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Actionable news in STRL: Sterling Construction Company Inc,

Sterling Construction Rises as Q3 Earnings Beat Estimates

Shares of Sterling Construction Co. Inc. STRL gained around 11% after the company reported better-than-expected third-quarter 2015 results on Nov 9. The company’s adjusted earnings of 9 cents per share reverted year-ago quarter’s loss of 21 cents per share. Analysts polled by Zacks were expecting a loss per share of 6 cents on an average.

Operational Update

Sales decreased 7% year over year to $176 million in the quarter. Revenues also lagged the Zacks Consensus Estimate of $187.5 million.

Cost of sales decreased 10.7% year over year to $161 million. Gross profit was $14.5 million during the quarter compared with $8.4 million in the prior-year quarter. Gross margin was 8.2% compared with 4.4% in the year-ago quarter.

General and administrative expenses increased 19% from the year-ago quarter to $11 million. The company reported an operating income of $2.4 million in the reported quarter unlike an operating loss of $1.6 million in the prior-year quarter.

Financial Update

Sterling Construction had cash and cash equivalents of $11.5 million...