Sterling Announces Transportation Solutions Award for $20 Million

Rhea-AI Summary

Sterling Infrastructure, Inc. (STRL) announced that Texas Sterling Construction was awarded an Indefinite Delivery/Indefinite Quantity contract by U.S. Customs and Border Protection in El Paso, Texas. The contract focuses on developing critical infrastructure for border security, including roads and utilities. CEO Joe Cutillo highlighted this award as a testament to Sterling's strategic shift from low-bid heavy highway work and emphasized the company’s strong capabilities and established relationships with key agencies.

Positive

• Awarded an Indefinite Delivery/Indefinite Quantity contract by U.S. Customs and Border Protection.
• Project focuses on critical infrastructure development for border security, enhancing growth prospects.
• Demonstrates strong relationship with U.S. Army Corps of Engineers.
• Shift from low-bid heavy highway work indicates strategic business development.

Negative

• None.

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling" or "the Company") today announced that Texas Sterling Construction (TSC) was awarded an Indefinite Delivery/Indefinite Quantity contract in El Paso, Texas by U.S. Customs and Border Protection (CBP). This project's scope includes the design and build of critical infrastructure required to support border security, including roads, utilities and other related infrastructure.

CEO Remarks

"This award is another example of our ability to lever our core skills in other end markets and continue to migrate away from low bid heavy highway work," stated Joe Cutillo, Sterling's CEO. "The strict qualifications, along with extensive bid requirements, ensured only the most qualified contractors were able to bid. TSC's ability to make the short list, and win, demonstrates our strong relationship with the U.S. Army Corps of Engineers and the broad capabilities we have to serve them in the future."

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/20221114005705/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 contract was awarded to Sterling Infrastructure in El Paso, Texas?

Sterling Infrastructure's subsidiary, Texas Sterling Construction, was awarded an Indefinite Delivery/Indefinite Quantity contract by U.S. Customs and Border Protection.

What is the purpose of the contract awarded to STRL?

The contract is aimed at developing critical infrastructure for border security, including roads and utilities.

Who acknowledged the contract win for STRL?

CEO Joe Cutillo commented on the contract win, highlighting its significance for the company.

How does the contract impact STRL's business strategy?

The contract reinforces Sterling's strategy to move away from low-bid heavy highway work towards more specialized projects.

What capabilities did STRL demonstrate to win the contract?

Sterling demonstrated strong capabilities and relationships with federal agencies, particularly the U.S. Army Corps of Engineers.