Sterling Infrastructure Inc 2024年度报告

Table of Contents About Sterling Sterling Infrastructure, Inc. (“Sterling” or “the Company”) operates through a variety of subsidiaries within threesegments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarilyacross the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and the Pacific Islands. E-Infrastructure Solutionsprovides advanced, large-scale site development servicesfor data centers, manufacturing, e-commerce distribution centers, warehousing and more. Transportation Solutionsincludes infrastructure and rehabilitation projects for highways,roads, bridges, airports, ports, rail and storm drainage systems. Building Solutionsincludes residential and commercial concrete foundations for single-familyand multi-family homes, parking structures, elevated slabs, other concrete work and plumbingservices and surveys for new single-family residential builds. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard andimprove society’s quality of life. Caring for our people and our communities, our customers and our investors —that is The Sterling Way. Joe Cutillo, CEO, “We build and service the infrastructure that enables our economy to run, our people to move and our country to grow.” Geographic Footprint E-InfrastructureE-Infrastructure & TransportationTransportationTransportation & BuildingTransportation, E-Infrastructure & Building Message From Our Leaders Dear Shareholders, As we conclude 2024, we reflect on another year of tremendous progress and success at Sterling Infrastructure.Our unwavering focus on high-margin growth, strategic market expansion and operational excellence hasstrengthened our leadership position in the industry. Today, Sterling is driving industry-leading margins,robust cash flow and sustainable long-term value for our stakeholders. At the core of this success isThe Sterling Way—our steadfast commitment to innovation, execution and responsibility to our people,customers, investors and communities. While we celebrate our accomplishments, our focus remains on the road ahead. Sterling plays a crucial rolein shaping America’s future—advancing the facilities necessary for artificial intelligence (AI) and otheremergingtechnologies,building domestic manufacturing infrastructure,strengthening criticaltransportation networks and developing the homes in which we live. This infrastructure is the backbone oftomorrow’s America. With strong end markets and margin expansion opportunities, we are well positionedto drive significant bottom-line growth and create sustained value for our shareholders. 2024 HIGHLIGHTS AND ACCOMPLISHMENTS Optimizing Margins and Returns To Drive Shareholder Value Sterling delivered another outstanding year in 2024, achieving adjusted EPS growth of 37% and revenuegrowth of 7%. This marks our fourth consecutive year generating adjusted EPS growth in excess of 35%. Ourdisciplined approach to project selection and resource allocation—prioritizing high-margin, high-returnopportunities—remains a key driver of our success. In 2024, we reached a major milestone as gross marginsexpanded 300 basis points to 20.1%, surpassing the 20% target we set a few years ago. Looking ahead, we seecontinued opportunities for margin expansion and strong financial performance. Our outstanding executionled to a 91.6% increase in Sterling’s share price in 2024, significantly outperforming the S&P 500’s 23% growth. Multi-Year Investment Trends Driving Growth Across Our Segments OurE-Infrastructure Solutionssegment achieved a 44% increase in operating income in 2024 as our workcontinued to shift toward large, mission-critical projects, including data centers. Our superior projectmanagement capabilities and ability to finish jobs ahead of schedule are extremely valuable to ourcustomers in the mission-critical space. We continue to see significant opportunity over the next severalyears associated with the reshoring of manufacturing to America. We ended the year with an E-InfrastructureSolutions backlog of over $1 billion for the first time in our history, up 27% over the prior year period, atstrong margins. Additionally, our backlog does not yet capture nearly three-quarters of a billion dollars inhigh-probability work tied to future project phases on our current jobs. The combination of our firm backlogand these future phase opportunities provides us with clear visibility into future growth and profitability. OurTransportation Solutionssegment grew revenue by 24% and operating income by 21% in 2024,benefiting from historic levels of state and federal infrastructure funding, including the InfrastructureInvestment and Jobs Act (IIJA). In our core Rocky Mountain and Arizona markets, demand for transportationprojects remains at very high levels, and we see growth opportunities for 2025 and 2026, albeit at moremodest rates than seen in 2024, as we have moved deeper into the funding