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Mar 31, 2020
Sterling Q1 2020 Earnings Report
Reported a decrease in revenue due to the impact of COVID-19, but made progress on strategic initiatives.
Key Takeaways
Sterling reported a decrease in revenue due to the impact of COVID-19, but made progress on strategic initiatives. The company is focused on cost management and cash flow generation.
Revenue decreased due to COVID-19 impact.
Made progress on strategic initiatives.
Focused on cost management.
Focused on cash flow generation.
Sterling
Sterling
Forward Guidance
Due to continued uncertainties surrounding the COVID-19 pandemic, the Company is withdrawing its previously issued full year 2020 guidance. The Company expects Q2 2020 revenue to be down approximately 20% to 25% compared to the prior year.
Positive Outlook
- Focus on cost management.
- Focus on cash flow generation.
- Progress on strategic initiatives.
- Taking proactive steps to mitigate the impact of COVID-19.
- Expects to emerge stronger from the crisis.
Challenges Ahead
- Revenue decreased due to COVID-19 impact.
- Withdrawing full year 2020 guidance.
- Q2 2020 revenue expected to be down approximately 20% to 25% compared to the prior year.
- Continued uncertainties surrounding the COVID-19 pandemic.
- Impact on demand in certain end markets.