Sterling Infrastructure, Inc. (NasdaqGS: STRL) has announced the appointment of Ronald A. Ballschmiede as the interim Principal Financial Officer and Principal Accounting Officer, following the departure of Sharon Villaverde to pursue other opportunities. Mr. Ballschmiede previously served as Sterling’s Chief Financial Officer and Chief Accounting Officer from November 2015 to May 2024.
In the financial arena, Sterling Infrastructure reported the following metrics for the most recent period: Revenue: $385 million, a 12% increase from the previous period Earnings per share: $0.75, up 20% from the previous period Operating cash flow: $45 million, a 10% decrease from the previous period Gross margin: 28.5%, down from 30% in the previous period * Net income: $25 million, a 15% increase from the previous period
The company operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation, and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic, and Rocky Mountain regions and the Pacific Islands. The E-Infrastructure Solutions segment provides advanced, large-scale site development services for manufacturing, data centers, large-scale distribution centers, warehousing, power generation, and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail, and storm drainage systems. Building Solutions encompasses residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, other concrete work, plumbing services, and surveys for new single-family residential builds.
CEO Joe Cutillo expressed gratitude for Sharon Villaverde's contributions to Sterling and wished her success in her future endeavors. He also expressed confidence in Ron's ability to seamlessly resume the CFO role during the transition period. The company has initiated a formal search process to identify a permanent Chief Financial Officer.
Sterling Infrastructure is committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Joe Cutillo emphasized the company's role in building and servicing the infrastructure that enables the economy to function, people to move, and the country to grow. As a result of these announcements, the company's shares have moved 3.0% on the market, and are now trading at a price of $121.37. For more information, read the company's full 8-K submission here.
