Sterling Announces E-Infrastructure Solutions New Awards Totaling $278 Million For the First Quarter 2022
The Woodlands, TX
April 25, 2022
THE WOODLANDS, TX – April 25, 2022 – Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its E-Infrastructure Solutions segment reported new awards totaling $278 million during the first quarter of 2022. Sterling’s E-Infrastructure projects include large-scale site development services for e-commerce distribution centers, data centers and warehouses. E-Infrastructure is the Company’s fastest-growing segment with recent acquisitions solidifying Sterling’s leading position in the market.
“Our E-Infrastructure Solutions segment has delivered a strong start for 2022, as is evident with the awarded projects in the first quarter. The demand from our blue-chip customers continues in the major East Coast markets enabling opportunities to continue our growth in 2022,” stated Joe Cutillo, Sterling’s CEO. “The synergies of Plateau and Petillo cultivate the strength of our entrepreneurial spirit dedicated to delivering enhanced customer-centric solutions. These awards facilitate our strategic vision for the E-infrastructure Solutions segment to expand into new geographies with our core customers, and foster opportunities with new customers. Further, our investment adds the capacity, assets, capabilities, customers, and people this high-growth market requires.”
Sterling Construction Company, Inc. operates through a variety of subsidiaries within three segments specializing in Transportation, E-Infrastructure and Building Solutions in the United States (the “U.S.”), primarily across the Southern, Northeastern and Mid-Atlantic U.S., the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater and storm drainage systems. 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. 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 Construction Company, Inc.
Ron Ballschmiede, Chief Financial Officer
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The Equity Group Inc.
Jeremy Hellman, CFA