Business
Sterling Reports 2019 Fourth Quarter and Full Year Results
Record Backlog of $1.1 billion and Backlog Gross Margin of 11.5% Plateau Proves Immediately Accretive 2020 Mid-Point Guidance Calling for Year-Over-Year
About this update from Sterling Infrastructure, Inc.
[{"type":"text","content":"\nRecord Backlog of $1.1 billion and Backlog Gross Margin of 11.5%\n\n\nPlateau Proves Immediately Accretive\n\n\n2020 Mid-Point Guidance Calling for Year-Over-Year Growth in Revenue and Adjusted Net Income of 23% and 61%, Respectively\n\n THE WOODLANDS, Texas--(BUSINESS WIRE)--\nSterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced financial results for the fourth quarter and full year ended 2019.\n\n\nConsolidated Fourth Quarter 2019 Financial Results Compared to Fourth Quarter 2018:\n\n\n\nRevenues were $346.5 million compared to $255.2 million;\n\n\nGross margin was 9.7% of revenues compared to 11.0%;\n\n\nPlateau acquisition related costs totaled $2.2 million or $0.08 per diluted share;\n\n\nGross margin and Net Income were impacted by a $10.2 million charge or $0.36 per diluted share related to a claim resolution of a 2014 legacy project;\n\n\nRecognized a non-cash income tax benefit of $25.8 million or $0.92 per diluted share, primarily due to the reversal of our valuation allowance;\n\n\nNet income attributable to Sterling common stockholders was $22.3 million or $6.3 million on an adjusted basis(1) compared to $5.6 million;\n\n\nNet income per diluted share attributable to Sterling common stockholders was $0.79 or $0.22 on an adjusted basis(1) compared to $0.21; and,\n\n\nAdjusted EBITDA(1) was $20.2 million compared to $12.7 million.\n\n\n\nConsolidated Full Year 2019 Financial Results Compared to Full Year 2018:\n\n\n\nRevenues were $1.1 billion compared to $1.0 billion;\n\n\nGross margin was 9.6% of revenues compared to 10.6%;\n\n\nPlateau acquisition related costs totaled $4.3 million or $0.16 per diluted share;\n\n\nNet income attributable to Sterling common stockholders was $39.9 million or $24.5 million on an adjusted basis(1) compared to $25.2 million;\n\n\nNet income per diluted share attributable to Sterling common stockholders was $1.47 or $0.90 on an adjusted basis(1) compared to $0.93; and,\n\n\nAdjusted EBITDA(1) was $62.0 million compared to $55.0 million.\n\n\n\nConsolidated Financial Position, Liquidity and Cash Flows at December 31, 2019:\n\n\n\nCash and Cash Equivalents were $45.7 million; and,\n\n\nDebt totaled $433.1 million reflecting Sterling’s new debt facility utilized to fund the October 2, 2019 Plateau acquisition and retire its prior debt facility....