THE WOODLANDS, TX – July 9, 2020 – Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Ralph L Wadsworth Construction, LLC (“RLW”) was selected by the Utah Department of Transportation (“UDOT”) to construct a bridge in Salt Lake County.
The $25.3 million project entails the design and construction of a new bridge that will extend Porter Rockwell Boulevard across the Jordan River, three canals, and over the Union Pacific Railroad and Utah Transit Agency rail lines. This bridge will provide a new connection between I-15 and State Route 68/Redwood Road, two of the most travelled North-South corridors in Utah. Upon completion, it will be the tallest bridge in the Salt Lake City Metropolitan Area. Construction is scheduled to begin this fall and is expected to be completed in the summer of 2022.
“We are very pleased to once again be working with UDOT on an important transportation infrastructure project that will relieve congestion and ease the commute for motorists in the Salt Lake City area,” stated Joe Cutillo, Sterling’s CEO. “The Porter Rockwell Boulevard bridge job complements the extensive work we are already doing in the area, which we view as indicative of our strong reputation for project performance and safety. This job is especially attractive as it allows us to deliver greater value by marrying our unique capabilities in both bridge design and construction. Pursuing and winning design-build projects is consistent with our strategy to enhance Sterling’s overall profitability by adding higher margin, lower risk work to our heavy civil backlog.”
Sterling Construction Company, Inc. operates through a variety of subsidiaries within three operating groups 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 construction 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.
Sterling Construction Company, Inc.
Ron Ballschmiede, Chief Financial Officer
Investor Relations Counsel:
The Equity Group Inc.
Fred Buonocore, CFA 212-836-9607
Mike Gaudreau 212-836-9620