Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Sterling Construction (STRL) Wins $21.5M Contract From CDOT

Published 08/15/2016, 11:02 PM
Updated 07/09/2023, 06:31 AM
STRL
-
EME
-
MTZ
-
BCC
-

Sterling Construction Co. Inc. (NASDAQ:STRL) announced that its subsidiary – Ralph L. Wadsworth Construction Company, LLC (RLW) – has won a contract worth around $21.5 million from the Colorado Department of Transportation (CDOT) to reconstruct the Crossroads Bridge on I-25 in Larimer County, CO.

Per the contract, Sterling Construction will be responsible for the reconstruction of the I-25 interchange at Crossroads Boulevard and the associated roadway. The project work includes the removal of two existing three-span bridges and their replacement with two wider single-span bridges. In addition, approximately 1.5 miles of the I-25 roadway will be reconstructed.

The project will help to alleviate a traffic flow squeeze under the I-25 bridges across Crossroads Boulevard. The two-lane road under the bridges is often congested, especially during rush hour and periodic special events in the area.

Replacing the I-25 bridges with wider-span bridges and a broader road beneath will certainly reduce the inconvenience drivers have experienced in the past. Traffic on I-25 will be maintained through the use of a temporary-paved crossover and a temporary bridge structure during the work. Construction is scheduled to begin in Sep2016 and be completed by the end of 2017.

At Jun 30, 2016, Sterling Construction’s backlog stood at $810 million compared to the end of second-quarter 2015 backlog of $243 million. Total backlog at the end of 2016 second-quarter, including projects where the company was the apparent low bidder but the contracts had not yet been signed, totaled $919 million, consistent with the end of the first quarter of 2016. The company expects the trend to continue throughout the balance of this year and beyond.

Houston, TX-based Sterling Construction is a leading heavy civil construction company engaged in building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona, California and other states. Its transportation infrastructure projects include highways, roads, bridges, and light rail; and its water infrastructure projects comprise water, wastewater, and storm drainage systems.

Sterling Construction currently carries a Zacks Rank #4 (Sell).

Some better ranked stocks in the sector include MasTec, Inc. (NYSE:MTZ) , EMCOR Group Inc. (NYSE:EME) and Boise Cascade Company (NYSE:BCC) . While MasTec sports a Zacks Rank #1 (Strong Buy), EMCOR Group and Boise Cascade Company carry a Zacks Rank #2 (Buy).

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .


EMCOR GROUP INC (EME): Free Stock Analysis Report

MASTEC INC (MTZ): Free Stock Analysis Report

STERLING CONSTR (STRL): Free Stock Analysis Report

BOISE CASCADE (BCC): Free Stock Analysis Report

Original post

Zacks Investment Research

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.