Friday May 9, 01:58 PM
Sterling Construction 1Q profit, revenue below estimates; affirms 2008 guidance
BOSTON (Thomson Financial) - Sterling Construction Co (NASDAQ: STRL - news) . Friday reported first-quarter net income of $3.1 million, or 23 cents a share, compared with earnings of $2.5 million, or 21 cents a share, a year earlier.
The mean estimate of analysts polled by Thomson Reuters (TRI.TO - news) was for earnings of 31 cents a share.
Revenue for the three months ended March 31 rose 23% to $84.9 million from $68.9 million a year ago. Three Wall Street analysts were, on average, forecasting sales of $95.5 million.
The Houston-based civil construction company also affirmed its 2008 guidance for earnings-per-share of $1.43 to $1.57 on revenue of $428 million to $473 million.
Three analysts, on average, estimate full-year earnings at Sterling of $1.43 a share on revenue of $447 million.
The stock closed Thursday at $19.50.
Greg Saulnier
gs/vj
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