Sterling Announces E-Infrastructure Solutions New Awards Totaling $309 Million for the Third Quarter 2022

Rhea-AI Summary

Sterling Infrastructure, Inc. (NASDAQ: STRL) announced its E-Infrastructure Solutions segment secured new awards worth $309 million in Q3 2022, marking a record booking for the quarter. The segment leads Sterling's growth, driven by demand for warehouses, data centers, and e-commerce distribution centers. CEO Joe Cutillo highlighted the recent Rivian award, expected to enhance their backlog in Q4, indicating sustained industrial opportunities through 2023.

Positive

• E-Infrastructure Solutions segment reported record new awards of $309 million in Q3 2022.
• Strong demand continues for large-scale warehouses, data centers, and e-commerce facilities.
• Recent Rivian award expected to boost backlog in Q4 2022.

Negative

• None.

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling" or "the Company") today announced that its E-Infrastructure Solutions segment reported new awards totaling $309 million during the third quarter of 2022. Sterling's E-Infrastructure projects include large-scale site development services for warehouses, data centers, e-commerce distribution centers, multi-use facilities and industrial facilities. E-Infrastructure is the Company's fastest-growing segment, continuing to solidify Sterling's leading market position.

CEO Remarks

"We continue to see strong demand in our E-Infrastructure Solutions segment and set a new booking record for the quarter," stated Joe Cutillo, Sterling's CEO. "Demand for large warehouses, data centers and e-commerce distribution centers were once again the top three categories. Additionally, our recently announced Rivian award, which will be added to backlog in the fourth quarter, illustrates the evolving incremental industrial opportunities which we believe will continue throughout 2023."

About Sterling

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."

Forward-Looking Statements

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221020006004/en/

Company:

Sterling Infrastructure, Inc.

Ron Ballschmiede, Chief Financial Officer

281-214-0777



Investor Relations:

The Equity Group Inc.

Jeremy Hellman, CFA

212-836-9626

Source: Sterling Infrastructure, Inc.

FAQ

What is the significance of Sterling Infrastructure's $309 million awards in Q3 2022?

Sterling Infrastructure's new awards of $309 million in Q3 2022 highlight the growth of its E-Infrastructure Solutions segment, reflecting strong market demand.

How does the Rivian award impact Sterling Infrastructure's future projects?

The Rivian award is expected to enhance Sterling's backlog in Q4 2022, indicating ongoing opportunities and demand within the industrial sector.

What sectors are driving growth for Sterling Infrastructure?

Sterling Infrastructure is experiencing growth primarily in large-scale warehouses, data centers, and e-commerce distribution centers.

When will the Rivian award impact Sterling's backlog?

The Rivian award will be added to Sterling's backlog in Q4 2022.