JACKSONVILLE, Fla.--(BUSINESS WIRE)--Nov 14, 2022--
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading developer, designer, and fabricator of modular structures, reported results for the third quarter ended September 30th, 2022.
“We delivered strong results for the third quarter that repeatedly showed growth in our core segment year-over-year,” stated Paul Galvin, SG Block’s Chairman and Chief Executive Officer. “Throughout COVID, we re-defined our long-term capital allocation plan and our share buy-back program remains in place. The buyback program reflects our confidence in the strength of our business model despite the challenging global macro environment and ever-changing shift in demand from our customers. We are in the early stages of growing our Dev Corp, SG Echo and Medical segments which will provide a long runway of growth. Since we created Dev Corp., it has grown quickly. The total manufacturing pipeline for all Dev Corp projects is estimated to be approximately $800 million based on our analysis. Further, we expect our medical waste segment to accelerate in 2023, adding to our ever-growing pipeline.”
Galvin continued, “I believe we are well equipped to support and service our backlog through the opening of our new manufacturing facilities. Our SGB Dev Corp has been sufficient in the sourcing and closing of new development opportunities for SG Blocks. We aim to continue to operate our facilities at or near capacity and scale in a responsible and stable manner going forward.”
Third Quarter 2022 Financial Highlights
Third Quarter 2022 Operational Highlights
(dollars in millions, except per share amounts) | Q3 2022 | Q3 2021 | Change | Change % | ||||
Construction revenues | $2,659 | $612 | $2,047 | 334% | ||||
Consolidated revenues | $4,130 | $8,847 | ($4,717) | (53%) | ||||
Operating profit (loss) from continuing operations | ($2,502) | ($2,727) | $225 | 8% | ||||
Net income (loss) from continuing operations | ($2,454) | ($3,831) | $1,377 | 36% | ||||
Income (loss) from continuing operations per share—diluted | ($0.18) | ($0.43) | $0.25 | 58% |
SG Blocks will hold its conference call at 4:30 p.m. ET via Twitter Spaces and traditional dial-in channels.
Twitter Spaces
Dial-In Information
To join the webcast live:
To access the recording:
A webcast of the call will be broadcast live and will be available for replay at on the Company’s website: https://www.sgblocks.com/
A replay will also be available automatically after the call ends on the Company’s Twitter account for 30 days.
About SG Blocks, Inc.
SG Blocks, Inc. is a leading developer, designer, and fabricator of modular structures, meeting the growing demand for safe and green construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving faster execution, greener construction, and buildings of higher value. The Company creates purpose built, pre-fabricated modules from wood, steel, and shipping containers into supreme structures. For more information, visit www.sgblocks.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding DevCorp, SG Echo and Medical segments providing a long runway of growth, the Company’s medical waste segment accelerating in 2023 adding to the Company’s backlog through the opening of our new manufacturing facilities and continuing to operate the Company’s facilities at or near capacity and scale in a responsible and stable manner going forward. While SG Blocks believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to expand within various verticals as planned, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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CONTACT: Investor Relations:
Equity Animal
Mark Moran
(646) 363-6567
mm@equityanimal.com
KEYWORD: FLORIDA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE URBAN PLANNING MANUFACTURING CONSTRUCTION & PROPERTY REIT LANDSCAPE INTERIOR DESIGN BUILDING SYSTEMS ARCHITECTURE ENGINEERING
SOURCE: SG Blocks, Inc.
Copyright Business Wire 2022.
PUB: 11/14/2022 04:15 PM/DISC: 11/14/2022 04:17 PM
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