01:25 PM EDT, 05/07/2024 (MT Newswires) -- (Updates with stock movement in the headline and first paragraph)

Sterling Infrastructure ( STRL ) shares surged nearly 16% in recent trading Tuesday, a day after the company raised its 2024 earnings guidance.

The company reported Q1 net income Monday of $1 per diluted share, up from $0.64 a year earlier.

Analysts polled by Capital IQ expected $0.82.

Revenue in the quarter ended March 31 rose to $440.4 million from $403.6 million a year earlier. Two analysts surveyed by Capital IQ expected $421.8 million.

The company boosted 2024 EPS guidance of $5 to $5.30 from $4.85 to $5.15. Two analysts in a Capital IQ poll project $4.98.

The company reaffirmed 2024 revenue guidance of $2.13 billion to $2.22 billion. Two analysts expect $2.18 billion.

Price: 121.83, Change: +16.46, Percent Change: +15.62