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.
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