Sterling Infrastructure, Inc. (NASDAQ:STRL) Q1 2024 Earnings Conference Call May 7, 2024 9:00 AM ET

Company Participants

Noelle Dilts - Vice President, Investor Relations and Corporate Strategy
Joe Cutillo - Chief Executive Officer
Ron Ballschmiede - Chief Financial Officer

Conference Call Participants

Brent Thielman - D.A. Davidson
Adam Thalhimer - Thompson Davis

Operator

Good morning, ladies and gentlemen. And welcome to the Sterling Infrastructure First Quarter 2024 Webcast and Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. This call is being recorded Tuesday, May 7, 2024.

I would like to turn the conference over to Noelle Dilts. Please go ahead.

Noelle Dilts

Thank you, Jonah. Good morning to everyone joining us and welcome to Sterling Infrastructure’s 2024 first quarter earnings conference call and webcast. I’m pleased to be here today to discuss our results with Joe Cutillo, Sterling’s Chief Executive Officer; and Ron Ballschmiede, Sterling’s Chief Financial Officer.

Joe will open the call with an overview of the company and its performance in the quarter. Ron will then discuss our financial results and guidance, after which Joe will provide a market and full year outlook. We will then open the call up for questions. As a reminder, there are accompanying slides on the Investor Relations section of our website. These slides include details on our updated financial guidance.

Before turning the call over to Joe, I’ll read the Safe Harbor statement. The discussion 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 measures in our earnings release issued yesterday afternoon.

I’ll now turn the call over to our CEO, Joe Cutillo.

Joe Cutillo

Thanks, Noelle. Good morning, everyone, and thank you for joining Sterling’s first quarter 2024 earnings call. Despite challenging weather in January and February, the Sterling team was able to deliver $1 of earnings per share to its shareholders, which was a new first quarter record. This represents a 56% increase over prior year.