Outstanding Revenue Growth
Sterling reported a 32% increase in revenue, driven by 58% growth in the E-Infrastructure Solutions segment, including 42% organic growth. The Transportation segment also grew by 10%.
Significant Increase in Backlog
Backlog at the end of the quarter was $2.6 billion, a 64% year-over-year increase, with a 34% increase excluding the recent CEC acquisition. E-Infrastructure Solutions backlog increased by 97% in total and 45% excluding CEC.
Record Adjusted Earnings and EBITDA
Adjusted earnings per share increased by 58% to $3.48, and adjusted EBITDA grew by 47% to $156 million.
Strong Cash Flow and Liquidity
Operating cash flow was $84 million for the quarter, with a cash net of debt balance of $11.8 million and a $150 million undrawn credit facility.
Positive Market Outlook
The company is optimistic about multiyear growth opportunities, particularly in data centers and manufacturing markets, with a visible pipeline of work exceeding $4 billion.