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28 February, 2024 16:58 IST
Sterling Construction Company Inc first-quarter loss narrows on a YOY basis
Source: IRIS | 15 Jun, 2017, 11.07AM

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Sterling Construction Company Inc (STRL) saw its loss narrow to $2.26 million, or $0.09 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $7.33 million, or $0.37 a share.

Revenue during the quarter grew 21.21 percent to $153.42 million from $126.57 million in the previous year period. Gross margin for the quarter expanded 325 basis points over the previous year period to 6.05 percent. Operating margin for the quarter stood at negative 1.17 percent as compared to a negative 5.11 percent for the previous year period.

Operating loss for the quarter was $1.79 million, compared with an operating loss of $6.47 million in the previous year period.

"We are very pleased with the strong growth in revenues and improved gross margins we achieved in the first quarter," stated Joe Cutillo, Sterling's newly appointed chief executive officer. "We continue to make great progress across all business units by improving on execution and staying disciplined at the bid table. In addition, we are continuing to drive cost reductions and process improvements in our Texas business. As a result of these efforts, we more than doubled our margins in the first quarter. Our backlog continued to expand as we were awarded new projects throughout our operating footprint, with some notably large wins in both Utah and California."

For fiscal year 2017, Sterling Construction CompanyInc expects revenue to be in the range of $850 million to $880 million for financial year 2017. The company forecasts net income to be in the range of $9 million to $11 million.


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