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Stock Market & Financial Investment News

News Breaks
March 14, 2014
08:47 EDTSTRLSterling Construction selected by CalTrans for CMGC project
Sterling Construction Company announced that a joint venture, comprised of its Myers & Sons Construction and Ralph L. Wadsworth Construction Company subsidiaries, was selected by the California Department of Transportation as the contractor on a Construction Management/General Contractor project with a potential value of approximately $52M. The project will entail construction work on State Route 140 in Mariposa County to restore two-lane access that was blocked by a rock slide in May 2006. The Myers/RLW Joint Venture will work with CalTrans’ GMGC design team to develop a best-value design and environmental document. Once design is complete and the Environmental Assessment has been approved, a contract will be negotiated for the construction of the project. Construction is anticipated to start in 2016 and be completed in 2018.
News For STRL From The Last 14 Days
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January 27, 2015
06:39 EDTSTRLSterling Construction sees revenue, EBITDA growth in 2015
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06:38 EDTSTRLSterling Construction CEO: Timing and weather issues impacted large products
CEO Peter MacKenna said, “Results for the final quarter of 2014 were disappointing relative to our expectations back in November. Timing and weather issues impacted some large projects in our Hawaii and California operations, while spot shortages of commodities, over-stretched sub-contractors and vendors, and intense competition for craft labor continued to pressure our Texas operations. With that said, collectively we delivered strong improvement for the full year, with 2014 revenues up approximately 20% over 2013, and 2014 EBITDA of approximately $17 million compared to an EBITDA loss of approximately $50 million in 2013.”
06:37 EDTSTRLSterling Construction in breach of one of three financial covenants
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06:36 EDTSTRLSterling Construction sees FY14 revenue $660M-$674M, consensus $688.61M
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06:36 EDTSTRLSterling Construction sees Q4 revenue $150M-$155M, consensus $170M
Due primarily to weaker than anticipated revenues in its California, Utah and Hawaii operations, along with a continuation of challenging market conditions in its Texas market, the company expects to report a pre-tax loss of between $7 million and $8 million for the quarter.

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