Sterling Announces New Award for $31 Million in its Transportation Solutions Segment
THE WOODLANDS, TX
September 8, 2022
Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Texas Sterling Construction (TSC) of its Transportation Solutions segment, has been awarded a $31 million highway reconstruction project by the Texas Department of Transportation. This SH 205 Collin County highway project includes the reconstruction and widening of State Highway 205 from Rockwall to Lavon from a two-lane asphalt ditch drainage roadway to a four-lane divided concrete storm drain drainage roadway. The project is set to run from November 2022 through August 2024.
“We are pleased to be awarded this project with one of our long-standing customers. We remain consistent with our strategy of pursuing select, high-quality work in our Transportation Solutions segment, and this project meets that criteria,” stated Joe Cutillo, Sterling’s CEO. “The population growth and development continue to increase the traffic congestion and safety hazards for travels in this project area. As a leading heavy civil construction company, TSC specializes in the reconstruction of transportation infrastructure. In addition to improving the safety of travelers along SH 205, our TSC team will deliver the transportation infrastructure improvements needed to alleviate the traffic congestions, decrease travel times and environmental impacts.”
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
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The Equity Group Inc.
Jeremy Hellman, CFA