Sterling Construction Company's (STRL) stock plummeted over 10% in pre-market trading on November 7th, despite reporting better-than-expected earnings for the third quarter of 2024.
The construction company reported adjusted earnings per share of $1.97 for the quarter ended September 30th, surpassing analyst estimates of $1.71 per share. However, revenue for the quarter came in at $593.74 million, missing expectations of $613.63 million.
The mixed results, coupled with the stock's significant year-to-date gains of nearly 79%, appear to have prompted investors to take profits. Analysts suggest that the revenue miss and potentially lofty valuation after the strong run-up may have contributed to the pre-market sell-off.
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