Sterling's Q3 net income nearly half that of 2012
Sterling Construction Company did not fare well this quarter, as indicated by a decrease in revenues, net income down by 48.5%, and an overall loss of $18.5 million in the nine months ended Sept. 30.
Total revenues came in at $185.9 million, down from $205.2 million in the third quarter of 2012.
Net income weighed in at $2.1 million, compared to $4.07 million in year-ago terms. The total loss sustained over the nine-month period represents an even more drastic disparity compared to 2012, when the company had netted $11.9 million in income in the same period.
President and CEO Peter MacKenna pointed out that third quarter results were still improved relative to the second and first quarters of 2013.
"In addition to seasonally stronger revenues, we began to benefit from the improving composition of our backlog, which translated into a substantial increase in gross profit and gross margin relative to the first two quarters of the year," he said. "Our focus for the final quarter of 2013 and the coming year is on improving profitability. Our current mix of projects in backlog, and those that we are pursuing point to meaningful, sustainable gross margin expansion over the coming year."