Shares of Sterling Infrastructure reached a new 52-week high in the after-hours market on Monday, following the release of their second-quarter results and an optimistic increase in their 2023 revenue guidance.
Impressive Stock Performance
At 6:29 p.m. EDT, the company's stock surged 8.4% to trade at $67 per share, surpassing their previous 52-week high of $63.21 on Aug. 1. This significant increase demonstrates the market's positive response to Sterling Infrastructure's performance.
Strong Second-Quarter Results
The infrastructure, transportation, and building solutions company reported earnings per share of $1.27 on revenue of $522.3 million for the second quarter. These figures represent substantial growth compared to the year-ago period when EPS was 93 cents on revenue of $461.8 million.
Sterling Infrastructure also shared their promising outlook for the future. Their backlog at June 30 reached $1.74 billion, marking a remarkable increase of 23% compared to Dec. 31.
Moreover, the company raised its revenue guidance for 2023 to a range of $1.95 billion to $2.05 billion, up from the previous estimate of $1.9 billion to $2 billion. Additionally, earnings per share guidance for 2023 was adjusted to a range of $4 to $4.20, previously projected as $3.33 to $3.53.
By delivering exceptional results and providing an optimistic outlook, Sterling Infrastructure solidified its position as a leader in the industry.