Sterling Infrastructure (STRL +0.73%) stock is having a banner day in Tuesday's trading. The company's share price was up 51.9% as of 3:45 p.m. ET.
After the market closed yesterday, Sterling published its first-quarter results and reported performance that beat Wall Street's forecast. Sweetening the pot, the company issued very strong forward guidance.
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Sterling just posted big Q1 beats
Sterling's Q1 sales and earnings performance dramatically exceeded Wall Street's targets. The business managed non-GAAP (adjusted) earnings per share of $3.59 on sales of $825.7 million. Adjusted earnings came in $1.40 per share better than the average analyst estimate, and sales topped expectations by roughly $233.7 million. The company's sales and earnings beats were massive, and management guided for more strong performance in the near term.
NASDAQ: STRL
Key Data Points
Sterling is on a roll
Along with its stellar Q1 report, Sterling issued new full-year guidance -- and the updated trajectory has investors feeling very bullish. The company now expects full-year sales to be between $3.7 billion and $3.8 billion -- a target range that far exceeded the average analyst estimate's call for sales of $3.14 billion in the period.
Adjusted earnings per share are now projected to be between $18.4 and $19.05 -- crushing the average Wall Street target's call for adjusted earnings of $13.83 per share for the year. The company's Q1 performance and new forward guidance have reshaped the performance outlook for the stock, and investors are snatching up shares today in response to the strengthening growth story.
