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Star Equity reports Q2 EPS (6c) vs (5c) last year

Reports Q2 revenue $8.893M vs $16.806M last year. Rick Coleman, Chief Executive Officer, noted, “In the second quarter of 2023, Construction revenue declined versus Q2 2022 due to project timing, but gross margins improved substantially. We remain confident in the division’s ability to continue generating good results based on our healthy sales pipeline as well as a significant project backlog. As with any construction related business, timing of revenue and expense recognition can vary greatly from project to project and quarter to quarter, so we caution investors to not read too much into single period results. Most importantly, during the quarter we completed the divestiture of Digirad Health for $40 million and ended the second quarter with a cash balance of $21.4 million and no debt. The sale was transformative for the Company and created immediate shareholder value. We are now in a much stronger financial position and poised for the next phase of our growth, which includes organic Construction division expansion, bolt-on and new business acquisitions, and thoughtfully exploring new opportunities at our Investments division.”

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