Sterling Infrastructure, Inc. reported record financial results for the fourth quarter and full year ended December 31, 2024. For the full year, revenue increased by 7% over 2023 to $2.115 billion. Net income reached $257.5 million, or $8.27 per diluted share, while adjusted net income increased 36.3% to $189.9 million, or $6.10 per diluted share. The company's gross margins exceeded 20% on an annual basis, marking a new record.
In the fourth quarter of 2024, revenue grew 3% year-over-year to $498.8 million, with adjusted diluted EPS increasing by 13%. The E-Infrastructure Solutions segment achieved 50% operating income growth in the quarter, with operating margins expanding nearly 700 basis points to 24.1%. Data center-related revenue in this segment increased over 50% compared to the prior year quarter and now represents over 60% of segment backlog, which itself reached over $1 billion, growing 27% year-over-year.
Sterling generated nearly $500 million of operating cash flow for the full year and ended 2024 with a net cash position of $348 million, including $20 million in share repurchases during the fourth quarter. For the full year 2025, Sterling provided guidance anticipating revenue between $2.05 billion and $2.15 billion (pro forma for RHB accounting changes), adjusted diluted EPS between $8.40 and $8.90, and adjusted EBITDA between $410 million and $432 million, implying significant growth over 2024 results.
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