Sterling Awarded a $94 Million Highway Contract by the Utah Department of Transportation
April 29 2019 - 9:00AM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling”
or “the Company”) today announced that its subsidiary, Ralph L.
Wadsworth Construction Company, LLC (“RLW”) has been selected by
the Utah Department of Transportation (“UDOT”) to construct a new
Express Lane extension on I-15 from Layton, UT to Riverdale, UT.
The $94 million project is scheduled to commence in May of 2019,
with completion targeted for the fourth quarter of 2020.
The project consists of constructing a new Express Lane on I-15
from Milepost 331 to Milepost 340, which will entail the widening
of the existing I-15 median, along with the widening and
replacement of eight bridge decks and the full replacement of two
bridges. RLW will also install several new retaining walls, in
addition to drainage upgrades, pavement rehabilitation,
landscaping, and signage improvements. At the conclusion of the
project, approximately 80 miles of Express Lanes will be connected
from Spanish Fork, UT to Riverdale, UT.
Joe Cutillo, Sterling’s CEO commented, “RLW continues to
strengthen its momentum in Utah with yet another impressive project
award. We value our strong relationship with UDOT and are pleased
to have the opportunity to better meet the needs of commuters as
I-15 is the main transportation facility and primary commuter route
that links Davis and Weber county. Our Utah business has a
successful track record of executing and completing large, high
profile projects, and we’re confident that this $94 million award
will make a meaningful contribution to Sterling’s profitability in
the back-half of 2019 and through most of 2020.”
Sterling, a Delaware corporation, is a construction company that
specializes in heavy civil infrastructure construction and
infrastructure rehabilitation as well as residential construction
projects, primarily in Arizona, California, Colorado, Hawaii,
Nevada, Texas, Utah and other states in which there are feasible
construction opportunities. 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. Residential construction 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190429005055/en/
Sterling Construction Company, Inc.Ron Ballschmiede, Chief
Financial Officer281-214-0800
Investor Relations Counsel:The Equity Group Inc.Fred
Buonocore, CFA 212-836-9607Kevin Towle 212-836-9620
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