0000874238-26-000055
SEC filingSterling Infrastructure 一季度营收翻近一倍，E-Infrastructure 高增长驱动盈利大增。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $825.7M | $430.9M | +92% |
| Gross Profit | $194.3M | $94.8M | +105% |
| Gross Margin | 23.5% | 22.0% | +150bps |
| Operating Income | $137.8M | $56.1M | +146% |
| Operating Margin | 16.7% | 13.0% | +370bps |
| Net Income | $96.0M | $39.5M | +143% |
| Diluted EPS | $3.09 | $1.28 | +141% |
| Operating Cash Flow | $165.6M | $84.9M | +95% |
| Free Cash Flow | $145.9M | $67.0M | +118% |
营收增长主要由 E-Infrastructure Solutions 驱动，该分部营收同比 +173.9%，其中 CEC 收购贡献 $156.1M 营收，数据中心需求强劲带动大型项目放量。Transportation Solutions 营收 +10.1%，受益于航空与重公路项目增长；Building Solutions 营收仅 +3.3%，住宅市场低迷持续拖累。
毛利率提升 150bps 至 23.5%，主要受益于 Transportation Solutions 项目组合改善及高毛利的 E-Infrastructure 业务占比提升。Operating Margin 大幅扩至 16.7%，反映经营杠杆释放。盈利质量方面，经营现金流 $165.6M 远超 Net Income，FCF 转化率约 152%，显示强劲的现金创造能力。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| E-Infrastructure Solutions | $597.7M | +173.9% | $133.8M | 22.4% | 数据中心需求、CEC 整合 |
| Transportation Solutions | $132.9M | +10.1% | $14.8M | 11.1% | 航空/重公路增长、组合改善 |
| Building Solutions | $95.1M | +3.3% | $6.2M | 6.5% | 住宅市场低迷 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $511.9M | +$121.1M |
| Total Debt | $289.1M | -$3.8M |
| Contract assets | $131.7M | +$30.6M |
| Contract liabilities | $695.6M | +$43.3M |
| Operating Cash Flow | $165.6M | +$80.7M |
| Capex | $19.6M | +$1.7M |
| Free Cash Flow | $145.9M | +$78.9M |
Net Debt 为 -$222.8M（净现金），杠杆极低。