Why Sterling Infrastructure Shares Are Soaring Today
Sterling Infrastructure (NASDAQ: STRL) easily topped Wall Street estimates for the quarter and raised full-year guidance. Investors are buying in, sending shares of Sterling up 15% as of 10:45 Eastern.
Sterling is a construction company focused on high-growth markets, including warehouses, data centers, and large infrastructure projects. The company earned $1 per share in the first quarter on revenue of $440.4 million, topping the $0.77 per share in earnings on sales of $412 million consensus estimate.
Revenue was up 9% year over year, and Sterling's gross margin improved by 220 basis points to 17.5% in the quarter. CEO Joe Cutillo said the results came despite difficult weather in January and February that delayed work on some key projects.
Source Fool.com
