Sterling Announces $78 Million in Major Nevada Highway Project Awards

Rhea-AI Summary

Sterling Infrastructure, Inc. (STRL) has announced that its subsidiary, Road and Highway Builders, LLC, has been awarded two highway projects totaling $78 million by the Nevada Department of Transportation. The projects involve highway widening, reconstruction, bridge construction, and new drainage systems. CEO Joe Cutillo expressed satisfaction with the selection, highlighting the strategic alignment with Sterling's aggregate pit locations in Nevada.

THE WOODLANDS, Texas, Feb. 26, 2024 /PRNewswire/ -- Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling" or "the Company") today announced that its Road and Highway Builders, LLC (RHB) subsidiary (50% owned), has been awarded two highway projects totaling $78 million by the Nevada Department of Transportation (NDOT). The awards are included in fourth quarter 2023 backlog.

The $49 million NDOT 3996 Lohantan project involves 17 miles of highway widening and reconstruction, new bridge construction, and new drainage systems. RHB will operate a portable asphalt plant and aggregate crushing plant on site. The project will begin in late February and is expected to be completed in 2024.

The $29 million NDOT 4501 Tonopah project involves 15 miles of highway widening and reconstruction and new water and sewer facilities for the town of Tonopah. RHB will operate a portable asphalt plant and aggregate crushing plant on site. The project is slated to begin in March and is expected to be completed in 2024

CEO Remarks
"We are pleased to have been selected by NDOT for these key projects, which align with our strategic aggregate pit locations in Nevada," stated Joe Cutillo, Sterling's CEO. "RHB's longstanding relationship with NDOT positions us well to participate in the proactive, multi-year infrastructure upgrade programs in the state."

About Sterling 
Sterling Infrastructure, Inc., ("Sterling," "the Company," "we," "our" or "us"), a Delaware corporation, operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and Hawaii. E-Infrastructure Solutions provides advanced, large-scale site development services for manufacturing, data centers, e-commerce distribution centers, warehousing, energy and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail 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."

Important Information for Investors and Stockholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of the federal securities laws. 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.

Company Contact:
Sterling Infrastructure, Inc.
Noelle Dilts, VP of Investor Relations and Corporate Strategy
281-214-0795
Noelle.dilts@strlco.com 

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SOURCE Sterling Infrastructure, Inc.

FAQ

What projects were awarded to Sterling Infrastructure, Inc. by the Nevada Department of Transportation?

Sterling Infrastructure, Inc. (STRL) was awarded two highway projects totaling $78 million by the Nevada Department of Transportation.

What is the total value of the awarded projects?

The total value of the awarded projects is $78 million.

When will the NDOT 3996 Lohantan project begin and end?

The NDOT 3996 Lohantan project will begin in late February and is expected to be completed in 2024.

What does the NDOT 4501 Tonopah project involve?

The NDOT 4501 Tonopah project involves 15 miles of highway widening and reconstruction and new water and sewer facilities for the town of Tonopah.

Who expressed satisfaction with the selection of the projects?

CEO Joe Cutillo expressed satisfaction with the selection of the projects.

What strategic advantage did Joe Cutillo mention in relation to the awarded projects?

Joe Cutillo highlighted the strategic alignment with Sterling's aggregate pit locations in Nevada.

What percentage of RHB does Sterling Infrastructure, Inc. own?

Sterling Infrastructure, Inc. owns 50% of Road and Highway Builders, LLC (RHB) subsidiary.