Sterling Awarded $97 Million of Aviation Projects at Salt Lake City International Airport
June 08 2020 - 3:05PM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling”
or “the Company”) today announced that its subsidiary, Ralph L.
Wadsworth Construction, LLC (“RLW”) was awarded three separate
alternative delivery construction contracts by the Salt Lake City
Corporation’s Department of Airports (“SLCDA”). The Salt Lake City
International Airport projects total $97 million and are part of
the airport’s Terminal Redevelopment Program (“TRP”).
The projects consist of foundation work, dewatering and earth
retention work, and civil and airfield work for the South Concourse
East. The foundation project will include pouring more than 70,000
linear feet of concrete filled steel pipe piles and 98,000 linear
feet of driven H-piles. The dewatering and earth retention project
consists of the design and construction of an earth retention
system for excavation and tunnel work that will connect the new
North and South Concourses. The airfield project includes all of
the airfield and civil work for the new South Concourse East,
including: the demolition of existing taxi ways and aprons, removal
and reinstallation of approximately 128,000 feet of utilities, and
200,000 square yards of new concrete pavement. The projects will
commence in September 2020 and work will continue for three
years.
“We are extremely excited to continue to work with the SLCDA on
its major airport restoration program,” stated Joe Cutillo,
Sterling’s CEO. “This group of awards is representative of our
strategy to pursue alternative delivery aviation contracts and
enable us to add value using our specialized engineering and
construction capabilities. This work helps to strengthen our
already significant backlog, and given that the SLCDA’s TRP is
planned for 10 years at a total cost of over $4 billion, we believe
there will be additional opportunities at Salt Lake International
in the years to come.”
Mr. Cutillo continued, “We are also very pleased to see
continued strength in our end markets, particularly in the aviation
space, despite the uncertainty caused by the COVID-19 crisis. We
view this as a sign of the resilience of the U.S. economy, along
with the intention of our transportation authorities to address the
nation’s significant requirements for infrastructure improvement
regardless of temporary economic and social disruptions.”
Sterling, a Delaware corporation, is a construction company that
specializes in heavy civil infrastructure construction and
rehabilitation, construction site excavation and improvement, and
residential construction projects, primarily across the southern
United States, the Rocky Mountain states, California and Hawaii.
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. 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 construction 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/20200608005603/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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