FORESTS, Texas–(BUSINESS WIRE)–Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) announced that the Company will change its name to “Sterling Infrastructure, Inc.”, which the Company plans to effective June 1, 2022. The new name, logo and branding elements have been introduced to better reflect the company’s position as an industry leader specializing in electronic infrastructure solutions, building and transport. Once primarily a highway and bridge construction company, Sterling is now an infrastructure solutions provider with a portfolio of diversified value-added services and an extensive presence in high-growth end markets.
Sterling’s growth strategy remains focused on delivering value-added, customer-centric solutions that drive bottom-line growth to return value to our stakeholders. The successful execution of the multi-year strategy has transformed the company and generated strong financial growth. Sterling not only bolstered its roster of businesses with accretive acquisitions and market expansion, but also grew net profit from a loss of $9.2 million in 2016 to a net profit of $62.6 million. in 2021 and the company achieved 6-year compound annual growth rates in revenue and EBITDA. 18% and 66%, respectively. The company has enjoyed consistent success in the first quarter of 2022 as earnings continue to beat expectations with the company posting record first quarter earnings.
CEO Joe Cutillo said, “We have transformed the company from a one-segment heavy-duty highway construction company into a three-segment differentiated infrastructure solutions provider with a platform to further extend the value-added services to our end customers. Therefore, it is important that our brand more accurately reflects who we are and what we do. The new name and logo, focused on infrastructure innovation, better reflect who Sterling is today and our direction moving forward. Our mission at Sterling Infrastructure, Inc. is to build and maintain the infrastructure that keeps our economy running, our people moving, and our country growing. We remain committed to providing sustainable solutions and services that will ensure the well-being of our employees, communities, customers and investors.
Sterling’s stock symbol (NasdaqGS: STRL) and CUSIP number (859241101) for the Company’s common stock, par value $0.01 per share (the “Common Stock”), will not change as a result of the change name. The company expects the name change to have an effective date on the Nasdaq market of June 2, 2022 and expects its common stock to begin trading under the new company name at this date.
Sterling operates through a variety of subsidiaries in three segments specializing in electronic infrastructure, building and transportation solutions in the United States (the “United States”), primarily in the South, Northeast, Central Atlantic and Rocky Mountain states, California and Hawaii. , as well as other areas presenting strategic opportunities. E-Infrastructure Solutions projects develop advanced large-scale site development systems and services for data centers, e-commerce distribution centers, warehousing, transportation, energy and more. Building Solutions projects include residential and commercial concrete foundations for single and multi-family homes, parking structures, raised slabs and other concrete work. Transportation solutions include infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater and storm drainage systems. From strategy to operations, we are committed to sustainability by operating responsibly to preserve and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that’s The Sterling Way.
Joe Cutillo, CEO, “We build and maintain the infrastructure that allows our economy to function, our people to move, and our country to grow.”
Important information for investors and shareholders
This press release may contain “non-GAAP” financial measures as defined by Rule G of the Amended United States Stock Exchange Act of 1934. The Company reports its financial results in accordance with generally accepted accounting principles in United States (“GAAP”), but the Company believes that certain non-GAAP financial measures provide additional useful information to investors regarding underlying business trends and the performance of the Company’s ongoing operations and are useful for period-to-period comparisons of these transactions.
Non-GAAP measures may include Adjusted Net Income, Adjusted EPS, EBITDA and Adjusted EBITDA, in each case excluding the impacts of certain identified items. The excluded items represent items that the Company does not consider representative of its normal operations. The Company believes these measures are useful for investors to review because they provide a consistent measure of the underlying financial results of the Company’s ongoing operations and, in the Company’s opinion, permit additional comparison with the results historical and future performance expectations. In addition, the Company uses each of them to measure the performance of the Company’s operations for budgeting and forecasting, as well as employee incentive compensation. However, the non-GAAP measures should not be considered a substitute for net income, EPS or other data prepared and presented in accordance with GAAP and should be considered in addition to the Company’s reported results prepared in accordance with GAAP.
Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are provided in the tables included in this press release.
This press release contains certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties, including the risks identified in the documents filed by the Company with the Securities and Exchange Commission. Therefore, these statements should be considered in light of these risks. Forward-looking statements speak only as of the date they are 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, change in 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.