Sterling Announces E-Infrastructure Solutions New Awards Totaling $215 Million For the Second Quarter 2022

Rhea-AI Summary

Sterling Infrastructure, Inc. (NASDAQ: STRL) announced new awards of $215 million in its E-Infrastructure Solutions segment for Q2 2022, marking a significant growth in a fast-expanding market. The segment, which includes large-scale site development for warehouses and data centers, is benefiting from strong demand driven by e-commerce and supply chain challenges. CEO Joe Cutillo highlighted increased warehouse projects and ongoing need for data centers, positioning Sterling favorably for the remainder of 2022.

Positive

• New awards totaling $215 million in Q2 2022.
• E-Infrastructure Solutions is the fastest-growing segment.
• Strong market demand for warehouse and data center projects.

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 $215 million during the second 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. E-Infrastructure is the Company’s fastest-growing segment, continuing to solidify Sterling’s leading position in the market.

CEO Remarks
"Our E-Infrastructure segment continued to see strong market demand and bookings in the quarter. Warehouse projects lead the way as we continue to see additional retailers building out their e-commerce strategies. In addition, the recent supply chain challenges along with a multitude of onshoring activities have created new opportunities not traditionally seen in the past. This strong warehouse demand coupled with the continued need for new data centers has put us in a very favorable position for the remainder of 2022,” stated Joe Cutillo, Sterling’s CEO.

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/20220727005324/en/

Company Contact:

Sterling Infrastructure, Inc.

Ron Ballschmiede, Chief Financial Officer (281) 214-0777

Investor Relations Contact:

The Equity Group Inc. Jeremy Hellman, CFA (212) 836-9626

Source: Sterling Infrastructure, Inc.

FAQ

What are the new awards reported by Sterling Infrastructure for Q2 2022?

Sterling Infrastructure reported new awards totaling $215 million in its E-Infrastructure Solutions segment for Q2 2022.

How is the E-Infrastructure Solutions segment performing?

The E-Infrastructure Solutions segment is experiencing strong growth and demand, significantly contributing to Sterling's market position.

What is driving the demand for Sterling's E-Infrastructure projects?

The demand is driven by e-commerce strategies and ongoing supply chain challenges, especially for warehouse and data center development.

What is the significance of the $215 million awards for Sterling's future?

The $215 million in awards bolsters Sterling's position in the market, indicating a favorable outlook for the remainder of 2022.

Who is the CEO of Sterling Infrastructure and what does he say about growth?

Joe Cutillo, CEO of Sterling, emphasizes strong market demand and significant growth opportunities in E-Infrastructure due to increased warehouse projects.