On March 16, Phoenix, US-based provider of fully integrated steel construction services Schuff International, Inc. (Schuff) issued its financial and operating results for the year ended on January 2, 2011, stating that continued weakness in the US commercial construction sector led to lower revenues and thin margins for the year.
The company's net profit was $1.3 million in 2010, compared to a net profit of $19 million in the previous year, decreasing 91.3 percent. Sales revenues were $287.6 million, with a drop of 31.7 percent from year-ago revenues of $420.9 million. Gross profit as a percentage of revenue was 14.4 percent for 2010, compared with 22.7 percent in 2009.
Commenting on the results, Schuff president and CEO Scott A. Schuff said: "We're in the third year of this economic downturn that has all but halted major new commercial construction projects. In addition, there was lower oil and gas-related construction in the Southwest, a historically strong market for us. We believe that a sustained recovery will require the return of commercial construction activity in multiple regions in the US."