Business
Sterling Reports 2020 Third Quarter Results
Strong Profitability and Cash Flow Further Enhance Liquidity Position Record Backlog Provides Visibility Into 2021 Growth THE WOODLANDS, Texas--(BUSINESS
About this update from Sterling Infrastructure, Inc.
[{"type":"text","content":"\nStrong Profitability and Cash Flow Further Enhance Liquidity Position\n\nRecord Backlog Provides Visibility Into 2021 Growth\n\n THE WOODLANDS, Texas--(BUSINESS WIRE)--\nSterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced financial results for the third quarter 2020.\n\nConsolidated Third Quarter 2020 Financial Results Compared to Third Quarter 2019:\n\n\nRevenues were $383.5 million compared to $291.7 million;\n\n\nGross margin was 13.0% of revenues compared to 10.0%;\n\n\nNet Income was $15.2 million compared to $8.0 million;\n\n\nEPS was $0.54 compared to $0.30; and,\n\n\nEBITDA was $36.7 million compared to $15.4 million.\n\n\nConsolidated Financial Position and Liquidity:\n\n\nCash and Cash Equivalents were $72.6 million at September 30, 2020 compared to $45.7 million at December 31, 2019;\n\n\nCash flows from operations were $90.9 million for the nine months ended September 30, 2020 compared to $8.5 million for the comparable prior year period;\n\n\nPayments of debt totaled $52.7 million for the nine months ended September 30, 2020;\n\n\nDebt totaled $392.7 million (or $320.1 million, net of cash) at September 30, 2020 compared to $433.1 million (or $387.4 million, net of cash) at December 31, 2019; and,\n\n\nZero drawn and full availability on the $75.0 million Revolving Credit Facility.\n\n\nHeavy Civil and Specialty Services Backlog Highlights:\n\n\nBacklog at September 30, 2020 was a record $1.24 billion, up from $1.07 billion at December 31, 2019.\n\n\nCombined Backlog at September 30, 2020 was $1.51 billion, up from $1.34 billion at December 31, 2019. Combined Backlog includes the aforementioned Backlog and Unsigned Low-bid Awards of $270 million and $273 million at September 30, 2020 and December 31, 2019, respectively.\n\n\nGross margin in Backlog increased approximately 90 basis points, from 11.5% at December 31, 2019 to 12.4% at September 30, 2020. Gross margin in Combined Backlog has increased approximately 60 basis points, from 11.0% at December 31, 2019 to 11.6% at September 30, 2020.\n\n\nMaintains Full Year Revenue and Income Guidance:\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\nExpected dilutive average shares outstanding: 28.1 million.\n\n \...