Sterling Announces Specialty Services Project Wins Totaling $160 Million For the Fourth Quarter 2021

Rhea-AI Summary

Sterling Construction Company (STRL) announced that its Specialty Services segment secured projects worth $160 million in Q4 2021. The segment focuses on E-Infrastructure for data centers, distribution centers, and industrial developments, now comprising a backlog of $433 million to be completed in 2022. CEO Joe Cutillo emphasized the company's strategic transformation and growing leadership in key East Coast markets. These achievements signal a strong finish to 2021 and a promising start for 2022.

Positive

• Secured projects totaling $160 million in Q4 2021.
• Specialty Services segment is the fastest-growing with high margins.
• Backlog increased to $433 million, expected to be completed in 2022.

Negative

• None.

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its Specialty Services segment, which focuses on multiple “E-Infrastructure” categories, was awarded projects totaling $160 million during the fourth quarter of 2021. Sterling’s Specialty Services projects include large-scale site development services for data centers, ecommerce distribution centers, warehouses, industrial developments, and multi-use residential facilities.

• Sterling’s Specialty Services segment remains as one of the Company’s fastest-growing segments returning the highest margins to the portfolio and now covers all major markets on the East Coast.
• The fourth quarter wins include both Plateau and Petillo’s awards and brings our total Specialty Services backlog to $433 million, which will be substantially completed in 2022.

CEO Remarks

“Our commitment to our strategic vision to transform the company to an Infrastructure Solutions Provider continues to position Sterling in the right markets at the right time. With our recent acquisitions, we are now able to cover the ever-growing E-Infrastructure developments of blue-chip customers in all major East Coast markets. The recent project awards demonstrate our expanding leadership position with leading customers that value our high-quality execution,” stated Joe Cutillo, Sterling’s CEO. “These wins in our Specialty Services segment enabled us to end 2021 strong and positions us well for a solid start to 2022.”

About Sterling

Sterling Construction Company, Inc. operates through a variety of subsidiaries within three segments specializing in Heavy Civil, Specialty Services and Residential projects in the United States (the “U.S.”), primarily across the Southern, Northeastern and Mid-Atlantic U.S., the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. Heavy Civil includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater and storm drainage systems. Specialty Services projects include site development activities, foundations for multi-family homes, parking structures and other commercial concrete projects. Residential projects include concrete foundations for single-family homes. 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 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 overall economic and market conditions, federal, state and local government funding, competitors’ and customers’ actions and weather conditions, which could cause actual results to differ materially from those anticipated, 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. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220222006026/en/

Company:

Sterling Construction Company, Inc.

Ron Ballschmiede, Chief Financial Officer

281-214-0777

Investor Relations:

The Equity Group Inc.

Jeremy Hellman, CFA

(212) 836-9626

Source: Sterling Construction Company, Inc.

FAQ

What projects did Sterling Construction Company secure in Q4 2021?

Sterling Construction Company secured projects worth $160 million in its Specialty Services segment during Q4 2021.

What is the current backlog for Sterling Construction Company?

Sterling Construction Company has a current backlog of $433 million, primarily from its Specialty Services segment.

How is Sterling Construction Company positioning itself for future growth?

Sterling is focusing on becoming an Infrastructure Solutions Provider, targeting E-Infrastructure developments in key markets.

What markets does Sterling Construction's Specialty Services cover?

Sterling's Specialty Services segment covers all major markets on the East Coast.