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- **Revenue Surge**: 32% YoY growth, E-Infrastructure +58%, Transportation +10%.**
    - **Margins Expand**: Gross margin 24.7% (+280bps), E-Infrastructure adj. EBITDA 25%.**
    - **Backlog Boom**: $2.6B total (+64%), E-Infrastructure $1.8B (+97%).**
    - **CEC Synergy**: Electrical + site development driving 40% margin improvement.**
    - **Pipeline Power**: $4B+ future work (75% data centers), 2026-2027 starts.**
    - **Guidance**: 2025 Revenue $2.375B-$2.39B, EPS $8.73-$8.87, EBITDA $448M-$453M.**
    - **Risk**: Housing market softness (Building Solutions -1% Q3).**
    - **Strategy**: Focus on E-Infrastructure (95% of M&A), data centers, semiconductors.**
    - **Liquidity**: Strong cash ($306M), net cash $11.8M.**
    - **Growth**: E-Infrastructure +30%+ organic, Transportation +low teens.**
    - **Margin Expansion**: E-Infrastructure 25% (2024: 23.7%), Transportation 13.5%-14% (2024: 9.6%).**
    - **Opportunity**: $4B pipeline, 2026 starts.**
    - **Risk**: Permitting delays (3-5x pre-COVID).**
    - **Execution**: 2025 guidance: Revenue +27%, EPS +47%, EBITDA +42%.**

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue up 32% YoY, driven by 58% growth in E-Infrastructure Solutions (42% organic) and 10% in Transportation Solutions.**
- **Margins**: Adjusted EBITDA $156M (+47%), gross margin 24.7% (+280bps YoY).**
- **Backlog**: $2.6B total, +64% YoY. E-Infrastructure backlog $1.8B (+97% YoY).**
- **Segments**: Data center revenue +125% YoY. CEC contributed $41.4M in Q3, with $4B pipeline** across E-Infrastructure, Transportation, and Building Solutions.**
- **Acquisition Integration**: CEC's electrical services + site development driving margin expansion.**
- **Guidance**: Full year 2025: Revenue $2.375B-$2.39B, EPS $8.73-$8.87, EBITDA $448M-$453M.**

**【CFO Financial Commentary】**
- **Cash Flow**: Operating $253.9M (9M), CapEx $46.9M, acquisitions $484.2M (including CEC).**
- **Liquidity**: $306.4M cash, $294.6M debt, $11.8M net cash.**
- **Margins**: E-Infrastructure adj. EBITDA 25% (2024: 23.7%), Transportation 13.5%-14% (2024: 9.6%).**
- **Share Repurchases**: $48.5M (avg $135.96), $80.9M remaining.**

**【Q&A Highlights】**
- **CEC Momentum**: CEC booked large data center projects, targeting 2026 starts.**
- **Margins**: E-Infrastructure margins to expand via larger projects, electrical integration.**
- **Pipeline**: $4B+ pipeline (75% data centers), 2026-2027 starts.**
- **Transportation**: 2026 federal funding, 2-year backlog.**
- **Risk**: Building Solutions decline due to housing affordability.**
- **Acquisition Focus**: E-Infrastructure (95% of deals).**
- **Regulatory**: Permitting delays (3-5x pre-COVID).**
- **Outlook**: E-Infrastructure +30%+ organic, Transportation +low teens.**

Sterling Infrastructure, Inc. (STRL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

STRL

STRL fundamentals

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