Sterling Announces Transportation Solutions Awards for $20 Million
THE WOODLANDS, TX
November 14, 2022
Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that Texas Sterling Construction (TSC) was awarded an Indefinite Delivery/Indefinite Quantity contract in El Paso, Texas by U.S. Customs and Border Protection (CBP). This project’s scope includes the design and build of critical infrastructure required to support border security, including roads, utilities and other related infrastructure.
“This award is another example of our ability to lever our core skills in other end markets and continue to migrate away from low bid heavy highway work,” stated Joe Cutillo, Sterling’s CEO. “The strict qualifications, along with extensive bid requirements, ensured only the most qualified contractors were able to bid. TSC’s ability to make the short list, and win, demonstrates our strong relationship with the U.S. Army Corps of Engineers and the broad capabilities we have to serve them in the future.”
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