Sterling Q1 adj EPS $1.63 (+29% YoY); revenue $430.9M (+7%); raises FY25 guidance

STERLING INFRASTRUCTURE, INC.

2025-Q1 EPS reported $1.28 revenue$430,949,000

Q1 revenue $430.9M (+7% pro forma ex-RHB); gross margin 22.0% vs 17.5% YoY.
Adjusted diluted EPS $1.63, up 29% YoY; net income $39.5M ($1.28 diluted).
Backlog $2.13B (+17% YoY like-for-like); book-to-burn 2.2x; data centers >65% of E-Infra backlog.
Acquired Drake Concrete for $25M cash + earn-out; expected $55M revenue, $6.5M adj EBITDA in 2025.
Raised FY25 guidance: adj diluted EPS $8.40-8.90, revenue $2.05-2.15B, adj EBITDA $410-432M.

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