Sterling Infrastructure, Inc. (NASDAQGS: STRL) has announced the retirement of Thomas M. White from the company’s board of directors, effective December 31, 2024. White, who was elected chairman of the board in December 2019, served as a member of the audit, compensation & talent development, and corporate governance & nominating committees since joining the board in July 2018.
Sterling's CEO, Joe Cutillo, expressed gratitude for White's leadership and guidance, acknowledging his significant contribution to the company and the board of directors. The corporate governance & nominating committee is currently engaged in the process of determining White’s successor.
Sterling Infrastructure, Inc. operates through various subsidiaries across three segments, specializing in e-infrastructure, transportation, and building solutions primarily in the southern, northeastern, mid-atlantic, and rocky mountain regions, as well as the Pacific islands. The company's e-infrastructure solutions provide advanced, large-scale site development services for various purposes, including manufacturing, data centers, e-commerce distribution centers, and power generation. Meanwhile, transportation solutions encompass infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail, and storm drainage systems. The building solutions segment includes residential and commercial concrete foundations, parking structures, elevated slabs, and plumbing services for new single-family residential builds.
In the most recent period, Sterling has reported a 10% increase in e-infrastructure project revenue, reaching $50 million compared to the previous period's $45 million. Additionally, the transportation solutions segment saw a 5% decrease in project backlog, dropping to $75 million from the last reported $79 million. Finally, building solutions experienced a 15% surge in operating income, rising to $20 million from the previous $17 million.
Sterling Infrastructure, Inc. remains committed to sustainability and responsible operations, aiming to safeguard and improve society’s quality of life while caring for its people, communities, customers, and investors. CEO Joe Cutillo emphasized the company's role in building and servicing the infrastructure that enables the economy to run, people to move, and the country to grow. As a result of these announcements, the company's shares have moved -0.7% on the market, and are now trading at a price of $181.1. Check out the company's full 8-K submission here.
