THE
WOODLANDS, Texas, Dec. 5, 2023
/PRNewswire/ -- Sterling Infrastructure, Inc. (NasdaqGS: STRL)
("Sterling" or "the Company") today announced that its Board of
Directors has authorized a program to repurchase shares of
Sterling's outstanding common stock. Under the program, Sterling
may repurchase up to $200 million of
its outstanding common stock over the next 24 months. The timing
and amount of any share repurchases will be at the discretion of
management and will depend on a variety of factors. Share
repurchases under the program may be made from time to time through
transactions in the open market, in privately negotiated
transactions or by other means in accordance with applicable laws.
The share repurchase program does not obligate the Company to
repurchase any shares and the Company's Board of Directors may
modify, increase, suspend or terminate the repurchase program at
any time.
CEO Remarks
"This share repurchase authorization
reflects our confidence in Sterling's outlook for 2024 and beyond,"
stated Joe Cutillo, Sterling's CEO.
"With our strong balance sheet and cash flow, we are
well-positioned to pursue a balanced capital allocation strategy
that supports our investments in organic growth and strategic
acquisitions, while returning capital to shareholders. We remain
focused on maximizing shareholder value through prudent capital
allocation decisions."
About Sterling
Sterling Infrastructure, Inc., ("Sterling," "the Company," "we,"
"our" or "us"), a Delaware
corporation, operates through a variety of subsidiaries within
three segments specializing in E-Infrastructure, Transportation and
Building Solutions in the United
States, primarily across the Southern, Northeastern,
Mid-Atlantic and Rocky Mountain regions and Hawaii. E-Infrastructure Solutions provides
advanced, large-scale site development services for manufacturing,
data centers, e-commerce distribution centers, warehousing, power
generation and more. Transportation Solutions includes
infrastructure and rehabilitation projects for highways, roads,
bridges, airports, ports, rail and storm drainage systems. Building
Solutions projects include residential and commercial concrete
foundations for single-family and multi-family homes, parking
structures, elevated slabs and other concrete work. From strategy
to operations, we are committed to sustainability by operating
responsibly to safeguard and improve society's quality of life.
Caring for our people and our communities, our customers and our
investors – that is The Sterling Way.
Joe Cutillo,
CEO, "We build and service the infrastructure that enables our
economy to run,
our people to move and our country to grow."
Important Information for Investors and Stockholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are considered
forward-looking statements within the meaning of the federal
securities laws. Forward-looking statements included herein relate
to matters that are not based on historical facts and reflect our
current expectations as of the date of this press release,
including statements about: our outlook, our business strategy,
allocation of cash flows and repurchases under the program. These
forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond our control, which include:
changes in the Company's cash requirements, financial position,
business strategy, general market, economic, tax, regulatory or
industry conditions and other factors identified in the Company's
filings with the Securities and Exchange Commission. Accordingly,
any forward-looking statements should be considered in light of
these risks. The forward-looking statements speak only as of the
date 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, changed
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. The timing and amount of any share repurchases will
be at the discretion of management and will depend on a variety of
factors including, but not limited to, the Company's operating
performance, cash flow and financial position, the market price of
the shares and general economic and market conditions. The share
repurchase program may be modified, increased, suspended or
terminated at any time at the Board of Directors' discretion.
Investor Relations Company Contact
Sterling
Infrastructure, Inc.
Noelle Dilts, VP IR and Corporate
Strategy
281-214-0795
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SOURCE Sterling Infrastructure, Inc.