Sterling Awarded A $94 Million Highway Contract By The Utah Department Of Transportation
THE WOODLANDS, TX
April 29, 2019
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Ralph L. Wadsworth Construction Company, LLC (“RLW”) has been selected by the Utah Department of Transportation (“UDOT”) to construct a new Express Lane extension on I-15 from Layton, UT to Riverdale, UT. The $94 million project is scheduled to commence in May of 2019, with completion targeted for the fourth quarter of 2020.
The project consists of constructing a new Express Lane on I-15 from Milepost 331 to Milepost 340, which will entail the widening of the existing I-15 median, along with the widening and replacement of eight bridge decks and the full replacement of two bridges. RLW will also install several new retaining walls, in addition to drainage upgrades, pavement rehabilitation, landscaping, and signage improvements. At the conclusion of the project, approximately 80 miles of Express Lanes will be connected from Spanish Fork, UT to Riverdale, UT.
Joe Cutillo, Sterling’s CEO commented, “RLW continues to strengthen its momentum in Utah with yet another impressive project award. We value our strong relationship with UDOT and are pleased to have the opportunity to better meet the needs of commuters as I-15 is the main transportation facility and primary commuter route that links Davis and Weber county. Our Utah business has a successful track record of executing and completing large, high profile projects, and we’re confident that this $94 million award will make a meaningful contribution to Sterling’s profitability in the back-half of 2019 and through most of 2020.”
Sterling, a Delaware corporation, is a construction company that specializes in heavy civil infrastructure construction and infrastructure rehabilitation as well as residential construction projects, primarily in Arizona, California, Colorado, Hawaii, Nevada, Texas, Utah and other states in which there are feasible construction opportunities. Heavy civil construction projects include highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems, foundations for multi-family homes, commercial concrete projects and parking structures. Residential construction projects include concrete foundations for single-family homes.
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 overall economic and market conditions, federal, state and local government funding, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ materially from those anticipated, 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. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.