Sterling Announces E-Infrastructure Solutions New Awards Totaling $215 Million For the Second Quarter 2022
THE WOODLANDS, TX
July 27, 2022
Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its E-Infrastructure Solutions segment reported new awards totaling $215 million during the second quarter of 2022. Sterling’s E-Infrastructure projects include large-scale site development services for warehouses, data centers, e-commerce distribution centers, multi-use facilities and industrial. E-Infrastructure is the Company’s fastest-growing segment, continuing to solidify Sterling’s leading position in the market.
“Our E-Infrastructure segment continued to see strong market demand and bookings in the quarter. Warehouse projects lead the way as we continue to see additional retailers building out their e-commerce strategies. In addition, the recent supply chain challenges, along with a multitude of onshoring activities, have created new opportunities not traditionally seen in the past. This strong warehouse demand coupled with the continued need for new data centers has put us in a very favorable position for the remainder of 2022,” stated Joe Cutillo, Sterling’s CEO.
Sterling operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States (the “U.S.”), primarily across the Southern, Northeastern, Mid-Atlantic and the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. E-Infrastructure Solutions projects develop advanced, large-scale site development systems and services for data centers, e-commerce distribution centers, warehousing, transportation, energy and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater and storm drainage systems. Building Solutions projects include residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs and other concrete work. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.
Joe Cutillo, CEO, “We build and service the infrastructure that enables our economy to run, our people to move and our country to grow.”
This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. The forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
Sterling Infrastructure, Inc.
Ron Ballschmiede, Chief Financial Officer
Investor Relations Contact:
The Equity Group Inc.
Jeremy Hellman, CFA