STRL - Why Shares of Sterling Infrastructure Are Soaring This Week
2024-05-10 10:29:26 ET
Rebounding from the 4.5% decline they suffered last week, shares of Sterling Infrastructure (NASDAQ: STRL) are flying off the shelves this week after the company reported strong first-quarter 2024 financial results. In addition to beating analysts' top- and bottom-line estimates, the infrastructure company provided guidance for a more profitable 2024 than what analysts expect. And that's only some of the auspicious news the company had to report.
According to data provided by S&P Global Market Intelligence , Sterling's stock is up 23.7% from the end of trading last Friday through the close of Thursday's trading session.
Whereas analysts expected it to report revenue of $412.8 million and earnings per share (EPS) of $0.77 for Q1 2024, Sterling announced sales of $440.4 million and EPS of $1. And management suggested it could've trumped analysts' estimates even more. In the company's press release announcing the quarterly results, Joe Cutillo, Sterling's CEO, said, "Had the weather cooperated, the quarter would have been even better."
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Why Shares of Sterling Infrastructure Are Soaring This Week