Gross profit for the 2012 third quarter decreased 4.0% from the same period last year and gross margin decreased to 6.9% from 9.3%. As was the case in the first half of the year, the 2012 third quarter was impacted by downward revisions of estimated revenues and gross profit on a number of construction projects, primarily in Texas. These revisions were substantially offset by upward revisions on projects in Utah.Operating income for the third quarter decreased 46.3% from the 2011 comparable quarter. General and administrative expenses increased $3.2 million between the quarters. This reflected general and administrative expenses from operations in Arizona and California acquired in August 2011, compensation expenses attributable to the change in CEO as well as higher professional fees.
Sterling Construction Company, Inc. Reports 2012 Third Quarter Results
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