Sterling Awarded Specialty Services Projects Totaling $152 Million During the Third Quarter of 2021
The Woodlands, TX
October 26, 2021
THE WOODLANDS, TX – October 26, 2021 – Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that our Specialty Services segment was awarded projects totaling $152 million during the third quarter of 2021. These projects included data centers, ecommerce, distribution centers, industrial warehouses, and multi-family residential facilities.
“We continue to see very strong end-market demand in this segment especially around E-Infrastructure which includes large data and distribution centers. In addition to our core E-Infrastructure customers, we began adding new large customers in the quarter that are expanding their Ecommerce efforts. These large-scale projects demand high-speed, high-quality execution, which enables us to differentiate ourselves from others,” stated Joe Cutillo, Sterling’s CEO. “These new wins in the quarter will enable us to finish 2021 strong and have a robust start to 2022.”
Sterling Construction Company, Inc. operates through a variety of subsidiaries within three segments specializing in Heavy Civil, Specialty Services and Residential projects in the United States (the “U.S.”), primarily across the southern U.S., the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. Heavy Civil includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater and storm drainage systems. Specialty Services projects include site development activities, foundations for multi-family homes, parking structures and other commercial concrete projects. Residential projects include concrete foundations for single-family homes. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life.
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 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.
Sterling Construction Company, Inc.
Ron Ballschmiede, Chief Financial Officer
281 -214 -0777
Investor Relations Counsel:
The Equity Group Inc.
Jeremy Hellman, CFA
(212) 836 -9626