Sterling Infra Stock Price, News & Analysis

Sterling Construction Company, Inc. (STRL) has completed the acquisition of Petillo Incorporated for $195 million, consisting of $175 million in cash and shares valued at $20 million. This acquisition enhances Sterling's position as a leading specialty site development firm, particularly for e-commerce clients on the East Coast. Petillo reported approximately $212 million in revenue for 2021, and the deal is expected to be accretive immediately. Although the pro forma leverage ratio will increase from 2.14 to 2.35, it remains within target limits, ensuring sufficient liquidity.

Sterling Construction Company, Inc. (STRL) has acquired Kimes & Stone for an all-cash purchase of $7.6 million. This transaction facilitates vertical integration and expands Sterling's service offerings in soil stabilization for e-commerce projects, including fulfillment centers and data centers. Kimes has been a significant customer of Sterling, enhancing operational synergy. The deal is expected to broaden Sterling's geographic footprint in the Southeast, complementing its existing infrastructure services.

Sterling Construction Company (NasdaqGS: STRL) reported strong third quarter 2021 financial results with revenues of $463.4 million, up from $383.5 million in 2020. Net income rose to $21.1 million from $15.2 million, and diluted EPS increased to $0.72 compared to $0.54. The company also announced a raised full-year revenue guidance of $1.510 billion to $1.520 billion and net income guidance of $61 million to $64 million. Operating cash flow was a record $135.7 million year-to-date, with significant debt repayments of $44.2 million.

Sterling Construction Company (NASDAQ: STRL) announced significant project wins totaling $152 million in its Specialty Services segment during Q3 2021. The projects comprise data centers, ecommerce facilities, distribution centers, and more, driven by strong demand in the E-Infrastructure market. CEO Joe Cutillo highlighted new large customers expanding their ecommerce operations, emphasizing the company's ability to deliver high-speed, quality execution. This momentum positions Sterling for a robust finish to 2021 and a strong start to 2022.

Sterling Construction Company, Inc. (STRL) will release its third quarter 2021 financial results on November 2, 2021, after market closing. A conference call is scheduled for November 3, 2021, at 9:00 am ET to discuss these results and the company’s outlook. Interested participants can join the call by dialing (201) 493-6744 or (877) 445-9755. A slide presentation will be available on the company's website. Sterling operates in Heavy Civil, Specialty Services, and Residential segments across the U.S., focusing on sustainability and quality construction.

Sterling Construction Company (NASDAQ: STRL) announced its subsidiary, Ralph L. Wadsworth Construction Company, has secured a $40.4 million contract for airfield concrete paving at Salt Lake City International Airport. This project is part of the larger $4.1 billion Terminal Redevelopment Program aimed to enhance passenger experience. Construction is set to start in February 2022 and is expected to accommodate 34 million passengers annually. CEO Joseph Cutillo highlighted the company's strategic focus on sustainable public works projects.

Sterling Construction Company (STRL) announced that CEO Joe Cutillo and CFO Ronald Ballschmiede will participate in the D.A. Davidson Diversified Industrials and Services Virtual Conference on September 22, 2021, presenting at 2:45 PM ET. The event will include virtual meetings with investors. A live webcast of the presentation will be available, with an archived recording accessible for 90 days on the company's investor relations website. Sterling operates in Heavy Civil, Specialty Services, and Residential segments, primarily across the southern U.S., the Rocky Mountains, California, and Hawaii.

Sterling Construction Company, Inc. (NASDAQ: STRL) has elected Julie Dill to its Board of Directors, expanding the Board to eight members. Effective immediately, Dill will also serve on the Audit Committee and the Compensation and Talent Development Committee, with her term ending at the next Annual Meeting of Stockholders. Dill brings 36 years of executive experience from companies such as Shell and Duke Energy, holding various leadership roles, including Chief Communications Officer. CEO Joe Cutillo expressed confidence in her ability to provide valuable insights to the Board.

Sterling Construction Company (NASDAQ: STRL) announces that CEO Joe Cutillo and CFO Ronald Ballschmiede will present at the Sidoti August Microcap Conference on August 19, 2021, at 11:30 AM ET. Management will be available for one-on-one meetings throughout the day. Interested parties can contact Sidoti’s institutional sales representative for scheduling. A live webcast of the presentation can be accessed at this link, with an archived recording available for 90 days on their website.