Q3 2024 Star Equity Holdings Inc Earnings Call Transcript
Key Points
- Star Equity Holdings Inc (STRR) reported a 30.9% increase in third-quarter revenue compared to the same period in 2023, driven by acquisitions.
- The company announced two large KBS projects in Maine, indicating a return to demand for large commercial construction projects.
- Star Equity Holdings Inc (STRR) has a strong construction backlog and sales pipeline, with increased activity in the fourth quarter.
- The company successfully integrated its acquisition of Big Lake Lumber and Timber Technologies, which are performing as expected.
- Star Equity Holdings Inc (STRR) diversified its investment portfolio by entering the energy services and transportation sectors through an investment in Enservco.
- Gross margin declined by half a percent due to constant fixed costs despite revenue declines at KBS and Edge Builder Glenbrook.
- The company recorded a $2.8 million impairment related to its equity investment in TTG, impacting SG&A expenses.
- Star Equity Holdings Inc (STRR) reported a net loss from continuing operations of $2 million for Q3 2024, compared to a $2.4 million loss in Q3 2023.
- Consolidated cash flow from continuing operations was an outflow of $3.7 million for the first nine months of 2024, compared to an inflow of $2.7 million in the same period of 2023.
- The company's unrestricted cash balance decreased significantly from $18.3 million at the end of 2023 to $5.5 million at the end of Q3 2024, largely due to acquisition costs.
Greetings, ladies and gentlemen, and welcome to Star Equity Holdings third-quarter 2024 results conference call. Please be advised that the discussions on today's call may include forward-looking statements. Such forward-looking statements involve certain risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Please refer to our Star Equity's most recent 10-K, 10-Q and other filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligation to update forward-looking statements as a result of new information, future events or otherwise.
Please also note that on this call management will reference non-GAAP financial measures including EBITDA, adjusted EBITDA, adjusted net income and adjusted earnings per share which are all financial measures not recognized under US GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in our earnings release issued this
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