Sterling Infrastructure (NASDAQ:STRL) is a construction company that provides solutions for e-infrastructure, building, and transportation. That might not sound like a booming industry to be in, but the stock has surged 172% over the past 12 months. It’s not cheap at 24.63x forward earnings, but the company is being driven forward by tailwinds in areas like data centers and projects tied to electric vehicle infrastructure. That’s why I remain bullish on the stock.
Sterling Infrastructure’s Backlog
Sterling Infrastructure shares popped after the company reported a strong set of results on May 6. Revenue for Q1 came in at $440.4 million, a 9.1% year-over-year increase and $18.65 million ahead of expectations. The company achieved a gross margin of 17.5%, up from 15.3% in the previous year. Also, net income for the quarter reached $31.0 million, or $1.00 per diluted share, marking a significant increase of 58% and 56%,…
