Star Equity Holdings, Inc. (NASDAQ:STRR) Q3 2024 Earnings Conference Call November 19, 2024 10:00 AM ET
Company Participants
Richard Coleman - Chief Executive Officer
David Noble - Chief Financial Officer
Jeffrey Eberwein - Executive Chairman
Conference Call Participants
Theodore O'Neill - Litchfield Hills Research
Tate Sullivan - Maxim Group
Operator
Greetings, ladies and gentlemen, and welcome to Star Equity Holdings Third Quarter 2024 Results Conference Call. Please be advised that the discussions on today's call may include forward-looking statements. Such forward-looking statements involve certain risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Please refer to Star Equity's most recent 10-K, 10-Q and other filings for a more complete description of risk factors that could affect these projections and assumptions.
The company assumes no obligation to update forward-looking statements as a result of new information, future events or otherwise. Please also note that on this call, management will reference non-GAAP financial measures, including EBITDA, adjusted EBITDA adjusted net income and adjusted earnings per share, which are all financial measures not recognized under US GAAP.
As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in our earnings release issued this morning. If you did not receive a copy of the earnings release and would like one after the call, please context our equity at 203-489-9500 or its Investor Relations representative, Lena Cati of The Equity Group at 212-836-9611.
Also this call is being broadcast live over the Internet and may be accessed at Star Equity's website via www.starequity.com. Shortly after the call, a replay will also be available on the company's website.
It is now my pleasure to introduce Rick Coleman, Chief Executive Officer of Star Equity. Please go ahead.
Richard Coleman
Thank you, Wyatt. Good morning, everyone. We appreciate you joining us for our third quarter 2024 results conference call. On the call with me today are our Executive Chairman, Jeff Eberwein; and our Chief Financial Officer, Dave Noble. I'll start today by providing an overview of our recent business developments and financial highlights then Dave will provide additional details on our consolidated financial results.
Our third quarter revenue increased 30.9% over the third quarter of 2023, driven primarily by the inclusion of Timber Technologies revenue from the date of acquisition and the inclusion of revenues from our Q4 2023 acquisition of Big Lake Lumber. Gross margin declined by 0.5% largely due to fixed costs remaining constant despite revenue declines at both KBS and EdgeBuilder Glenbrook or EBGL.