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ENGlobal Corp (NASDAQ: ENG) is an engineering and professional services firm, founded in 1985, that primarily serves the energy industry globally. The company operates through two main segments: Commercial and Government Services.
The Commercial segment offers a wide array of services including engineering, design, fabrication, construction management, and integration of automated control systems. This segment is pivotal in delivering advanced automation solutions that cater to the upstream, midstream, downstream, pulp and paper, and alternative energy markets.
The Government Services segment, on the other hand, focuses on engineering, design, installation, operations, and maintenance of various government facilities. This segment specializes in turnkey automation and instrumentation systems for the U.S. Defense industry, providing critical support to government-related projects.
ENGlobal is committed to its core values of health, safety, environmental responsibility, integrity, accountability, teamwork, and communication. With a vision to become the preferred provider of innovative automation integration services and select EPCM (engineering, procurement, construction management) projects, ENGlobal continues to evolve and adapt to meet the dynamic needs of the energy sector.
Recent achievements include the repayment of its credit facility with Pacific Western Business Finance and the entry into a new credit agreement with Alliance 2000, Ltd. This strategic move is part of ENGlobal's ongoing efforts to reposition the company financially and operationally. Moreover, the company has streamlined its engineering assets to focus on middle-market projects across the energy value chain and has made significant reductions in payroll and overhead costs to improve profitability.
ENGlobal’s latest operational updates show an emphasis on full-service engineering, automation project work, and enhanced procurement and fabrication capabilities. Despite challenges, the company has maintained a strong project backlog and continues to secure new business opportunities.
As of the latest updates, ENGlobal has shown a steady trajectory towards financial recovery, with efforts in place to improve margins, control overhead, and regain profitability. The company remains committed to delivering high-quality engineering project solutions to both its commercial and government clients.
ENG (NASDAQ:ENG) reported third quarter 2022 revenues of $13.1 million, marking a 121% increase from $5.9 million in Q3 2021, attributed to growth in the Government Services and Commercial segments. However, the company faced a net loss of $2.3 million or $(0.07) per share, reversing from a net income of $2.4 million in the same period last year. Despite challenges, ENG improved its gross profit margin by 19 percentage points and saw increased backlog of $15.7 million.
With cash reserves at $9.7 million, management expresses confidence in future growth initiatives.
ENG (NASDAQ:ENG) will host a conference call on November 8, 2022, at 9:00 AM ET to discuss its Q3 2022 financial results, which will be announced at 8:00 AM the same day. CEO Mark Hess, CFO Darren Spriggs, and President Roger Westerlind will present key highlights, updates on potential contract awards, and the company's growth outlook for the remainder of the year. The call can be accessed via phone or through a live internet broadcast. A replay will be available after the event until November 15, 2022.
ENG (NASDAQ:ENG) will announce its Q3 2022 financial results on November 8, 2022, at 8:00 am Eastern time, followed by a conference call at 9:00 am. Key executives, including CEO Mark Hess, will discuss financial highlights, potential contract awards, and growth outlook. Stakeholders can join the call by dialing 877-545-0523 domestically or 973-528-0016 internationally. The call will also be streamed live online, with a replay available until November 15, 2022. ENG operates in both Commercial and Government Services sectors for energy solutions.
ENG (NASDAQ:ENG) has opened a new state-of-the-art fabrication facility certified by the American Society of Mechanical Engineers (ASME) in Brookshire, Texas. This 45,000 square foot facility complements ENG's existing operations in Henderson, Texas, providing increased capacity to meet client demand for engineering, procurement, fabrication, and construction services. Equipped with advanced cranes, the facility will leverage local businesses and support from ENG's Houston and Tulsa offices. This expansion follows ENG's recent geographic growth into the Permian Basin.
ENG (NASDAQ:ENG) announced its wholly owned subsidiary, ENGlobal Government Services, Inc. (EGS), has secured a $2.6 million task order under a $20 million IDIQ contract with the US Army Corps of Engineers (USACE). This task order involves providing engineering and technology services aimed at upgrading control systems at hydroelectric facilities in the South Atlantic region. Work begins immediately and will contribute to EGS's backlog. The award reflects USACE's confidence in EGS's innovative capabilities developed through prior military collaborations.
ENG (NASDAQ:ENG) has been awarded a prime contractor position by the US Army Corps of Engineers (USACE) for a five-year, $20 million contract aimed at upgrading control systems at hydroelectric facilities in the South Atlantic region. Under this Indefinite Delivery Indefinite Quantity (IDIQ) contract, ENG's wholly owned subsidiary, ENGlobal Government Services (EGS), will compete for task orders related to technology upgrades, new system designs, and maintenance services. This contract highlights ENG's commitment to providing innovative solutions to government projects.
ENG (NASDAQ:ENG) reported a net loss of $1.5 million, or $(0.04) per share, for Q2 2022, improving from a net loss of $4.3 million, or $(0.14) per share, in Q2 2021. Revenue increased to $11.4 million from $11.1 million year-over-year. The company noted a significant growth in bookings, revenue, and backlog, which has more than doubled to over $19 million. ENG anticipates revenue growth from its recently established field service operations in the Permian Basin and a licensing agreement for its GTL technology in the Middle East.
ENG (NASDAQ:ENG) will host a conference call on August 4, 2022, at 9:00 AM Eastern to discuss its Q2 2022 financial results, set to be announced at 8:00 AM. CEO Mark Hess, CFO Darren Spriggs, and President Roger Westerlind will highlight the quarter's achievements, potential contract awards, and the company's growth outlook for the remainder of the year. Investors can join the call via phone or through a live webcast. Details for participation and replay options are provided.
ENG specializes in innovative project solutions in the energy sector, operating through two segments: Commercial and Government Services.
ENG (NASDAQ:ENG) announced a significant marketing and technology agreement with OiLSERV FZCO, granting exclusive rights to market ENG's small-scale gas to liquids (GTL) technology for ten years in Iraq, Libya, Algeria, and the UAE. OiLSERV, an established service provider in the region, will leverage this technology to address gas flaring issues, with over 143 billion cubic meters flared globally each year. ENG anticipates delivering its first GTL plant in six to eight months, with a production rate of approximately one plant per week.
ENG (NASDAQ:ENG) will host a conference call on August 4, 2022, at 9:00 am ET to discuss its Q2 2022 financial results, released earlier that day at 8:00 am ET. CEO Mark Hess, CFO Darren Spriggs, and President Roger Westerlind will present key highlights and potential contract updates, along with the company's growth outlook for the remainder of 2022. Participants can join by phone or via a live online broadcast. A replay will be available for a week post-event.
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