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Sterling Infrastructure (STRL)

Sterling Construction Company, a Delaware corporation, is a construction company that has been involved in the construction industry since its founding in 1955. The Company operates through a variety of subsidiaries within three segments specializing in Heavy Civil, Specialty Services, and Residential projects in the United States (the "U.S."), primarily across the southern U.S., the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. Heavy Civil includes infrastructure and rehabilitation projects for highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems. Specialty Services projects include construction site excavation and drainage, drilling and blasting for excavation, foundations for multi-family homes, parking structures and other commercial concrete projects. Residential projects include concrete foundations for single-family homes.

Company profile

Ticker
STRL
Exchange
Website
CEO
Joseph Cutillo
Employees
Incorporated
Location
Fiscal year end
Former names
OAKHURST CAPITAL INC, OAKHURST CO INC, STERLING CONSTRUCTION CO INC
SEC CIK
Subsidiaries
Texas Sterling Construction Co. • Texas Sterling – Banicki, JV LLC • Road and Highway Builders, LLC • Road and Highway Builders Inc. • Road and Highway Builders of California, Inc. • Sterling Hawaii Asphalt, LLC • Ralph L. Wadsworth Construction Company, LLC • Ralph L. Wadsworth Construction Co. LP • J. Banicki Construction, Inc. • Myers & Sons Construction, L.P. ...
IRS number
251655321

STRL stock data

Calendar

2 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 80.49M 80.49M 80.49M 80.49M 80.49M 80.49M
Cash burn (monthly) 2.3M 1.63M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 3.33M 2.36M n/a n/a n/a n/a
Cash remaining 77.16M 78.13M n/a n/a n/a n/a
Runway (months of cash) 33.5 47.9 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Aug 22 Mark D. Wolf Common Stock Payment of exercise Dispose F No No 25.23 3,113 78.54K 38,090
4 May 22 Cregg Roger A Common Stock Grant Acquire A No No 0 4,269 0 39,974
4 May 22 Julie Dill Common Stock Grant Acquire A No No 0 4,269 0 17,175
4 May 22 Dana C. O'Brien Common Stock Grant Acquire A No No 0 4,269 0 26,190
4 May 22 Patton Charles R. Common Stock Grant Acquire A No No 0 4,269 0 71,296
78.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 176 172 +2.3%
Opened positions 25 25
Closed positions 21 15 +40.0%
Increased positions 57 50 +14.0%
Reduced positions 65 59 +10.2%
13F shares Current Prev Q Change
Total value 980.37M 999.17M -1.9%
Total shares 23.85M 23.86M -0.0%
Total puts 20.2K 0 NEW
Total calls 9.2K 9.6K -4.2%
Total put/call ratio 2.2
Largest owners Shares Value Change
BLK Blackrock 2.31M $61.8M +1.1%
Vanguard 1.45M $38.89M +0.1%
Dimensional Fund Advisors 1.32M $35.47M +1.0%
Segall Bryant & Hamill 1.25M $33.38M -0.4%
Wellington Management 1.02M $27.26M -3.8%
Renaissance Technologies 979.27K $26.24M -3.8%
Towle & Co 778.41K $20.86M -6.1%
22NW 601.2K $16.11M 0.0%
IVZ Invesco 600.01K $16.08M +43.5%
STT State Street 575.73K $15.43M +3.2%
Largest transactions Shares Bought/sold Change
Voya Investment Management 562.9K +551.68K +4915.6%
Royce & Associates 412.35K -354.65K -46.2%
Tygh Capital Management 0 -253.25K EXIT
IVZ Invesco 600.01K +181.78K +43.5%
D.a. Davidson & Co. 110.94K +99.04K +832.3%
Dean Capital Investments Management 0 -79.93K EXIT
WFC Wells Fargo & Co. 156.48K -78.68K -33.5%
Millennium Management 0 -76.69K EXIT
Putnam Investments 226.56K +73.13K +47.7%
First Trust Advisors 179.75K -66.04K -26.9%

Financial report summary

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Competition
Primoris Services
Management Discussion
  • Summary—For the second quarter of 2022, the Company had operating income of $41.1 million, income before income taxes of $36.6 million, net income attributable to Sterling common stockholders of $26.0 million and net income per diluted share attributable to Sterling common stockholders of $0.86.
  • Revenues—Revenues were $510.6 million for the second quarter of 2022, an increase of $108.9 million or 27.1% compared with the second quarter of 2021. The increase in the second quarter of 2022 was driven by a $109.8 million increase in E-Infrastructure Solutions (including $76.0 million related to the acquired Petillo operations) and a $10.9 million increase in Building Solutions, partly offset by an $11.8 million decrease in Transportation Solutions. Revenues were $920.9 million for the six months ended June 30, 2022, an increase of $203.9 million or 28.4% compared with the six months ended June 30, 2021. The increase in the six months ended June 30, 2022 was driven by a $182.2 million increase in E-Infrastructure Solutions (including $123.4 million related to the acquired Petillo operations), a $20.1 million increase in Building Solutions and a $1.7 million increase in Transportation Solutions.
  • Gross profit—Gross profit was $68.4 million for the second quarter of 2022, an increase of $12.1 million or 21.6% compared to the second quarter of 2021. The Company’s gross margin as a percent of revenue decreased to 13.4% in the second quarter of 2022, as compared to 14.0% in the second quarter of 2021. The increase in gross profit and decrease in margin as a percent of revenue for the second quarter of 2022 was primarily driven by higher volume, partly offset by continued headwinds from inflation, labor and material supply issues primarily within the E-Infrastructure Solutions and Building Solutions segments. Gross profit was $124.5 million for the six months ended June 30, 2022, an increase of $23.2 million or 22.9% compared to the six months ended June 30, 2021. The Company’s gross margin as a percent of revenue decreased to 13.5% in the six months ended June 30, 2022, as compared to 14.1% in the six months ended June 30, 2021. The increase in gross profit and decrease in margin as a percent of revenue for the six months ended June 30, 2022 was primarily driven by the continued aforementioned volume and headwind impacts.

Content analysis

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New words: back, began, downturn, escalate, headwind, manufacturing, officially, persistent, professional, pull, signaling, treated
Removed: footprint