Sterling Infrastructure, Inc. (STRL) Announces $400M Buyback as Q3 Results Impress

Sterling Infrastructure Inc. (NASDAQ:STRL) is a must-buy non-tech stock to invest in. On November 12, Sterling Infrastructure Inc. (NASDAQ:STRL) announced plans to return $400 million to shareholders through share repurchases. The new program, set to run over the next 24 months, replaces the previous repurchase program, which expires in December.

The $400M buyback program comes on the heels of the company delivering impressive third-quarter results, characterized by top-line growth and better bottom-line growth. Revenue in the quarter was up 32% year over year to $689 million, driven by 58% growth in E-Infrastructure Solutions and 10% growth in Transportation Solutions. Adjusted net income increased 57% to $107.7 million or $3.48 a share.

“This expanded share repurchase authorization reflects our continued confidence in Sterling’s outlook,” stated Joe Cutillo, Sterling’s CEO. “With our strong balance sheet and cash flow, we are well-positioned to pursue a balanced capital allocation strategy that supports our investments in organic growth and strategic acquisitions, while returning capital to shareholders. We will continue to pursue an opportunistic approach to share repurchases.”

Meanwhile, William Blair analyst Louie DiPalma reiterated a Buy rating on the stock. According to the analyst, the $400M stock purchase program affirms confidence in the company’s financial health and future performance.

Sterling Infrastructure, Inc. (NASDAQ:STRL) is a construction and infrastructure services provider that operates through three main segments: E-Infrastructure, Transportation, and Building Solutions. It specializes in large-scale site development for data centers and e-commerce, heavy civil construction for roads and bridges, and concrete foundations for residential and commercial buildings.

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Disclosure: None. This article is originally published at Insider Monkey.