Sterling Infrastructure raises FY23 EPS view to $4.10-$4.23 from $4.00-$4.20

Two estimates $4.09. Raises FY23 revenue view to $1.99B-$2.05B from $1.95B-$2.05B, two estimates $2B. “In the third quarter, we surpassed our internal projections by delivering diluted EPS of $1.26, a 25% increase from the corresponding period last year. As a result, we are raising our diluted EPS guidance to $4.10 to $4.23 from $4.00 to $4.20. Our quarter-end backlog of over $2 billion, a 42% increase from year-end 2022 levels, supports our expectation for continued momentum in 2024. We had another excellent quarter for cash flow generation, bringing our year to date cash flow from operations to $331 million. We remain very well positioned to grow the business through both organic initiatives and acquisitions,” stated Joe Cutillo, Sterling’s CEO.