Sterling’s Q3 net income nearly half that of 2012
Sterling Construction Company did not fare well this quarter, as indicated by a decrease in revenues, net income down by 48.5%, and an overall loss of $18.5 million in the nine months ended Sept. 30.
Total revenues came in at $185.9 million, down from $205.2 million in the third quarter of 2012.
Net income weighed in at $2.1 million, compared to $4.07 million in year-ago terms. The total loss sustained over the nine-month period represents an even more drastic disparity compared to 2012, when the company had netted $11.9 million in income in the same period.
President and CEO Peter MacKenna pointed out that third quarter results were still improved relative to the second and first quarters of 2013.
"In addition to seasonally stronger revenues, we began to benefit from the improving composition of our backlog, which translated into a substantial increase in gross profit and gross margin relative to the first two quarters of the year," he said. "Our focus for the final quarter of 2013 and the coming year is on improving profitability. Our current mix of projects in backlog, and those that we are pursuing point to meaningful, sustainable gross margin expansion over the coming year."
Toro receives 2013 Tekne Award for Agricultural Technology
The Toro Company’s PrecisionSense site assessment system received high marks for innovation at the 2013 Tekne Awards, held by the Minnesota High Tech Association (MHTA) at the Minneapolis Convention Center on Nov. 6.
The company took home the 2013 Tekne Award for Agricultural Technology thanks to its use of mobile soil sensing and data collection technology to measure soil moisture, salinity, compaction, plant performance and more — all aimed at utilizing water and resources more efficiently.
“With a constant focus on innovation and delivering value to customers, we are honored to receive this great recognition,” said Dana Lonn, managing director of Toro’s Center for Advanced Turf Technology. “It speaks to the hard work of all employees in our continuous effort to develop solutions that conserve resources, improve productivity and meet performance expectations.”
All in all, 16 companies across the manufacturing, agricultural, electronics and healthcare industries were recognized at the ceremony.
Electrolux begins production in Memphis
Electrolux North America today announced that it has recently begun production on its first Memphis, Tenn.-made home cooking appliances.
The inaugural products produced at the Memphis facility, the Frigidaire and Frigidaire Gallery slide–in ranges, rolled off the assembly line, were crated and loaded onto trucks for warehousing and retail distribution throughout the United States. This marks the culmination of a two-year construction effort of the $266 million facility.
In addition to the two ranges, the plant will ultimately produce a variety of signature items, including Electrolux, Electrolux ICON and Frigidaire built-in and specialty cooking products, wall ovens and specialty freestanding ranges. The plant also features a test lab that can test up to 380 cooking products simultaneously.
“We produce one out of every three ovens sold in the U.S.,” said Jack Truong, president and CEO of Electrolux Major Appliances North America. “Electrolux is committed to U.S. manufacturing and driving innovation. The new facility is efficient in its automation, but also relies on our skilled teammates to create our high-quality products.”
The Memphis plant has hired approximately 500 employees in manufacturing, engineering, supply-chain management, finance and operations management and will eventually employ 1,200 people over the course of the next five years as it reaches full production.