Sterling Awarded Specialty Services Projects Totaling Approximately $100 Million During the First Quarter of 2020
April 13 2020 - 4:05PM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling”
or “the Company”) today announced that Plateau, was awarded
significant projects and increases to the scope on existing
projects totaling approximately $100 million during the first
quarter of 2020. The site development projects included
distribution centers for the e-commerce platform and retail
grocers, a major children’s hospital expansion and an industrial
location. The majority of these awards commenced work during the
quarter.
“Our recently acquired Plateau business exceeded our
expectations in bidding and winning new projects during the first
quarter,” stated Joe Cutillo, Sterling’s CEO. “These new awards
bring Plateau’s backlog to a record level and further broaden our
customer base. The diversity of these projects with both new and
existing customers in a variety of end markets further demonstrates
the strength of the Plateau team and the reputation and trust they
have developed in their markets. One of the projects we are
particularly excited about is the Children’s Healthcare of Atlanta
expansion. It is always nice to have an opportunity to be involved
in a project that ultimately gives back to our community.”
Sterling, a Delaware corporation, operates through three
operating groups specializing in heavy civil, specialty services
and residential projects in the United States, primarily across the
southern U.S., the Rocky Mountain States, California and Hawaii, as
well as other areas with strategic 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 site
excavation and improvement, foundations for multi-family homes,
parking structures and other commercial concrete projects. 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 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/20200413005281/en/
Contact: 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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