to $1.520 billion\n\n\nNet Income of $61 million to $64 million\n\n \n\n\n\nCEO Remarks and Outlook\n\n“The third quarter was a strong quarter, exceeding our Net Income and EPS expectations,” stated Joe Cutillo, Sterling’s Chief Executive Officer. “We were able to deliver another outstanding quarter despite the headwinds from inflation and the supply chain. Our diverse portfolio of end customers and geographies, coupled with the strength of our end markets, were the drivers that enabled us to offset these headwinds. In our Heavy Civil sector, operating income almost tripled that of Q3 2020, driven by revenue growth in aviation and alternative delivery heavy highway projects. Our Specialty Services sector saw year-over-year revenue growth but a decline in operating income driven by inflation and supply chain delays. Our Residential sector delivered both record revenue and income driven by continued str...