Sterling Infrastructure, Inc. (NASDAQ:STRL) Q3 2022 Earnings Conference Call November 1, 2022 9:00 AM ET
Company Participants
Joseph Cutillo - Chief Executive Officer
Ronald Ballschmiede - Executive Vice President, Chief Financial Officer and Chief Accounting Officer
Conference Call Participants
Sean Eastman - KeyBanc
Brent Thielman - D.A. Davidson
Brian Russo - Sidoti & Company
Operator
Greetings, and welcome to the Sterling Infrastructure's Third Quarter 2022 Earnings Conference Call and Webcast. As a reminder, this conference is being recorded and all participants are on a listen-only mode. There are accompanying slides on the Investor Relations section of the company's website.
Before turning the call over to Joe Cutillo, Sterling's Chief Executive Officer, I will read the safe harbor statement. Some discussions made today may include forward-looking statements. Actual results could differ materially from the statements made today. Please refer to Sterling's most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligations to update forward-looking statements as a result of new information, future events or otherwise.
Please also note that management may reference EBITDA, adjusted EBITDA, adjusted net income or adjusted earnings per share on this call, which are all financial measures not recognized under U.S. GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in our earnings release issued yesterday afternoon.
I will now turn the call over to Mr. Joe Cutillo. Thank you, sir. Please go ahead.
Joseph Cutillo
Thanks, Doug. Good morning, everyone and thank you for joining Sterling's third quarter 2022 earnings call. The third quarter marked the 19th quarter with period-over-period improvements since 2017 and the eighth time we have raised our guidance during that timeframe. This world class level of performance is attribute to our people, our culture and our strategy, or what we refer to as the Sterling Way. It is an honor to be part of a team of 3,000-plus colleagues that consistently deliver best-in-class results while making sure we're always taking care of our fellow employees, our customers, and our communities. The Sterling Way has not only created an exciting culture for employees to be part of, but has delivered great results to our shareholders.
Before we talk about the results of another outstanding quarter, I'd like to spend some time talking about our end markets and what is going on in each of our segments. E-Infrastructure, which remains our largest segment and represented 46% of our revenue and 66% of our segment operating income in the quarter, saw record bookings as data center, distribution center and warehouse demand remained high. In addition, we began seeing the first wave of onshoring a new manufacturing facility activity take place. A recent win of the new 500 acre plus Rivian Electric Vehicle plant in Georgia is yet another example of our ability to do large complex jobs in almost any end market. This new manufacturing activity, along with the continued strong demand for data centers and e-commerce warehouses continues to give us a positive outlook for 2023.