By Stephen Nakrosis
Shares of Sterling Infrastructure topped their previous 52-week high in Monday’s after-hours market following the release of second-quarter results and an increase in 2023 revenue guidance.
At 6:29 p.m. EDT, the company’s stock had risen 8.4% to trade at $67 per share. The stock reached a 52-week high of $63.21 on Aug. 1.
Shares finished the day’s regular session with a 1.3% gain at $61.81 per share.
After the bell, the infrastructure, transportation and building solutions company reported second-quarter earnings per share of $1.27 on revenue of $522.3 million. In the year-ago period, the company reported EPS of 93 cents on revenue of $461.8 million.
The company also said its backlog at June 30 was $1.74 billion, an increase of 23% over Dec. 31.
Sterling said it was expecting 2023 revenue in a range of $1.95 billion to $2.05 billion. Previously, the company had said it was expecting 2023 revenue in a range of $1.9 billion to $2 billion. Sterling also raised its guidance for earnings per share for 2023 to a range of $4 to $4.20 from a range of $3.33 to $3.53.
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