Myers & Sons Construction, L.P., an affiliate of
Sterling Construction Company, Inc.
), has been declared a low bidder on the California Department of
Transportation (CalTrans) project. The company bid around $29.7
million for the U.S. 50/Silva Valley project.
The Silva Valley project in El Dorado County includes the
construction of bridge overcrossing, auxiliary lanes, on and off
ramps and new facilities for bicycle and pedestrians.
Sterling will build three box girder bridges and one flat slab
bridge. The project is expected to be completed in two years. It
is aimed at decreasing congestion and improving travel time by
providing direct access to U.S. Highway 50 for adjacent residents
Sterling, which belongs to the building and heavy construction
industry along with
Chicago Bridge & Iron Co. N.V.
China Railway Construction Corp.
), posted an adjusted loss of 93 cents per share in
second-quarter 2013 compared with the prior-year earnings of 15
cents a share. The loss per share was narrower than the Zacks
Consensus Estimate of a loss per share of $1.10.
Sterling booked new contracts aggregating about $154 million
during the second quarter. The company also recorded a backlog of
$714 million as of Jun 30, 2013, compared with $656 million as of
Dec 31, 2012.
Revenues are forecast to remain flat or slightly down for the
second half of 2013 compared to the second half of 2012. The
company also expects improvement in bookings, both in terms of
comparable quarter growth and profitability. General and
administrative expense will remain higher due to the ongoing
investments in integration and future growth.
Houston, TX-based Sterling is a leading heavy civil construction
company engaged in the building and reconstruction of
transportation and water infrastructure projects in its home
state, Utah, Nevada, Arizona, California and other states. Its
transportation infrastructure projects include highways, roads,
bridges and light rail. Its water infrastructure projects
constitute water, wastewater and storm drainage systems.
Sterling currently retains a Zacks Rank #4 (Sell). However, not
all stocks in the same industry are performing as poorly as
Sterling. For instance,
Hopewell Highway Infrastructure Ltd
) holds value with a Zacks Rank #2 (Buy).
CHICAGO BRIDGE (CBI): Free Stock Analysis
CHINA RAILWY CP (CWYCY): Get Free Report
HOPEWELL HWY IN (HHILY): Get Free Report
STERLING CONSTR (STRL): Free Stock Analysis
To read this article on Zacks.com click here.