Sterling Construction (STRL) Reports Q3 EPS of 10c

October 31, 2016 4:39 PM EDT
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Sterling Construction (NASDAQ: STRL) reported Q3 EPS of $0.10, $0.12 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $205.6 million versus the consensus estimate of $198.75 million.

Mr. Varello concluded, “Turning to our outlook for the remainder of 2016, the majority of our business units are performing at expected levels, which makes us confident in our previously announced guidance for full year 2016 revenues. This extrapolates to fourth quarter revenue in the range of $150 million to $170 million. As mentioned previously, however, our Texas business has not recovered as rapidly as we originally anticipated, and remains below our targets from a profitability standpoint. As a result, we are revising our outlook for the balance of 2016 and now expect our net income for the fourth quarter, one of our seasonally slowest quarters, to approximate breakeven. Our focus remains on gross margin improvement and tight G&A cost controls to further enable us to grow our bottom line. In summary, we are continuing to make progress with Sterling’s turnaround, and expect to deliver additional improvements for the balance of 2016 and into 2017.”

For earnings history and earnings-related data on Sterling Construction (STRL) click here.

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