Sterling Awarded Specialty Services Projects Totaling $159 Million During the Second Quarter of 2021

Rhea-AI Summary

Sterling Construction Company, Inc. (NasdaqGS: STRL) announced a substantial achievement, securing projects worth $159 million in the second quarter of 2021 within its Specialty Services segment. The portfolio includes important projects such as distribution centers, data centers, and industrial warehouses. CEO Joe Cutillo expressed optimism regarding market growth and the company's geographic expansion, underscoring their competitive advantage in handling complex projects. These developments contribute to a robust backlog, positioning Sterling for sustained growth in the latter half of 2021 and beyond.

Positive

• Secured projects totaling $159 million in Q2 2021.
• Diverse project portfolio including distribution and data centers.
• Expansion into new geographies and stronger customer relationships.
• Increased backlog supporting sustained growth.

Negative

• None.

Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that our Specialty Services segment was awarded projects totaling $159 million during the second quarter of 2021. Significant projects included distribution centers, data centers, e-commerce projects, industrial warehouses, and multi-family residential facilities.

“We continue to be excited about the end market growth and our ability to bid, win, and execute effectively on new projects,” stated Joe Cutillo, Sterling’s CEO. “This strong market growth has enabled us to continue to expand further geographically with our existing customer base and faster than anticipated. That expansion has also enabled us to secure new customers in these geographies. Our ability to deliver the toughest projects better and faster than our competitors is what has built these relationships and continues to help us win and grow. The new projects enhance our strong backlog, allow us to deliver consistent value, and give us even more confidence in these strong markets for sustainable growth as we move into the second half of 2021 and beyond.”

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 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, airfields, ports, light rail, water, wastewater and storm drainage systems. Specialty Services projects include land development activities (including site excavation and drainage, drilling and blasting for excavation), foundations for multi-family homes, parking structures and other commercial concrete projects. Residential projects include concrete foundations for single-family homes.

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/20210729006101/en/

FAQ

What is the value of projects Sterling Construction secured in Q2 2021?

Sterling Construction secured projects worth $159 million in the second quarter of 2021.

What types of projects did Sterling Construction win in Q2 2021?

Projects included distribution centers, data centers, e-commerce projects, industrial warehouses, and multi-family residential facilities.

How is Sterling Construction's market growth outlook?

Sterling's management is optimistic about market growth and their ability to expand geographically and secure new customers.

What segment of Sterling Construction was awarded the new projects?

The Specialty Services segment was awarded the new projects.