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 $28.5
million for Route 405/101 to Route 405/5 CalTrans project. The
project is expected to be completed in two years.
CHICAGO BRIDGE (CBI): Free Stock Analysis
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The CalTrans project includes the replacement of 440,000 square
feet of failing concrete, 18,300 cubic yards of a rapid strength
lean concrete base and 12,300 cubic yards of precast prestressed
concrete panels along with Route 405 in Los Angeles.
Sterling, which belongs to the building and heavy construction
industry along with
Orion Marine Group Inc.
Primoris Services Corporation
Chicago Bridge & Iron
), posted an adjusted loss of 28 cents per share in first quarter
2013 compared with the prior-year loss of 46 cents a share. The
loss per share was wider than the Zacks Consensus Estimate of a
loss per share of 10 cents.
Sterling, however, booked new contracts aggregating about $148
million during the first quarter. The company also recorded a
backlog of $693 million as of Mar 31, 2013, compared with $656
million as of Dec 31, 2012.
Sterling maintains its full year 2013 organic revenue growth
guidance due to concerns regarding government funding. The
company expects improvement in bookings, both in terms of dollars
and margins. Gross margin for the year is expected to expand
based on the restart of the operationally challenged projects.
Houston, Tex.-based Sterling Construction is a leading heavy
civil construction company engaged in the building and
reconstruction of transportation and water infrastructure
projects in Texas, Utah, Nev., Ari., Calif. and other states. Its
transportation infrastructure projects include highways, roads,
bridges and light rail and its water infrastructure projects
constitute water, wastewater and storm drainage systems.
Sterling currently retains a Zacks Rank #3 (Hold).