Sterling Announces New Award for $31 Million in its Transportation Solutions Segment

Rhea-AI Summary

Sterling Infrastructure, Inc. (NASDAQ: STRL) announced a $31 million highway reconstruction project awarded to its subsidiary, Texas Sterling Construction, by the Texas Department of Transportation. The project will reconstruct and widen SH 205 from Rockwall to Lavon, transforming a two-lane asphalt road into a four-lane divided concrete roadway with storm drainage. Scheduled from November 2022 to August 2024, this effort aims to enhance traveler safety and reduce traffic congestion as local population growth increases. CEO Joe Cutillo emphasizes the commitment to high-quality infrastructure work.

Positive

• Awarded $31 million project, boosting revenue potential.
• Project enhances infrastructure, addressing traffic congestion and safety issues.
• Demonstrates strategic alignment with transportation solutions segment.

Negative

• None.

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Texas Sterling Construction (TSC) of its Transportation Solutions segment has been awarded a $31 million highway reconstruction project by the Texas Department of Transportation. This SH 205 Collin County highway project includes the reconstruction and widening of State Highway 205 from Rockwall to Lavon from a two-lane asphalt ditch drainage roadway to a four-lane divided concrete storm drain drainage roadway. The project is set to run from November 2022 through August 2024.

CEO Remarks

"We are pleased to be awarded this project with one of our long-standing customers. We remain consistent with our strategy of pursuing select, high-quality work in our Transportation Solutions segment and this project meets that criteria,” stated Joe Cutillo, Sterling’s CEO. “The population growth and development continue to increase the traffic congestion and safety hazards for travels in this project area. As a leading heavy civil construction company, TSC specializes in the reconstruction of transportation infrastructure. In addition to improving the safety of travelers along SH 205, our TSC team will deliver the transportation infrastructure improvements needed to alleviate the traffic congestions, decrease travel times and environmental impacts.”

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/20220908005504/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 recent project awarded to Sterling Infrastructure (STRL)?

Sterling Infrastructure's subsidiary was awarded a $31 million highway reconstruction project by the Texas Department of Transportation.

What will the SH 205 project in Collin County entail?

The SH 205 project involves widening and reconstructing the highway into a four-lane divided concrete roadway.

When does the SH 205 reconstruction project start and end?

The project is scheduled from November 2022 to August 2024.

How does the new project affect Sterling Infrastructure's future growth?

The project could enhance Sterling Infrastructure's revenue and strategic position in the transportation sector.