THE WOODLANDS, Texas--(BUSINESS WIRE)--
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today provided an update on its operations in Texas in the aftermath of Hurricane/Tropical Storm Harvey. The impacts of the storm were centered almost entirely on the Gulf coast region, where Sterling generates less than 10% of total Company revenues. With respect to the gulf coast projects, 90% have resumed construction as of today. The remaining projects should return to work by the end of September. The Company’s other heavy civil operations in Texas, specifically Dallas and San Antonio, experienced minimal weather delays from Harvey. Sterling’s residential concrete business which operates in the Dallas-Fort Worth market was not affected by the storm.
Over the course of the week following the storm, Sterling management focused on determining the whereabouts and safety of the Company’s employees, all of which have been accounted for and are safe. Sterling’s Texas headquarters and Gulf Coast operations in Houston were closed between August 25th and August 29th, with normal corporate operations resuming by August 30th. The Company’s fleet of equipment experienced minimal damage as a result of the storm.
“The devastation to Texas as a result of this epic storm is beyond comprehension, and our hearts go out to all those impacted,” said Joe Cutillo, Sterling Construction’s Chief Executive Officer. “While it is still too early to understand the full impact of the storm on our operations, what is most important is that all of our employees are safe. With the relatively minimal amount of project activity lost in the Harvey affected areas, our expectations for the full year remain intact. We will provide a more detailed assessment of the storm’s impact when we report third quarter results in early November. Our thoughts go out to out to all those south-Texas residents who have experienced loss due to the historic flooding and we will pursue opportunities to help in relief efforts wherever possible.”
It is anticipated that TX-DOT lettings of previously-approved projects will remain on schedule, and requests for proposals for emergency repairs related to storm damage will begin being released the week of September 11th.
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation infrastructure, water infrastructure, and residential and commercial concrete projects in Texas, Utah, Nevada, Colorado, Arizona, California, Hawaii and other states in which there are construction opportunities. Its heavy civil construction projects include highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems and multi-family homes, commercial projects and parking structures. Its residential concrete projects include concrete foundations for single-family homes.
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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