THE WOODLANDS, TX – April 28, 2021 – Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that our Specialty Services segment was awarded projects totaling approximately $170 million during the first quarter of 2021. Significant projects included data centers, large distribution centers, an e-commerce project and a healthcare project in Florida. The majority of these awards commenced work during the quarter.
“Our Specialty Services business continues to perform extremely well with respect to bidding, winning, and executing on new projects,” stated Joe Cutillo, Sterling’s CEO. “We were awarded a number of new jobs in the first quarter that enhanced our already sizeable backlog and deepened our already strong relationships with large, blue chip companies. These project wins further demonstrate the strength of our Specialty Services business model and are indicative of the reputation we have developed with our key customers by delivering consistent value. Looking ahead, we are very optimistic about the continued strength of our end markets through the balance of 2021.”
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, airfields, ports, light rail, water, wastewater and storm drainage systems. Specialty Services projects include land development activities (including site excavation and drainage, drilling and blasting for excavation), foundations for multi-family homes, parking structures and other commercial concrete projects. Residential 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.
Sterling Construction Company, Inc.
Ron Ballschmiede, Chief Financial Officer
Investor Relations Counsel:
The Equity Group Inc.
Fred Buonocore, CFA 212-836-9607
Mike Gaudreau 212-836-9620