Financial Performance - Net sales for Q1 2025 reached $329.4 million[7], a 6.5% increase compared to $309.2 million in Q1 2024[38] - Adjusted EBITDA for Q1 2025 was $35.2 million[7], an 86.2% increase from $18.9 million in Q1 2024[38] - Adjusted EBITDA margin for Q1 2025 was 10.7%[7], compared to 6.1% in Q1 2024[38] - Free cash flow was $16.6 million in Q1 2025[7], representing 116% of net income[7] - Infrastructure Solutions net sales increased by 16.7% from $202.2 million in Q1 2024 to $236.0 million in Q1 2025[41] - Materials Solutions net sales decreased by 12.7% from $107.0 million in Q1 2024 to $93.4 million in Q1 2025[44] Backlog and Orders - The backlog level moderated to $402.6 million[7] in Q1 2025 - Consolidated implied orders for Q1 2025 were $312 million[29] Acquisition - Astec entered into a definitive agreement to acquire TerraSource Holdings, LLC[58], with 2024 revenue in excess of $150 million[68] - The purchase price for TerraSource is $245 million in cash[74] - The acquisition of TerraSource is expected to generate $10 million+ in total run-rate synergies[65]

Sterling Infrastructure (STRL) and Granite Construction (GVA) are prominent mid-cap construction companies in the United States specializing in large-scale infrastructure, transportation and water-related projects. Both firms have seen tailwinds from rising federal and state infrastructure investments, especially with the momentum generated by the Infrastructure Investment and Jobs Act (IIJA).As the United States focuses on upgrading aging transportation systems and advancing sustainable infrastructure, the ...