Sterling Construction (STRL) Misses Q1 EPS Expectations
Sterling Construction (NASDAQ: STRL) reported Q1 EPS of ($0.37), $0.34 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $126.6 million versus the consensus estimate of $142.54 million.
Backlog at March 31, 2016 of $854 million was up 12% from December 31, 2015. Including $68 million of projects where the Company was the apparent low bidder but the contract had not yet been signed, backlog as of March 31, 2016 totaled $922 million with an average gross margin of 7.7%. The combined amount as of December 31, 2015 was $958 million with an average gross margin of 7.4%. The estimated gross margin in projects awarded thus far in 2016 exceeds 9%.
Sterling Construction reaffirmed FY2016 guidance.
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