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THE WOODLANDS, Texas - Sterling Infrastructure, Inc. (NASDAQ:STRL), a $3.7 billion infrastructure company with strong financial health metrics according to InvestingPro, announced today that Ronald A. Ballschmiede has been appointed as the interim Principal Financial Officer and Principal Accounting Officer. This appointment is effective immediately following the departure of Sharon Villaverde, who left to pursue other opportunities.
Mr. Ballschmiede is no stranger to the roles, having previously served as Sterling’s Chief Financial Officer and Chief Accounting Officer from November 2015 to May 2024, and as Executive Vice President since 2015. The company, which holds more cash than debt on its balance sheet according to InvestingPro analysis, has begun a formal search for a permanent replacement for the Chief Financial Officer position.
Sterling’s CEO, Joe Cutillo, expressed gratitude to Sharon Villaverde for her contributions and welcomed Ronald Ballschmiede’s return to the financial leadership role. "We are very pleased that Ron can seamlessly resume the CFO role during the transition period," said Cutillo. He also reaffirmed the company’s confidence in its team and future opportunities.
Sterling Infrastructure operates through various subsidiaries within three segments: E-Infrastructure, Transportation, and Building Solutions, offering a range of services across the United States. The company is committed to sustainable operations, emphasizing the importance of community and investor care. With a return on equity of 36% and earnings per share of $8.27 over the last twelve months, Sterling demonstrates robust operational efficiency.
This leadership change comes at a time when Sterling continues to focus on providing essential infrastructure services that support the economy and quality of life in the communities they serve.
The company’s announcement is based on a press release statement and marks a period of transition as they continue to search for a new financial steward to guide Sterling’s financial strategy moving forward.
In other recent news, Sterling Construction Company Inc. reported a strong fourth quarter for 2024, with adjusted earnings per share (EPS) of $1.46, exceeding analyst expectations of $1.29. However, the company’s revenue for the quarter fell short, registering $498.8 million against a forecast of $533.43 million. Despite the revenue miss, Sterling’s E-Infrastructure backlog surpassed $1 billion for the first time, indicating robust project demand. The company also announced a strategic focus on high-margin projects and geographic expansion, which contributed to its 37% full-year adjusted EPS growth and 7% revenue increase, totaling $2.1 billion for the year.
DA Davidson analyst Brent Thielman upgraded Sterling Construction’s stock from Neutral to Buy, setting a price target of $185. Thielman cited Sterling’s stronger-than-expected margins and earnings potential, as well as its liquidity and history of successful acquisitions, as reasons for the upgrade. The analyst also noted potential growth from a resumption in homebuilding activity in the southern United States. Sterling’s strategic initiatives and market positioning suggest it is well-prepared to capitalize on opportunities in the expanding E-Infrastructure sector.
Looking forward, Sterling Construction has provided guidance for 2025, with projected revenue between $2.0 billion and $2.15 billion and adjusted EPS in the range of $7.90 to $8.40. The company anticipates over 10% revenue growth in its E-Infrastructure segment and significant profit growth in its Transportation Solutions division. These developments reflect Sterling’s strategic shift towards higher-margin projects and its ongoing efforts to expand its capabilities in data center and semiconductor infrastructure projects.
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