Microvast Holdings announces departure of chief financial officer
THE WOODLANDS, Texas - Sterling Infrastructure, Inc. (NASDAQ:STRL), a company that has delivered an impressive 71% return over the past year according to InvestingPro data, has appointed Nicholas Grindstaff as Chief Financial Officer effective July 10, 2025, according to a company statement released Thursday.
Grindstaff will succeed Ron Ballschmiede, who served as Executive Vice President, CFO and CAO from November 2015 through May 2024, and has been serving as Interim CFO since March 2025.
The incoming CFO brings over 30 years of finance and leadership experience, primarily in the infrastructure and energy sectors. Most recently, he served as CFO of Cinterra, a renewable energy contractor, since late 2024. Previously, he was CFO of Orbital Infrastructure Group from 2021 to 2024.
Grindstaff spent more than two decades at Quanta Services, Inc., holding positions including Treasurer and Vice President of Finance. He holds a Master of Science in Accounting and a Bachelor of Science in Finance from the University of Houston.
"His extensive experience across diverse financial disciplines and his leadership within decentralized, entrepreneurial organizations make him an excellent fit for our culture," said Joe Cutillo, Sterling’s CEO, in the press release.
Sterling Infrastructure operates through various subsidiaries across three segments: E-Infrastructure, Transportation, and Building Solutions. The company provides services including site development for manufacturing and data centers, infrastructure projects for highways and bridges, and concrete foundations for residential and commercial buildings.
The company primarily operates throughout the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions of the United States and the Pacific Islands.
In other recent news, Sterling Construction Company Inc. reported impressive financial results for the first quarter of 2025, significantly surpassing analyst expectations. The company posted an adjusted earnings per share (EPS) of $1.63, compared to the forecasted $1.00, and reported revenues of $430.9 million, exceeding the anticipated $411.13 million. Sterling’s strategic focus on e-infrastructure and mission-critical project management has been a key driver of this strong performance. Additionally, Sterling Infrastructure successfully renegotiated its credit agreement, extending the maturity to 2028 and enhancing financial flexibility with a $300 million term loan and a $150 million revolving credit facility.
DA Davidson recently raised its price target for Sterling Construction to $205, maintaining a Buy rating, citing strong earnings growth and operational performance. The firm noted that Sterling’s continued mergers and acquisitions (M&A) activity, particularly in the E-Infrastructure segment, is expected to drive future growth. Sterling’s backlog of $2.1 billion further indicates strong demand moving forward. Despite some challenges in the Building Solutions segment, the company remains optimistic about its growth prospects, supported by strategic reallocations and robust bookings in key segments.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.