Sterling hits 52-week-low on revised '08 guidance
Sterling Construction Co. Inc. (Nasdaq: STRL) hit a new 52-week-low today after the company lowered its guidance for 2008 before the opening bell this morning.
The Houston-based firm said it now expects to earn $15.2 million to $18.7 million, or $1.11 to $1.36 per share, for the year compared with previous expectations of $19.9 million to $21.8 million, or $1.43 to $1.57 per share.
Sterling cited increased commodity prices and disappointing results on Texas highway projects for a disappointing performance so far this year as factors behind the decision.
For the three months ended June 30, the company earned $5.1 million, or $0.37 per share, compared with $3.8 million, or $0.32 per share. Analysts polled by Thomson First Call on average were expecting earnings of $0.43 per share.
In morning trading, Sterling is down $3.82 at $16.17 from Fridayʼs close, after reaching a new 52-week-low of $14.80 earlier in the day. In the past year, shares had ranged between $15.87 and $26.98.
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