Star Equity Holdings, Inc. (NASDAQ:STRR, STRRP))) ("Star" or the "Company"), a diversified holding company, announced today that its wholly owned subsidiary, KBS Builders, Inc. ("KBS"), has signed two large commercial contracts to manufacture housing units in Maine. Additionally, Star released preliminary key financial metrics for the fourth quarter ("Q4") 2024 period ended December 31, 2024.(1)
The details of KBS' recently signed commercial contracts are as follows:
Star Announces Key Preliminary, Unaudited Q4 2024 Financial Metrics
For Q4 2024, as compared to Q4 2023, Star expects to report:
Star consolidated financial results by quarter:
(USD in millions) | Q4 2023(2) | Q1 2024(2) | Q2 2024 | Q3 2024 | Q4 2024 |
Revenue | $14.1 | $9.1 | $13.5 | $13.7 | $17.1 |
Gross Profit | $2.9 | $1.6 | $2.2 | $2.8 | $4.4 |
Adj. EBITDA | ($0.1) | ($1.1) | ($0.5) | ($0.3) | $1.1 |
Rick Coleman, CEO of Star, noted, "We ended 2024 on a strong note benefitting from a momentum shift in the marketplace evidenced by increased activity from our Building Solutions customers during the second half of the year. Several large projects placed on hold earlier in the year received final approvals and began production in the fourth quarter. These factors translated into higher revenues and improved margins for Q4 2024, a trend which we expect to continue into 2025."
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