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    Noah Levitz • William Blair

    Noah Levitz's questions to Sterling Infrastructure Inc (STRL) leadership

    Noah Levitz's questions to Sterling Infrastructure Inc (STRL) leadership • Q1 2025

    Question

    Noah Levitz asked for an outlook on a potential successor to the IIJA infrastructure bill and inquired about the scale of opportunities in biopharma and other onshoring projects, as well as any potential capacity constraints.

    Answer

    CEO Joseph Cutillo expressed optimism for a future infrastructure bill, noting that bipartisan activity in Washington D.C. is more advanced than for previous bills. On onshoring, he stated that while they are seeing individual projects in pharma, auto, and food, a large 'wave' of projects has not yet materialized, partly due to lengthy permitting processes. He affirmed that Sterling has the capacity to handle significant growth and would expand by 25-30% if the right projects emerged.

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    Noah Levitz's questions to VSE Corp (VSEC) leadership

    Noah Levitz's questions to VSE Corp (VSEC) leadership • Q3 2024

    Question

    Noah Levitz asked about the strategic rationale for entering the commercial engine aftermarket with the Turbine and Kellstrom acquisitions and whether the projected synergies were primarily cost or revenue-based. He also inquired about the company's future M&A appetite.

    Answer

    CEO John Cuomo described the commercial engine aftermarket as highly attractive due to aging fleets, OEM focus shifting to new engines, and the market's complexity. He expressed high confidence in achieving the stated synergies through VSE's integration capabilities. Regarding future M&A, Cuomo stated that while the company remains acquisitive, the primary focus for 2025 will be integrating recent acquisitions and driving organic growth, rather than pursuing a roll-up strategy.

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