Sterling Announces Record Bookings of $424 Million in E-Infrastructure Solutions for the Second Quarter 2023

Rhea-AI Summary

Sterling Infrastructure, Inc. announces record bookings of $424 million in its E-Infrastructure Solutions segment during Q2 2023, driven by high demand in industrial development and data centers. The bookings include a new award for an additional phase of work on the Bartow County, Georgia EV battery plant, the largest project in the company's history.

Positive

• Record bookings of $424 million in E-Infrastructure Solutions segment
• New award for additional phase of work on Bartow County, Georgia EV battery plant

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• None.

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling" or "the Company") today announced record bookings in its E-Infrastructure Solutions segment totaling $424 million during the second quarter of 2023. This quarter's bookings include a new award to Plateau, a Sterling subsidiary, by Hyundai Engineering America, Inc. for an additional phase of work on the Bartow County, Georgia EV battery plant. The Hyundai project is the largest in the Company's history. Sterling's E-Infrastructure site development projects include services for industrial facilities, data centers, multi-use facilities, e-commerce distribution centers and warehouses. E-Infrastructure is the Company's fastest-growing and highest-margin segment.

CEO Remarks

"Demand for E-Infrastructure Solutions continues to trend ahead of our expectations, driven by very high levels of activity in industrial development and data centers," stated Joe Cutillo, Sterling's CEO. "The market for clean energy and next-generation manufacturing is affording opportunities of unprecedented size, and they are emerging more quickly than we had anticipated. Additionally, the data center market remains very active as projects driven by AI and other technology advancements move forward. We are well-positioned for continued growth and remain focused on delivering value to our Blue-Chip customers."

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230726305912/en/

Sterling Infrastructure, Inc.

Noelle Dilts, VP of Investor Relations and Corporate Strategy

281-214-0795

Noelle.dilts@strlco.com

Source: Sterling Infrastructure, Inc.

FAQ

What is the total value of bookings in Sterling Infrastructure's E-Infrastructure Solutions segment during Q2 2023?

The total value of bookings is $424 million.

What is the largest project in Sterling Infrastructure's history?

The largest project is the Bartow County, Georgia EV battery plant.

What is driving the high demand in Sterling Infrastructure's E-Infrastructure Solutions segment?

The high demand is driven by industrial development and data centers.

What is the focus of Sterling Infrastructure's E-Infrastructure site development projects?

The focus is on industrial facilities, data centers, multi-use facilities, e-commerce distribution centers, and warehouses.

Who awarded Sterling Infrastructure the additional phase of work on the Bartow County, Georgia EV battery plant?

Hyundai Engineering America, Inc. awarded Sterling Infrastructure the additional phase of work.