Business
Sterling Reports 2020 Second Quarter Results
Recent Acquisition and Base Business Performance Drive Record Results Raises Full Year Revenues and Income Outlook THE WOODLANDS, Texas--(BUSINESS WIRE)--
About this update from Sterling Infrastructure, Inc.
[{"type":"text","content":"\nRecent Acquisition and Base Business Performance Drive Record Results\n\n\nRaises Full Year Revenues and Income Outlook\n\n THE WOODLANDS, Texas--(BUSINESS WIRE)--\nSterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced financial results for the second quarter 2020.\n\n\nConsolidated Second Quarter 2020 Financial Results Compared to Second Quarter 2019:\n\n\n\nRevenues were $400.0 million compared to $264.1 million;\n\n\nGross margin was 14.9% of revenues compared to 9.7%;\n\n\nNet Income was $18.3 million compared to $7.8 million;\n\n\nEPS was $0.65 compared to $0.29; and,\n\n\nEBITDA was $41.2 million compared to $15.3 million.\n\n\n\nConsolidated Financial Position and Liquidity:\n\n\n\nCash and Cash Equivalents were $70.6 million at June 30, 2020 compared to $45.7 million at December 31, 2019;\n\n\nCash flows from operations were $52.3 million for the six months ended June 30, 2020 compared to $(4.3) million for the comparable prior year period;\n\n\nPayments of scheduled Term Loan Facility debt and the seller notes totaled $22.5 million for the six months ended June 30, 2020;\n\n\nDebt, net of cash totaled $351.4 million at June 30, 2020 compared to $387.4 million at December 31, 2019; and,\n\n\nOur $75 million Revolving Credit Facility has $55 million of availability, reflecting a $30 million repayment in the quarter.\n\n\n\nHeavy Civil and Specialty Services Backlog Highlights\n\n\n\nCombined Backlog at June 30, 2020 was $1.57 billion, up from $1.34 billion at December 31, 2019. Combined Backlog consists of $1.13 billion of Backlog and $437 million of unsigned contracts as of June 30, 2020 compared to $1.07 billion and $273 million at December 31, 2019, respectively. No residential construction contracts are included in Backlog.\n\n\nTotal margin in Backlog has increased approximately 140 basis points, from 11.5% at December 31, 2019 to 12.9% at June 30, 2020. Combined Backlog gross margin improved from 11.0% at December 31, 2019 to 11.7% at June 30, 2020.\n\n\n\nFull Year Revenue and Income Guidance\n\n\n\nRevenue: $1.415 billion to $1.430 billion.\n\n\nNet Income: $41 million to $44 million, excluding acquisition related costs of $1 million to $2 million.\n\n\n\nCEO Remarks and Outlook\n\n\n“I am extremely proud of what our employees were able to accomplish in one of the mos...