Sterling Construction Awarded $43.6 Million of Projects by CalTrans
November 25 2019 - 4:05PM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling”
or “the Company”) today announced that its subsidiary, Myers &
Sons Construction, LLC (“Myers”) was selected by the California
Department of Transportation (“CalTrans”) for two California
highway projects totaling $43.6 million.
The first project is a $55.1 million 50/50 joint venture project
with FBD Vanguard Construction, Inc., of which Myers backlog and
revenues will be approximately $27.6 million. This project is in
Sacramento and involves the reconstruction and repair of a twenty
mile stretch of highway from the San Joaquin County line to
downtown Sacramento on Interstate 5. Myers will replace almost
24,000 cubic yards of existing concrete pavement with a combination
of precast jointed concrete pavement and rapid set concrete slabs.
This project is scheduled to commence in January 2020 and is
expected to be completed in 2021.
The second project is a $16.0 million project in Riverside and
entails the replacement of about 10,000 cubic yards of concrete
slabs along a 9.5 mile stretch of Route 15 in Riverside County, CA.
Additionally, Myers will complete 473 cubic yards of approach slabs
for four bridges along this route. Myers is the primary contractor
for this job that is scheduled to begin by the end of 2019, with a
targeted completion date of summer 2021.
Joe Cutillo, Sterling’s CEO, commented, “Our Myers operation
continues to have a strong presence in the California heavy highway
construction market, and these projects fit well within our core
competencies of bridge construction and concrete work. With respect
to the Sacramento award, this is the largest infrastructure project
the City has undergone in nearly 45 years. Regarding the Riverside
job, I-15 is a major trucking and passenger car route that links
Southern California to Los Angeles and Orange counties as well as
to Las Vegas. Both projects will improve safety for motorists and
reduce time on the road for commuters by reducing congestion. Due
to the lack of public transportation options in California and its
continually rising population, making highways as efficient as
possible is key to the state’s transportation network. Not only do
these projects enhance Sterling’s backlog, but they will also serve
to mitigate the seasonality that impacts other parts of our
business during the winter months.”
Sterling, a Delaware corporation, is a construction company that
specializes in heavy civil infrastructure construction and
rehabilitation, construction site excavation and improvement, and
residential construction projects, primarily across the southern
United States, the Rocky Mountain states, California and Hawaii.
Heavy civil construction projects include highways, roads, bridges,
airfields, ports, light rail, water, wastewater and storm drainage
systems, foundations for multi-family homes, commercial concrete
projects and parking structures. Site excavation and improvement
entails construction site preparation primarily in the Southeast
region of the United States for blue-chip customers in the
distribution center, warehousing, e-commerce, data center, big box
retail and energy sectors, as well as other growing end markets.
Residential construction projects include concrete foundations for
single-family homes in Texas.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191125005652/en/
Sterling Construction Company, Inc. Ron Ballschmiede, Chief
Financial Officer 281-214-0777
Investor Relations Counsel: The Equity Group Inc. Fred
Buonocore, CFA 212-836-9607 Mike Gaudreau 212-836-9620
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