Monday, ENGlobal Corp. (ENG), a provider of engineering and professional services to the energy sector, reported a fourth-quarter profit that more than doubled, reflecting growth across all its segments. However, earnings per share for the quarter fell shy of the analysts' expectations, while revenues exceeded estimates.
The Houston, Texas-based company's net income for the fourth quarter surged to $4.10 million or $0.15 per share from $1.42 million or $0.05 per share in the same quarter last year.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share for the fourth quarter. Analysts' estimates typically exclude one-time special items.
Operating revenue for the quarter soared 43% to $136.00 million from $95.20 million in the prior-year quarter, topping Street estimates of $118.65 million for the quarter.
Segment wise, revenue of engineering segment increased to $59.1 million from $51.7 million last year. Revenue of construction segment increased to $35.9 million from $24.4 million a year ago, while revenue of automation segment rose to $30.4 million from $10.2 million last year. Revenue of land segment rose to $10.6 million from $8.9 million last year.
Operating income for the fourth quarter increased to $6.70 million from $2.64 million in the same quarter last year.
ENGlobal indicated that its employee count for the quarter decreased to about 2,300, of which about 2,200 employees are billable to clients. During the quarter, the company averaged 221 thousand billable hours per two-week period, a 14% increase, when compared to 193 thousand billable hours in the same quarter last year.
For fiscal year 2008, net income increased to $18.30 million or $0.66 per share from $12.50 million or $0.45 per share last year. Operating revenue for the year rose to $493.33 million from $363.23 million in the prior year. The consensus estimates had called for earnings of $0.66 per share on revenues of $466.10 million.
ENGlobal's Chairman and Chief Executive Officer, William Coskey said, "Our business, like most others in the current environment, is facing the headwind of reduced spending by our clients. While about 75% of ENGlobal's new work is currently coming from sources not tied to large capital projects, our billable hours thus far in 2009 have trended down from fourth quarter 2008 levels."
ENG is currently trading at $3.80, up $0.11 or 2.98%, on a volume of 0.12 million shares on the Nasdaq.
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