Sterling revenue jumps 127% to $1.56 billion, lifts 2026 outlook
Key Facts
Sterling Infrastructure said revenue in the third quarter ended September 30 reached $1.56 billion, up 127% from the same period last year, and raised its fiscal 2026 outlook. The company said in a statement published via PR Newswire that net income was $214.9 million and diluted earnings per share were $6.92. Revenue, net income and earnings per share all reached records, according to the statement. Net income and earnings per share each rose 133% year over year. The strong quarterly results, together with the higher outlook, put the company among the leading corporate results covered in this data.
Sterling raised its fiscal 2026 revenue outlook to a range of $4.63 billion to $4.73 billion. It estimated annual net income of $596 million to $604 million and diluted earnings per share of $19.16 to $19.42. The new range reflects an increase in management's full-year estimates after the company posted record quarterly results. In its statement, the company said revenue was expected to be between "$4.63 billion and $4.73 billion," while net income was projected to range from "$596 million to $604 million." It also put expected diluted earnings per share at "$19.16 to $19.42."
Segment figures showed diverging performance within the company: revenue from E-Infrastructure Solutions reached $1.30 billion, up 212% from the third quarter of 2025. By contrast, revenue from Building Solutions fell 5.4% to $96.0 million. Signed backlog at September 30 was $4.14 billion, up 61% from the same period a year earlier. Signed and unsigned backlog combined totaled $6.14 billion, an annual increase of 78%. Sterling said signed backlog was "$4.14 billion," while total signed and unsigned backlog reached "$6.14 billion."
In the banking sector, First US Bancshares reported net income of $2.0 million and diluted earnings per share of $0.36 in the third quarter ended September 30, 2026. For the first nine months of the year, net income was $5.7 million and diluted earnings per share were $1.00. In the same period of 2025, the company reported net income of $3.9 million and diluted earnings per share of $0.64. The company said in its statement that nine-month net income was "$5.7 million," compared with "$3.9 million" in the same period. Net interest margin also rose to 3.66%, from 3.56% in the second quarter and 3.60% in the third quarter of 2025.
On U.S. economic data, new orders for durable goods came to $345.4 billion in September, up 1.8% from August, according to the U.S. Census Bureau. The revised August reading was an increase of 0.1% from July. This put September's monthly increase above the revised reading for the previous month, as the value of orders rose to $345.4 billion. The bureau reported that "current September orders were $345.4 billion" and that the change from August was "1.8%." The bureau scheduled the report on advance durable goods orders for October for November 25.
The Bureau of Economic Analysis had scheduled the advance estimate of U.S. gross domestic product for the third quarter for October 29 at 8:30 a.m. The latest published estimate showed the economy grew at an annual rate of 2.2% in the second quarter, compared with 2.5% in the first quarter. The 2.2% rate applies to the second quarter, while the October release is the advance estimate for the third quarter. The bureau said the "Advance Estimate of GDP, Third Quarter 2026" was scheduled for that time. The durable goods orders report for October is scheduled for November 25, according to the Census Bureau's calendar.