Sterling Construction Turns To Loss In Q2 - Quick Facts

(RTTNews) - Sterling Construction Company Inc. (STRL) announced second-quarter 2013 net loss attributable to common stockholders of $17.0 million, or $0.93 a share, compared with a profit of $3.3 million, or $0.15 a share a year ago.

Revenues were $133.4 million in the quarter, down compared with $168.7 million a year earlier. On average, 3 analysts polled by Thomson Reuters expected loss per share of $0.72, on $176.73 million in revenues for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly results were depressed by a net pre-tax charge of $18.0 million, of which $13.9 million was the result of site-specific conditions affecting three projects, two in Texas and one in Arizona, that encountered unanticipated costs in excess of initial project estimates, the company added. The remaining $4.1 million loss was mainly related to less significant estimated losses on jobs awarded prior to 2012. On an after-tax basis, the total charge accounted for $11.6 million or $0.70 per share of the net loss attributable to common stockholders.