Shares of Sterling Construction (NASDAQ: STRL) soared by 5.26% on November 8th, 2024, after the company reported better-than-expected earnings for the third quarter of 2024.
Sterling Infrastructure, a leading infrastructure construction company, announced its financial results for Q3 2024, showcasing impressive growth. While revenue increased by 6% year-over-year to $593.7 million, it slightly missed analyst estimates by 2.3%. However, the company's net income skyrocketed by 56% to $61.3 million, driven by higher margins and operational efficiency.
Notably, Sterling Infrastructure reported an earnings per share (EPS) of $2.00, surpassing analyst expectations by a significant 18%. This strong performance, coupled with an increase in profit margins from 7% in Q3 2023 to 10% in Q3 2024, fueled investor confidence and contributed to the stock's rally.
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