Sterling Infrastructure (STRL) Q4 FY2023 earnings: revenue $486 million, up 8.3% on the year

Sterling Infrastructure, Inc. (STRL) reported revenue of $486 million for Q4 FY2023, the quarter ended 31 December 2023, up 8.3% on the same quarter a year earlier. Net income was $40 million, up 26.6% on the year, and diluted earnings per share $1.28. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$486 millionup 8.3%

Net income$40 millionup 26.6%

Diluted EPS$1.28

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	486	560	n/a	n/a
Cost of revenue	394	468	n/a	n/a
Gross profit	91.8	91.9	n/a	n/a
Gross margin	18.9%	16.4%	n/a
Operating income	55.8	57.1	n/a	n/a
Operating margin	11.5%	10.2%	n/a
Income tax	12.3	13.9	n/a	n/a
Net income	40.2	39.4	n/a	n/a
Net margin	8.3%	7.0%	n/a
Diluted EPS	$1.28	$1.26	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	147	150	n/a	n/a
Capital expenditure	15.1	10.4	n/a	n/a
Free cash flow	132	140	n/a	n/a
Free cash flow margin	27.2%	24.9%	n/a
Cash from investing	-62.1	-9.3	n/a	n/a
Cash from financing	-23.1	-9.5	n/a	n/a
Depreciation and amortisation	14.9	14.9	n/a	n/a
Share-based compensation	3.6	3.4	n/a	n/a
Buybacks	n/a	0.0	n/a	n/a
Diluted shares, weighted	31m	31m	n/a	n/a
Shares outstanding at period end	31m	31m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	619	580	n/a	n/a
Non-controlling interest	4.9	5.1	n/a	n/a
Debt	315	322	n/a	n/a
Operating lease liabilities	37.7	40.2	n/a	n/a
Finance lease liabilities	0.5	0.5	n/a	n/a
Other liabilities	800	776	n/a	n/a
Total liabilities and equity	1,777	1,724	n/a	n/a
Goodwill	281	263	n/a	n/a
Intangible assets	328	288	n/a	n/a
Cash and equivalents	472	409	n/a	n/a
Other assets	696	764	n/a	n/a
Total assets	1,777	1,724	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	560	486	440	583	594	499	431	614	689	756	826	1,168
Cost of revenue	468	394	363	470	464	392	336	471	519	591	631	878
Gross profit	91.9	91.8	76.9	113	130	107	94.8	143	170	164	194	290
Gross margin	16%	19%	17%	19%	22%	21%	22%	23%	25%	22%	24%	25%
Operating income	57.1	55.8	42.1	72.7	87.5	62.3	56.1	105	125	120	138	219
Operating margin	10%	11%	10%	12%	15%	12%	13%	17%	18%	16%	17%	19%
Net income	39.4	40.2	31.0	51.9	61.3	113	39.5	71.0	92.1	87.6	96.0	156
Net margin	7%	8%	7%	9%	10%	23%	9%	12%	13%	12%	12%	13%
Diluted EPS	$1.26	$1.28	$1.00	$1.67	$1.97	$3.64	$1.28	$2.31	$2.97	$2.81	$3.09	$5.00
Operating cash flow	150	147	49.6	121	152	174	84.9	85.4	83.6	186	166	162
Capital expenditure	10.4	15.1	22.4	28.9	14.0	15.6	17.9	13.3	19.7	26.4	19.6	50.0
Free cash flow	140	132	27.2	92.1	138	159	67.0	72.1	64.0	160	146	112
Buybacks	0.0	n/a	0.0	30.1	20.5	20.0	43.8	0.0	4.7	25.7	12.3	23.0
Shares outstanding	31m	31m	31m	31m	31m	31m	30m	30m	31m	31m	31m	31m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2024, accession 0000874238-24-000032: the filing on EDGAR. All of Sterling Infrastructure, Inc.'s filings: EDGAR company page.

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