Sterling Announces a $70 Million Design-Build Transportation Solutions Award
THE WOODLANDS, TX
April 20, 2023
April 20, 2023 – Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that Ralph L. Wadsworth Construction Company, LLC (RLW), was awarded a $70 million design/build contract for the Yellowstone River Bridge Project. The project began in April 2023 and is expected to finish at the end of 2026.
The Yellowstone River Bridge project is funded by the Federal Highway Administration and will replace an existing 60-year-old bridge on a new mile-long realignment of the Northeast Entrance Road in Yellowstone National Park. The new one-quarter mile, 175-foot-high bridge will have decking, sidewalks, and railing. It is located within a hydrothermally and geothermally active zone and will require specialized cement and thermal monitoring of below grade concrete curing. Multiple temporary bridges will be constructed for construction access over streams and environmentally sensitive areas. This award will be included in March 31, 2023 backlog.
CEO Remarks
“We are proud to have been awarded this project, which will serve to modernize one of the country’s national treasures while minimizing environmental impacts and disruption to visitors,” stated Joe Cutillo, Sterling’s CEO. “The Yellowstone project is reflective of the continuing shift in our Transportation Solutions segment toward sophisticated design-build work and away from low bid heavy highway work.”
About Sterling
Sterling Infrastructure, Inc., (“Sterling,” “the Company,” “we,” “our” or “us”), a Delaware corporation, operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and Hawaii. E-Infrastructure Solutions provides advanced, large-scale site development services for manufacturing, data centers, e-commerce distribution centers, warehousing, energy and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail and storm drainage systems. Building Solutions projects include residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs and other concrete work. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.
Joe Cutillo, CEO, “We build and service the infrastructure that enables our economy to run, our people to move and our country to grow.”
Important Information for Investors and Stockholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of the federal securities laws. Any such statements are subject to risks and uncertainties, 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. The forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
Company Contact:
Sterling Infrastructure, Inc.
Noelle Dilts, VP of Investor Relations and Corporate Strategy
281-214-0795
Noelle.dilts@strlco.com
Investor Relations Contact:
The Equity Group Inc.
Jeremy Hellman, CFA 212-836-9626
jhellman@equityny.com