ENGlobal Announces First Quarter 2024 Financial and Operating Results
ENGlobal announced its first quarter 2024 financial and operating results, showcasing a focus on repositioning its business towards providing engineering and automation services. Despite a net loss and decreased revenues compared to the previous year, the company saw improvements in gross profit, reduced expenses, and higher billable resource utilization. ENGlobal remains optimistic about future opportunities and potential partnerships to drive revenue growth. The company's total backlog was approximately $10.8 million as of March 30, 2024.
Improved gross profit margin of 7.1% compared to a gross loss in the previous year's first quarter.
Significant decrease in selling, general, and administrative expenses from the previous year.
Enhanced utilization of billable resources from 70% to over 80% through labor force optimization.
Booked approximately $5.7 million in new business in the first quarter of 2024.
Revenue decrease from $13.2 million in the first quarter of 2023 to $6.5 million in 2024.
Net loss of $1.4 million in the first quarter of 2024 compared to a net loss of $6.3 million in the same period in 2023.
Loss of $0.27 per fully diluted share in the first quarter of 2024, higher than the loss of $1.33 per share in the first quarter of 2023.
HOUSTON, TX / ACCESSWIRE / May 9, 2024 / ENGlobal Corporation (NASDAQ:ENG), a provider of innovative engineering project solutions focused on the energy industry, today announced it has filed its first quarter 2024 report on Form 10-Q with the U.S. Securities and Exchange Commission for the three-months ended March 30, 2024. The report details ENGlobal's financial and operational results.
"ENGlobal continued to make progress in repositioning its business in the first three months of 2024 as we focus on returning to our roots as a firm providing best-in-class project engineering and automation services to both private sector and government clients," said William A. Coskey, P.E. Chairman and Chief Executive Officer of ENGlobal. "While we posted a modest loss in the first quarter, we believe we are on a path to profitability through improved operating efficiencies and a commitment to enhanced project execution."
Revenues for the three months ended March 30, 2024 were
Financial and operational highlights for the quarter include:
- Gross profit was
$464,000 , or7.1% of revenue, an increase of$2.3 million , when compared to a gross loss of$1.8 million for the first quarter of 2023. - Selling, general and administrative expense was
$2.0 million in the quarter, a decrease of$2.4 million from$4.4 million in the first quarter of 2023. - Improved utilization of our billable resources from approximately
70% a year ago to over80% . This occurred through improved optimization of our labor force.
"While we will not be pleased until ENGlobal is once again profitable, the ENGlobal team continues to pursue opportunities that demonstrate our expertise in executing complex engineering projects," continued Coskey. "We are actively pursuing new opportunities that, if successful, create a path for significant revenue and earnings growth. Moreover, while there are no guarantees, we are encouraged by our ongoing discussions with potential strategic partners that could be transformational for ENGlobal and its shareholders."
ENGlobal's comprehensive financial statements can be found in the Company's quarterly report filed on Form 10-Q with the U.S. Securities and Exchange Commission.
ENGlobal's total backlog as of March 30, 2024 was approximately
"While we still have significant work to do to reach our goals and the full potential of ENGlobal, the impact of our restructuring efforts is apparent in the first quarter," concluded Coskey. "We continue to make progress each and every day and continue to work toward our goal of being a leading, profitable engineering and automation firm. I want to thank the entire ENGlobal family for their continued efforts, loyalty and unwavering dedication, and I am grateful for the talent and contributions of each member of our team. I look forward to continuing to work with this exceptional group toward a profitable future."
About ENGlobal
ENGlobal Corporation (NASDAQ:ENG) is a provider of innovative, delivered project solutions primarily to the energy industry. ENGlobal operates through two reportable segments: Commercial and Government Services. The Commercial segment provides engineering, design, fabrication, construction management and integration of automated control systems. The Government Services segment provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry. Further information about the Company and its businesses is available at www.englobal.com.
For further information, please email ir@englobal.com.
Cautionary Note Regarding Forward-Looking Statements
The statements above regarding the Company's expectations, including those relating to its future results, its future operations and certain other matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENGlobal's filings with the Securities and Exchange Commission, including the Company's most recent reports on Form 10-K and 10-Q, and other SEC filings.
SOURCE: ENGlobal
View the original press release on accesswire.com
FAQ
What were ENGlobal's revenues in the first quarter of 2024?
What was ENGlobal's net loss in the first quarter of 2024?
What was ENGlobal's total backlog as of March 30, 2024?
Did ENGlobal book any new business in the first quarter of 2024?
